May 19 2014
Northern Vertex Mining Corp. is pleased to announce that it has secured an option on the adjacent Silver Creek property, located to the east and southeast of the current Moss claim block on the Company's Moss Mine Gold-Silver earn-in property located in Mohave County, Arizona, USA.
The Silver Creek Property is 1450 hectares (ha) in size and consists of 180 claims (1198 ha) and one leased State section (259 ha). It adjoins the Moss property to the east and southeast and is located between the Moss property and the main Oatman mining district.
The Silver Creek property has good exploration potential for both Moss type disseminated low grade gold deposits and high grade bonanza type deposits of both the Oatman, low sulfidation type deposits (about 2.2 million ounces produced at average grade of 0.58 opt gold) and Goldfields, high sulfidation type deposits (about 4 million ounces produced at an average grade of 1.0 opt gold).
Dick Whittington, President & CEO Northern Vertex Mining Corp., states, "The Silver Creek property is in an exciting addition to the Company's interests in the region and will add to our potential to make further gold discoveries. We look forward to evaluating the property in conjunction with our Moss Mine property wide exploration programme. The Blue Sky potential of the combined properties is significant and we are hopeful of establishing that potential as reality."
The property contains exploration potential in the following areas:
- The eastern extension of Moss vein (~760 m strike length)
- Several known epithermal veins with grades up to 4 g/t Au in surface samples
- 5 target areas within a large (approximately 1.5km by 5km) high-level, high-sulfidation alteration system with anomalous Au, Ag, Hg, F levels.
- Widespread gold anomalies up to 997 ppb exist. Alteration and textures are indicative of high-level mineralization above possible blind bonanza ore bodies.
- Exploration targets include extension of the Moss vein system and the extension of the Gold Road vein structure where it intersects the United Eastern structure (Gold Road produced 484,000 ounces at 0.32 opt gold to 1942 and United Eastern produced 769,000 ounces at 1.15 opt gold).
To date, only surface work has been carried out (rock sampling, mapping, geophysics). No drilling has taken place. The Company will be developing a comprehensive ground level exploration plan to evaluate the various exploration targets mentioned above. This will complement the Company's property wide exploration plan described in an earlier news release (dated April 1st, 2014) that outlined the prospectivity of the Moss property as a result of a recent Airborne Magnetics Survey and will run concurrent with completion of the feasibility study and development of the Phase II - Operations phase of the Company's business plan.
This property, given its strategic location, will add to the Company's already significant exploration upside in the region. Given that the Moss Mine structure contains 654,000 ounces of M+I AuEq resources and 82,000 ounces of inferred AuEq resources (see below for a detailed breakdown and assumptions used) along 1400 meters of mineralized structure and that the United Eastern, Tom Reed and Gold Road mines produced over 2.0 million ounces along a combined strike length of approximately 2 kilometers of mineralized structure, the Blue Sky exploration potential of the combined Moss mine property and the Silver Creek property can be considered highly prospective.