Northern Vertex Reports Significant NI 43-101 Resource of 590,400 Ounces of Gold Equivalent Resources at the Moss Gold-Silver Project
By Northern Vertex Capital Inc., PRNEThursday, October 20, 2011
VANCOUVER, October 21, 2011 -
Northern Vertex Capital Inc. (TSXV: NEE) (”Northern Vertex”) is pleased to announce that it has obtained an independent resource estimate from the engineering firm Scott E. Wilson Consulting, Inc. (”SEWC”) with respect to its Moss Gold-Silver Project situated in the historic Oatman Mining district in Mohave County, Northwestern Arizona. The resource estimate was based on 288 exploration drill holes, 8 trenches and 53 channel samples of which 58 of the drill holes were part of a Northern Vertex Phase I drilling program recently conducted on the Moss Project.
Scott E. Wilson Consulting - October 2011 - Independent Resource Calculation
INDICATED RESOURCE at 0.3 g/t Au Cutoff
Tonnes Grades (Grams/Tonne)[1] Contained Metal (Ounces)[2]
x 1,000 Au Ag Au Ag Au Equivalent[3]
13,377 0.89 9.4 383,248 4,021,740 483,792[4]
INFERRED RESOURCE at 0.3 g/t Au Cutoff
Tonnes Grades (Grams/Tonne)[1] Contained Metal (Ounces)[2]
x 1,000 Au Ag Au Ag Au Equivalent[3]
4,731 0.55 6.2 83,124 940,164 106,628[4]
[1]Grams/Tonne = grams / metric tonne;
[2]ounces = troy ounces / short ton
[3]AuEq (ozs) = Au (ozs) + 1/40th Ag (ozs)
[4] Assumes 100% metallurgical recovery
Located in a mining friendly jurisdiction in Arizona with very manageable permitting characteristics, the Moss Project is readily amenable to open pit - heap leach mining.
States Moss Project Manager Joe Kircher, “We couldn’t be more pleased with the robust gold-silver results returned from the independent study. The SEWC resource estimate further validates Moss’s intrinsic potential as a substantial, near-term gold-silver producer. With this attractive resource foundation now in place, combined with an extensive metallurgical, geotechnical, environmental, hydrological and economic scoping data base, the Moss Project is clearly ready for advanced development and Northern Vertex is committed to aggressively moving the project towards a production decision.”
Northern Vertex additionally report a 25,000 foot drill program has been designed to further test the Moss stockwork gold-silver vein system’s new western extension, and to upgrade current Inferred resources to Indicated. This drilling program is scheduled to commence in early November 2011.
States Northern Vertex Chief Geologist Dr. Bob Thompson, “Clearly the new resource estimate is a testimony to the success of our recent 27,000 foot, Phase I drill program on Moss. We could not be more pleased with the conclusions returned from the independent resource study. Not only have we met our objectives and established a substantial gold-silver resource, upcoming drilling on the western extension of the resource offers significant potential for even further resource expansion. This is an area where an extensive, previous surface sampling program by Northern Vertex returned promising gold-silver values extending an additional 1,135 feet on strike and beyond the current 43-101 resource.”
Scott E. Wilson Consulting Inc. of Denver, Colorado prepared the resource evaluation. There were a total of 4,760 meter length grade composites used in the estimate. Vulcan software was utilized to perform the estimate using an inverse distance cubed technique.
Northern Vertex reports the planned phase 2 drill/development program on Moss, designed to expedite the path to a production decision, is expected to consist of the following components:
- Infill drilling to render ‘inferred resources’ into the ‘indicated’ category;
- Continued scoping and baseline studies to advance the permitting process;
- Comprehensive metallurgical testing to determine precious metal recoveries;
- Commencement of a multi-phase drill program to test the western extension of the Moss deposit;
- Preliminary pit design for open-pit, heap-leach mining and;
- The initiation of environmental impact and feasibility studies in a timely fashion.
The Moss deposit is a low-sulfidation epithermal stockwork deposit having a strike length in excess of 1 mile. Mineralogy and textures observed at surface and down to the maximum depth of drilling (700+ feet) demonstrate gold and silver deposition occurred in the zone of fluid-to-vapor phase transition (boiling zone).
The mineral resource estimate was completed by Mr. Scott E. Wilson, C.P.G. and Dr. Stewart D. Redwood, FIMMM, of SEWC, an independent qualified resource evaluator; this estimate has an effective date of October 14, 2011, and complies with National Instrument 43-101 for the Standard of Disclosure for Mineral Projects as adopted by the Canadian Securities Regulators. The technical report on the Moss deposit in Oatman Mining district in Mohave County, Northwestern Arizona will be filed within 45 days of this news release.
The foregoing geological disclosure has also been reviewed and verified by Northern Vertex’s Chief Geologist, Dr. Bob Thompson PhD, PEng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
Northern Vertex has the right to earn a 70% interest in the historic Moss Gold - Silver Property located in Mohave County, Arizona from Patriot Gold Corp. Subsequent to the Northern Vertex earn-in, financing of project will be on a proportional basis (see news March 9th, 2011).
For full QC/QA procedures please visit www.northernvertex.com/QCQA.html
For complete drill results and estimates please visit www.northernvertex.com/extras/drillresults.pdf
Northern Vertex is a gold exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company’s stated mandate is to acquire, develop and advance asset-based gold projects that demonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
“Joseph Bardswich“
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated insuch statements. 2011 number 21
For further information:
please visit www.northernvertex.com or contact Colin Clancy at Telephone: +1-604-601-3656
(NEE.)
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