Northern Vertex Announces Drill Rig Mobilized to Test Western Extension on Moss Gold-Silver Project, Arizona. Phase I Confirmation Drill and Resource Expansion Program progressing at Lemhi Gold Project, Idaho
Feb 09, 2012
OTC Disclosure News Service
Vancouver, BC, Canada –
Vancouver, B.C. -Northern Vertex Capital Inc. (TSX.V:NEE) (OTCQX:NHVCF) (“Northern Vertex”) is pleased to announce progressof its 2012 exploration and development programs on its newly consolidatedLemhi Gold project in Idaho, its MossGold-Silver project in Arizona, and its Copley Gold project in central BritishColumbia. The Company reports that budget allocations for drilling contracts,technical and manpower requirements for multi-phase exploration and drillprograms at both the Lemhi Gold and Moss have been finalized for the Q1 and Q2,2012 multi-phase programs.
StatesNorthern Vertex CEO, Ken Berry, “We are pleased to report on Company activitiesas we prepare for a busy year ahead. Our main objective this year is toaggressively develop our gold and silver assets by building on our establishedounces. Supported by our recent $13.3 million non-brokered financing, we arecurrently well funded for an extensive confirmation drill and resourceexpansion program on the Lemhi Gold project and to accelerate activities at Moss.On the acquisition front, we will continue to evaluate accretive opportunitiesto grow the company”.
Consolidated LemhiGold Project, Idaho:The Company reports its newly acquired Lemhi Gold project will be the site ofextensive drilling and resource development over the current year. Through anupcoming $7.7 million, Phase I development and confirmation drill and resourceexpansion program, Northern Vertex will be applying the same proven resourcegrowth model to Lemhi that it recently applied to its Moss project in Arizonathat resulted in proving up a substantial NI 43-101 gold-silver resource inless than 7 months.
Theobjective of the upcoming 30,000 foot, Phase I confirmation drill and resourceexpansion program will be to begin proving up and bringing to 43-101 standardsthe extensive historical gold resource contained within the property’sboundaries. Northern Vertex’s LemhiProject was recently assembled from four underlying property holders to form anewly consolidated advanced exploration opportunity. The Lemhi Gold Projectincludes Yamana’s interest in the Humbug Gold Deposit and has a historicalnon-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375ounces per short ton for 1.21 millioncontained ounces of gold, as reported by Pincock Allen Holt in 1996(the “PAH Report”). Northern Vertex cautions that a qualified person has not donesufficient work to classifythe historical estimate,or has substantiated any data as it pertains to a pre-feasibility study, as currentmineral resources or mineralreserves, therefore, it should not be relied upon on as actualresource or reserve estimates,and should be construedonly as conceptual in nature. The Company is treating the historical estimate only a guideline to determining potential future mineral resourcesor mineral reserves, and not as current mineral resources or mineralreserves.
Moss Gold-Silverproject, Arizona:The Company reports a phase II drill program recently commenced on the MossGold-Silver project in Arizona. The current program is supported by thefavorable conclusions returned from a recent Independent Resource Calculationconducted on Moss by Scott E. WilsonConsulting that estimated Moss contains a gold Equivalent Indicated resourceof 483,792 ounces and 106,628 Inferred ounces. The current program is designedto test the newly discovered western extension of the Moss Gold-Silverstockwork system.
Scott E. WilsonConsulting – October 2011 – Independent Resource Calculation
Ata 0.3 gram per ton gold cutoff the current resource at Moss is reported as:
1 Grams/Tonne = grams / metric tonne; 2ounces = troy ounces / short ton; 3 AuEq (ozs) = Au (ozs) + 1/40thAg (ozs); 4 Assumes 100%metallurgical recovery
Copley GoldProject, B.C., Canada:The Company is awaiting assay results from a recent phase II drill program onits Copley gold property situated south of Fraser Lake in British Columbia’sNechako Plateau. A total of 12 drill holes have been completed to test theproject’s Smoking Pipe target where previous results indicated the mineralizedzoning identified on the property is near surface and the zones ofgold-enriched rocks identified in the system thicken to the west. Previousdrilling on Copley included a 33 m intersection that returned grades of 0.271g/t Au in hole 01-04. Of the 33 m: 5.6 m averaged 0.68 g/t Au, and 1.4 maveraged 1.57 g/t Au. Company Geologist Dr. Bob Thompson notes the geologicalcharacteristics of Copley are similar to that of New Gold’s Blackwater project,located 40 km the south.
The foregoing geological disclosure has beenreviewed Dr. Bob Thompson, PhD P.Eng (aqualified person for the purpose of National Instrument 43-101, Standards ofDisclosure for Mineral Projects).
About NorthernVertex: NorthernVertex is a gold exploration and development company operating principally inthe United States and Canada. The Company comprises an experienced managementgroup with a strong background in all aspects of acquisition, exploration,development and financing of precious metal mining projects. The Company’sstated mandate is to acquire, develop and advance gold projects thatdemonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OFNORTHERN VERTEX
For further information,please visit www.northernvertex.com
or contact Colin Clancy atTelephone: 604-601-3656 or 1-855-633-8798
The TSX Venture Exchangehas not reviewed and does not accept responsibility for the adequacy or theaccuracy of this release.
Cautionary Note to USInvestors: This news release may contain information about adjacent properties onwhich we have no right to explore or mine. We advise U.S. investors that theSEC’s mining guidelines strictly prohibit information of this type in documentsfiled with the SEC. U.S. investors are cautioned that mineral deposits onadjacent properties are not indicative of mineral deposits on our properties.This news release may contain forward-looking statements including but notlimited to comments regarding the timing and content of upcoming work programs,geological interpretations, receipt of property titles, potential mineral recoveryprocesses, etc. Forward-looking statements address future events and conditionsand therefore involve inherent risks and uncertainties. Actual results maydiffer materially from those currently anticipated in
such statements. 2012 number 02
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