Moss Mine Establishes New Monthly Production Record of 4,733 Oz Gold & 42,889 Oz Silver
VANCOUVER, BC, Nov. 3, 2020 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce plans to proceed with an accelerated $2.5 million, 13,700 meter Phase II infill drilling and resource expansion program on its 100% owned Moss Mine project in NW Arizona. The Phase II program will immediately proceed upon the conclusion the Company's current Phase I, 18,000-meter drilling and resource expansion program.
2020/21 Phase II Drilling Program:
The Phase II infill and near mine drilling program is scheduled to commence in November 2020 and extend through February 2021. The combined multi-phase drill programs represent 32,000 meters of drilling, which is the largest drilling and resource expansion campaigns conducted by Northern Vertex to date on the Moss Mine gold and silver project. The Phase II program will employ three drilling rigs and will begin with an initial 13,700 meters of drilling across multiple targets. Drilling will focus on expanding on the positive results returned from the Phase I program, which began to further delineate the extent of the Ruth Vein structure and extensive stockwork gold and silver mineralization both on strike and at depth at the Moss Mine.
Ken Berry, President & CEO stated: "I am excited for shareholders during this period of organic growth and development as we continue to streamline our mining operations and focus on the aggressive expansion of Moss's gold and silver resources. Our upcoming Phase II infill drill program will play a decisive role in determining the inherent size and potential of our existing gold and silver resource and how that will translate into Moss's future long-term mine life and operations."
The four priority targets for the Phase II drill program include:
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Ruth Vein – Drilling will target the East/West strike length of the Ruth, located just 150m off the southern edge of the Moss Open Pit, the Ruth Vein has been mapped for over 2kms on surface.
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Intersection of Ruth Vein and Moss Vein – The South dipping Moss Vein and the North dipping Ruth Vein, intersect at approx. 200m below surface, drilling will target this prime geological zone along its East/West strike.
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Gold Bridge Zone – Infill drilling to upgrade the resource between the West and Central pit.
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Gold Tower Zone – Drilling to expand the West pit stepping out toward the Mordor target.
Immediate Exploration Upside at the Moss Mine (Long-section): Click to View.
Operational Update:
In addition to the multi-phased exploration program, the Company continues to successfully implement a number of new initiatives to further optimize operations and reduce costs at the Moss Mine.
Initiatives completed or underway intended to reduce costs:
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Transition to McCoy and Sons as our dedicated mining and blasting contractor. Terms of this agreement are expected to result in a significant reduction of mining costs.
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A twelve-month study testing an opportunity to lower ASIC with a transition from 1/4" to 3/8" crush size is nearing completion. Final sampling was completed on the 40,000-ton test panel that has been under leach since July 1. Definitive data review is being finalized and will be presented and reviewed by our Technical Committee prior to making a production level decision.
Operational Highlights include:
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New monthly production record of 4,733 ounces gold and 42,889 silver ounces produced
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Six consecutive days of +200 ounce daily gold production in October 2020.
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New single day record for daily gold production set in October at 234 ounces.
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New record value for bi-weekly doré shipment at more than US$5M in October – 2,371 gold ounces, 19,090 silver ounces.
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Completion of the Intermediate Leach System (ILS) to accelerate gold recoveries allowed us to reduce, in total, pad inventory by 800 gold ounces month over month.
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The Merrill Crowe (MC) plant continues to perform well, processing rates above faceplate levels, while maintaining a gold recovery rate of 99% through the first month of the new quarter.
Safety/COVID 19
Further to the Company's most recent update regarding the COVID-19 Virus, the Company reports no known or suspected cases of infection at the Moss Mine nor at its office in Vancouver. Production at the Moss Mine continues uninterrupted and the Company will continue to meet or exceed the recommendations and guidelines of public health authorities at both state and federal levels.
Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a director of the Company and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest pure gold and silver mine in Arizona. Focused on low cost gold and silver production, the Company has experience across all areas of operations, mine development, exploration, acquisitions, and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
President & CEO
For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798
Neither 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 Note Regarding Forward-Looking Statements:
This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
SOURCE Northern Vertex Mining Corp.
