For Northern Vertex, it’s a good idea to claim as much prospective land as possible around their potential mine site. If the mine opens, acquiring new land will only get more expensive.
Vancouver, B.C. – Northern Vertex Mining Corp. (TSX.V:NEE) (the “Company”) is pleased to provide an update on the Company’s exploration activities at its earn-in Moss Mine Project site near Bullhead City, Arizona.
In 2011, Northern Vertex optioned the historical past producing “patented” Moss mine in the Oatman District of northwestern Arizona. (Patented means the mine is located on private property and the mineral rights are privately held – as opposed to those located on Federal Government lands.) The option agreement allows Northern Vertex to earn a 70% interest in the property by spending $8 million on exploration and making cash payments of $500,000 to Las Vegas based, Patriot Gold (OTCMKTS:PGOL). They are also required to complete a feasibility study on the property.
The Oatman District is a well-known epithermal gold district; with a history of substantial gold production from a number of mines including the Moss mine which was probably the first significant producer in the district. Other large producing mines were the Tom Reed and United Eastern properties. The Moss mine was discovered in the 1850’s and was credited with the production of more than 10,000 ounces of gold from near surface workings immediately after the discovery.
Northern Vertex has completed a Preliminary Economic Assessment (PEA) on the property and developed a pilot plant to test mining and production. A PEA is a precursor to a full feasibility study.
The Company has commenced a geologic mapping and sampling program at the Moss project. The objective of this program is to identify and prioritize areas for future drilling where new resources may be discovered. The potential for discovering new gold deposits is considered by management to be excellent.
The company has staked a large block of Federal Mining claims on adjacent public land. The company has also recently completed an option agreement to acquire a substantial group of adjacent Federal Claims to the east and southeast: the Silver Creek property, which appears to contain the extension of the Moss epithermal vein system and other potential mineralized structures. Since the PEA calls for a relatively short 5 year mine life within a fairly constrained resource area, it’s important for the company to expand it’s resource through continued exploration. The expansion of their claim blocks will allow the company to potentially expand their resource and extend the life of a possible mine. For Northern Vertex, it’s also good idea to claim as much prospective land as possible around their potential mine site. If the mine opens, acquiring new land will only get more expensive.
Dick Whittington, President & CEO, states, “It’s exciting to commence the first exploration program on the Moss property outside the main Moss vein system. The combination of the Moss property – of which only 5% has been explored to date – and the Silver Creek property, provide excellent potential for new gold discoveries.”
As previously announced, there are 21 kilometers of untested strike length in at least nine different structures within the Moss claims as defined by magnetic airborne surveys, historic workings and mapping and preliminary sampling. Additionally, the recent Silver Creek claim option has added another 1,450 hectares of prospective ground with potential to host both high grade vein controlled mineralization and low grade stockwork mineralization. There are five previously identified target areas with gold mineralization ranging from background to 6.23 gpt tonne gold on the Silver Creek claims.
Specific target areas include:
- 1,500 meters of underexplored Moss structure outside the current resource limits
- Nearly 6 kilometers of unexplored extension of the Gold Road structure that hosts the Gold Road mine that produced 484,000 ounces of gold at 10.0 gpt gold (reported in “The Geology and Ore Deposits of Oatman, Arizona, Arizona Geological Digest vol. 15, 1985)
- Numerous historic workings along known unexplored veins including the Rattan vein where the single drill hole (AR 136) intersected 1.5 m (5 feet) grading 13.072 g/t Au (0.381 opt Au) and 67.0 g/t Ag (1.95 opt Ag)
- Intersection of the Gold Road and Eastern United structures (Gold Road produced 484,000 ounces at 10 gpt and United Eastern produced 769,000 ounces at 35.76 gpt gold; from “the Geology and Ore Deposits of Oatman Arizona, Arizona Geological Digest vol. 15, 1985)
- Five previously identified target areas of the Silver Creek claims
Though the expanded claim area is relatively under-explored, previous geophysical surveys, sampling and historic mine workings would seem to indicate that the area has some potential. The company intends to conduct a mapping and sampling program in order to identify follow-ups targets for more advanced work. Mapping and surface sampling are an essential part of any early-stage exploration program.
The geologic mapping and sampling program is the first step in evaluating the resource upside of the project. The upside is considered very good given the extensive untested strike length on mineralized/altered structures totaling approximately 21 kilometers and that the three principal ore bodies of United Eastern, Tom Reid and Gold Road occupied strike lengths of 130 to 1,160 meters.
About Northern Vertex: Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in Mohave County, NW Arizona, USA, where the Company has the right to earn-in to a 70% property interest through a Joint Venture with Patriot Gold Corp. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 220 meters vertically. It is a potential heap leach, open pit project being advanced under a three-phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. The Company’s management comprises an experienced team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.