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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Northern Vertex Mining Corp.    NEE   CA6660061012

NORTHERN VERTEX MINING CORP.

(NEE)
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Northern Vertex Mining : DRILLING INTERCEPTS 109.8 METERS OF 0.79 GPT GOLD & 24.41 GPT SILVER CONFIRMS CONTINUITY OF HIGH-GRADE RUTH VEIN OVER 650 METERS

10/16/2020 | 10:58am EST

Vancouver - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the 'Company' or 'Northern Vertex') is pleased to announce additional high-grade gold and silver drill results have been received from its multi-phase resource expansion program (the 'Program') at the Moss Mine, located in NW Arizona.

Most notable results from this round of drilling include: Strike length of Ruth Vein extended for 150 meters and the drilling continues to confirm continuity of mineralization for +650 meters with potential for high-grade ore shoots running parallel to our producing Moss Mine Central Pit.

Drilling discovered an unexpectedly thick stockwork mineralized area surrounding the Ruth Vein; specifically hole AR20-315R returning an interval of 109.8 meters from 184.5 meters to the bottom of the hole @ 0.79 gpt gold and 24.40 gpt silver including intervals of 15.25 meters of 1.75 gpt gold and 41.10 gpt silver and 15.25 meters @ 1.85 gpt gold and 85.10 gpt silver

Two RC drill rigs are currently supporting the multi-phased exploration and resource expansion program.

Ruth Vein high-grade intercepts are typical of mineralized shoots mined in the Oatman District.

Ken Berry, President & CEO stated: 'In addition to the success of high-grade gold and silver results from the previously untested Ruth Vein, we are extremely encouraged with the widespread mineralized intercepts encountered at the Gold Bridge and the Gold Tower zones, located directly adjacent to the producing Moss open pit mine. The recent success of our current drill program supports our objective to significantly expand the Moss Mine resource base. The positive drill results achieved from the Ruth Vein and its proximity to the Moss Vein open pit makes it an important target for further testing the possibility of additional resources, pit expansion and mine life extension.

Ruth Vein Drilling

The Ruth Vein strikes subparallel to the Moss Vein, dips to the north into the south-dipping Moss Vein and crops out approximately 150 meters south of the active Center Pit.

Recent drilling of the Ruth vein has focused on following up high-grade vein intercepts in holes AR20-286R and AR20-313R; increasing the known strike length and confirming continuity of mineralization along strike and down dip of the vein. Drilling has now intersected the Ruth Vein over a strike length of approximately 650 meters and the vein remains open both to the east and to the west. In addition to confirming continuity of narrow high-grade gold and silver mineralization in the vein as evident in holes AR20-312R returning 6.1m @ 5.18 gpt gold, 37.4 gpt silver at 94.6m and AR20-306R returning 4.6m @ 5.62 gpt gold, 57.6 gpt silver at 89.9 m; recent drilling has unexpectedly discovered thick stockwork mineralization surrounding the Ruth Vein in many places. Hole AR20-307R intersected 22.9m @ 1.107 gpt gold and 14.9 gpt silver surrounding a suspected stope mined through the vein, and hole AR20-310R drilled 18.3m @ 1.02 gpt gold and 26.5 gpt silver.

Intersection of the Ruth and Moss veins was tested by hole AR20-315R, which drilled the Ruth Vein approximately 185 meters beneath the surface and then intersected the Moss Vein at approximately 274 meters down hole. Here, very thick zone of quartz stockwork veining was encountered between the two veins and intercepted: 109.8 meters (from 184.5m to 294.3m) @ 0.79 gpt gold and 24.41 gpt silver including 15.25m (from 196.7m to 212.0m) @ 1.75 gpt gold and 41.10 gpt silver and including 15.25m (from 274.5m to 289.8m) @ 1.85 gpt gold and 85.10 gpt silver

A north-south fence of drill holes AR20-315R, AR20-314R and AR20-313R demonstrate continuity of gold-silver mineralization along a down-dip length of approximately 274 meters on the Ruth Vein from the surface to the Moss Vein intersection.

Internal modelling indicates the intersection between the Moss Vein and the Ruth Vein may become shallower on strike to the east. Additional drilling is underway to target the untested intersection along strike. Discovery of thick mineralization along this extensive zone of structural preparation could lead to a future expansion of the Moss open pit mine to depth.

About Northern Vertex Mining Corp.

Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. 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.

Contact:

Tel: 604-601-3656

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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 57,0 M - -
Net income 2020 0,73 M - -
Net Debt 2020 13,2 M - -
P/E ratio 2020 106x
Yield 2020 -
Capitalization 112 M 112 M -
EV / Sales 2019 2,54x
EV / Sales 2020 1,24x
Nbr of Employees 11
Free-Float 65,6%
Chart NORTHERN VERTEX MINING CORP.
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Northern Vertex Mining Corp. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 0,68 $
Last Close Price 0,45 $
Spread / Highest target 51,7%
Spread / Average Target 51,7%
Spread / Lowest Target 51,7%
Managers
NameTitle
Kenneth E. Berry Chairman, President & Chief Executive Officer
David Splett Chief Financial Officer & Secretary
Joseph Bardswich Director
David P. Farrell Independent Director
James M. McDonald Non-Independent Director
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