Vancouver, British Columbia – Monday, March 22nd, 2021 – Northern Vertex Mining Corp. (“Northern Vertex”) (TSX.V:NEE, OTC-NASDAQ Intl: NHVCF), a U.S.-focused gold producer with district-scale exploration potential in the Walker Lane Trend, is pleased to announce recent drilling results from its Hercules project in Lyon County, Nevada.
The Hercules Gold Project is a district scale property featuring significant near surface oxide, low sulphidation gold-silver epithermal mineralization hosted in Tertiary-age volcaniclastic rocks. It is located approximately one hour by car from Reno, Nevada, at the north end of the Walker Lane Trend. Northern Vertex’s Moss Mine, currently the largest pure gold and silver mine in Arizona, is located at the southern portion of the Trend.
Phase II drilling conducted on the Hercules Gold Project during the second half of 2020 focused on the Cliffs and Hercules targets. Results from Phase II drilling appear to have confirmed the presence of a high-grade, near surface core of mineralization at the Hercules target. In addition, drilling at Cliffs discovered new gold mineralization further to the east than was intersected in previous drilling. Results also suggest additional discoveries may be made in the largely untested overburden-covered area between Hercules and Cliffs.
“Hercules continues to show its promise as a district-scale project with significant, near-surface grades for an open pit scenario,” said Michael G. Allen, President of Northern Vertex. “Broad zones of potentially bulk mineable mineralization were intersected in drillholes from both targets. This program indicates that zones of mineralization drilled at depth appear to correlate with mineralized surface samples in line with our evolving structural interpretation for the area.”
Hercules Phase II Drill Results
The Hercules 2020 Phase II drill program comprised 7,320 meters (m) of reverse circulation (RC) drilling in 28 drillholes. The drilling was focused on the Hercules (4,420 meters in 19 RC drillholes) and Cliffs Targets (2,460 meters in 8 RC drillholes), with a single RC drillhole testing a geophysical anomaly between the two targets (440 meters in hole H20019).
Hercules Target Highlight Holes1
|From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)*|
* AuEq = Au + (Ag/70); AuEq formula based on US$1,700 per ounce Au and US$24.25/oz Ag; metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%.1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results. True thickness estimated between 70% and 90% for drillholes inclined at -45 degrees to the west, between 50% and 90% for drillholes inclined at -60 degrees to the west, and between 35% and 50% for east-oriented drillholes. Length-weighted averages are uncut. Samples below detection limit were set to a value of half of the detection limit.
Figure 1. Plan view of Hercules target drilling.
Cliffs Target Highlight Holes1
|From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)*|
* AuEq = Au + (Ag/70) ); AuEq formula based on US$1,700 per ounce Au and US$24.25/oz Ag; metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%.
**Final sample in hole returned 0.52 g/t Au and 2.50 g/t Ag (0.55 g/t AuEq)
1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results. True thickness estimated between 70% and 99% for drillholes inclined at -45 degrees to the west, between 50% and 90% for drillholes inclined at -60 degrees to the west, and between 35% and 50% for east-oriented drillholes. Length-weighted averages are uncut. Samples below detection limit were set to a value of half of the detection limit.
Figure 2. Plan view of Cliffs target drilling
Both targets remain open along strike, across strike, and at depth, particularly east of the Hercules target where additional high-grade surface samples remain untested by drilling.
Extensional structures appear to have been the primary conduits along which gold and silver mineralization was emplaced into the volcaniclastic sequence on the Hercules property. Broad zones of disseminated gold mineralization appear to have been formed where the metal-bearing structures have intersected permeable units (e.g., block-and-ash tuff) in the volcaniclastic sequence.
Mineralization has largely been oxidized with local relicts of transitional mineralization remaining.
Potential new zones
Hole H20019 was drilled between the Hercules and Cliffs targets testing a geophysical target. Two zones of low-grade mineralization were cut suggesting additional discoveries may be made in the largely untested overburden-covered area between Hercules and Cliffs.
H20019 Results Table
|Hole||Azimuth/Dip||From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)*|
* AuEq = Au + (Ag/70); AuEq formula based on US$1,700 per ounce Au and US$24.25/oz Ag; metallurgical
Processing recoveries have not been applied to the AuEq calculation and are taken at 100%.
True thickness estimated between 70% and 90% for drillholes inclined at -45 degrees to the west. Length-weighted averages are uncut. Samples below detection limit were set to a value of half of the detection limit.
Additional target areas remain untested on the Hercules property, and the Company is compiling data in preparation for its next phase of drilling.
Dr. Warwick Board, P.Geo., Vice President of Exploration for Northern Vertex Mining Corp., and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Reverse Circulation (RC) drillhole logging and sampling has been carried out by qualified geologists. RC samples, collected every 1.52 m, were transported in sealed bags by truck to the ALS Global Geochemistry Analytical Laboratory in Reno, Nevada, for sample preparation. Field control QAQC samples were inserted into the sample stream to provide a check on accuracy, precision, and cross contamination. Field control standards were inserted at a rate of one in 20 samples, with four standards being used. Field control blanks (barren rhyolite chips) were inserted at a rate of one in 20 samples with an offset of ten samples from the field control standards. Field control duplicates were inserted at a rate of one in 40 samples. Final assaying was done in the ALS Global Geochemistry Analytical Laboratory in North Vancouver, BC for analysis. ALS Global Geochemistry Analytical Laboratories meet all the requirements and are accredited to ISO/IEC 17025:2017. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS; Method Au-AA23). Overlimit samples of Au were assayed by gravimetric means (Au-GRA21). Cyanide-soluble gold was determined on 30 g sub-samples by cyanide leach with an AAS finish (Method Au-AA13). Multi-element data, including Hg and Se, were collected by Inductively Coupled Plasma Atomic Emission Spectroscopy and Inductively Coupled Plasma Mass Spectrometry (Methods ME-ICP61, Hg-MS42, Se-MS46). Analytical laboratory QAQC data are available for each batch analyzed on ALS Global's Webtrieve service.
About Northern Vertex
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS OF NORTHERN VERTEX MINING CORP.
Michael G. Allen
TSXV: NEE | US: NHVCF | NEE.WT | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although Northern Vertex believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Northern Vertex can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Northern Vertex’s periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Northern Vertex’s expectations include risks associated with the business of Northern Vertex; risks related to reliance on technical information provided by Northern Vertex; risks related to exploration and potential development of Northern Vertex’s projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Northern Vertex’s filings with Canadian securities regulators on SEDAR (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Northern Vertex does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.