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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 : INTERCEPTS 6.1 METERS @ 9.77 GPT GOLD AND 36.28 GPT SILVER IN HIGH-GRADE RUTH VEIN LOCATED PARALLEL TO THE MOSS OPEN PIT GOLD AND SILVER MINE IN NW ARIZONA

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09/10/2020 | 12:00pm EDT

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 drilling and resource expansion program (the 'Program') at the Moss Mine in NW Arizona.

Most notable results include: Drilling confirms continuity of Ruth Vein mineralization with the potential for high-grade ore shoots running parallel for 500+ meters alongside our current producing flagship Moss Mine Central Pit.

AR20-313R intercepts 6.1 meters @ 9.77 gpt gold and 36.28 gpt silver.

Hole AR20-313R is located 160 meters to the northeast of Hole AR20-286R, which intercepted 15.2 Meters of 9.11 gpt gold and 85.99 gpt silver Including 6.1 meters of 21.8 gpt gold & 211.48 gpt silver; which included 1.5 meters of 69.3 gpt gold (2.02 ounces of gold) & 716 gpt silver.

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

Ruth High-Grade intercepts are typical of mineralized shoots mined in the Oatman District located in NW Arizona.

Ken Berry, President & CEO stated: 'We are very pleased to report further high-grade gold and silver results from our ongoing drilling and resource expansion program on Moss. Paramount to the success of our current program, drilling continues to indicate continuity of the rapidly evolving high-grade Ruth vein structure, which runs parallel to our currently producing Moss Mine vein structure and has been traced for 500 to 700 meters on surface. Based on our advancements to date, we fully expect the Ruth vein structure to play a vital role in our new updated resource and mine plan. In addition to the exciting news from the high-grade Ruth Vein results, we remain equally enthused with our ongoing gold and silver results at Gold Bridge. The successful Gold Bridge results will enable us to achieve an even more efficient and profitable mine as we look to combine the currently active Centre pit and West pit areas within the next year.'

Adds Mr. Berry: 'As Arizona's largest pure gold and silver producer, health and safety and social responsibility has always remained our number one priority. I would like to personally thank our entire team and our contractors as we continue to work safely and prudently in our host community of Bullhead City, Arizona during these unprecedented times.'

Current drilling advancements for Northern Vertex follows a period of sustained operational success for the Moss Mine in Arizona that includes three consecutive quarters of increased gold production and a record $18 million in revenues for the quarter ending June 30, 2020.

The Ruth Vein

The Ruth Vein hosts high grade mineralized shoots common to those in the Oatman District as evidenced by historical mine records and intercepts in drill holes AR20-313R and AR20-286R. The Oatman high grade shoots located at the United Eastern Mine hosted ore bodies as large as 770,000 ounces in only 700,000 tons (a grade of 1.1 ounce per ton). The Ruth Vein has the potential to materially increase the Moss Mine resource base with high grade ounces.

The 2020 drilling program has successfully intercepted the Ruth Vein in 25 holes over a strike length of more than 500 meters and to a vertical depth of approximately 198 meters below the original topography. Assay results have been received on 16 holes drilled, with six holes reported August 12, 2020. Drilling results for 10 new holes received since August 12th are provided below.

Assay results received to date show gold grades up to 69.3 gpt gold and 716 gpt silver. Without the two highest gold grades encountered this year (69.3 gpt gold and 25.2 gpt gold), the Ruth Vein and adjacent stockwork averages 1.85 gpt gold and 8.56 gpt silver over an estimated average true thickness of 14.4meters meters).

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 2019 24,9  - -
Net income 2019 -14,0 M - -
Net Debt 2019 14,6 M - -
P/E ratio 2019 -3,97x
Yield 2019 -
Capitalization 119 M 118 M -
EV / Sales 2018 -
EV / Sales 2019 2,54x
Nbr of Employees 11
Free-Float 81,2%
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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 0,63 $
Last Close Price 0,47 $
Spread / Highest target 32,5%
Spread / Average Target 32,5%
Spread / Lowest Target 32,5%
Managers
NameTitle
Kenneth E. Berry Chairman, President & Chief Executive Officer
David Splett Chief Financial Officer & Secretary
Joseph Bardswich Non-Independent Director & GM-Moss Project
David P. Farrell Independent Director
James M. McDonald Non-Independent Director
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