VANCOUVER, BC, April 19, 2021 /CNW/ - Northern Vertex Mining
Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company"
or "Northern Vertex") announces production of 9,912 gold
equivalent ounces for the quarter ended March 31, 2021 from the Company's 100% owned Moss
Gold Mine in Mohave County,
NW Arizona. The Moss Mine is
the largest precious metals mine in Arizona, and the Company also explores the
district scale Hercules Gold Project in Nevada.
Gold equivalent production is calculated based on a budgeted
gold:silver ratio of 75:1, and all figures are US dollars unless
otherwise noted.
Highlights for the quarter ending March 31, 2021:
- Gold equivalent production of 9,912 ounces
- Gold production 8,787 ounces
- Silver production of 84,382 ounces
- $13.8 million cash on hand at
quarter end
- Completion of 49,784 ft (15,174
m) of infill and near-mine exploration drilling
Michael G Allen, President commented, "Production from
the West Pit continues to improve as we have now developed large
production benches, which allows for maximum mining
efficiency. The initial stripping to expose the Moss Vein in
the West pit is largely complete. Although forecast grades and
production will be lower in 2021 versus 2020, the current infill
drilling program has identified numerous areas where additional
drilling could improve the resource model and ultimately the
mine. We are very excited about our evolving knowledge of the
mineralization of the Moss Mine and believe that there are
substantial opportunities to improve and expand the operation."
Operating Results
for the Quarter Ended March 31, 2021:
|
|
|
|
|
Quarter Ended
Mar 31, 2021
|
Quarter Ended
Mar 31, 2020
|
Ore mined
|
tonnes
|
|
705,653
|
572,104
|
Grade
|
g/t
|
|
0.48
|
0.69
|
Tonnes stacked per
day (average)
|
tpd
|
|
7,697
|
5,979
|
Gold ounces
Produced
|
Ozs
|
|
8,787
|
7,469
|
Silver ounces
Produced
|
Ozs
|
|
84,382
|
89,433
|
Gold equivalent
ounces Produced
|
Ozs
|
|
9,912
|
8,729
|
Mine Plan Sequencing from Center Pit to East and West
Pits
During the quarter, mining operations fully migrated from Center
pit operations to mining in the East and West Pits. The West Pit is
now fully developed to support the use of large mining equipment,
which allows for more efficiency and lower unit costs. While
the modelled measured grades in the West Pit are lower than that of
the Center Pit, an examination of the December 31, 2019 Mineral Resource has identified
opportunities for improvement of the model through increased
drilling. The Company is assessing the viability of additional
drilling in this area to improve the model.
Infill and Exploration Drilling
A total of 49,784 feet (15,174 m)
of infill and near-mine drilling was conducted during the quarter
as part of the Company's ongoing exploration drilling program in an
around the Moss mine. One diamond core and two Reverse
Circulation (RC) drill rigs were used, with an approximate 60:40 RC
to diamond core ratio. Approximately 50% of the drilling was
focused on infill drilling of the Ruth and Moss veins, specifically
targeting the intersection of these two veins below the Center and
East pits. Thirty percent of the drilling targeted the
extension of the Moss vein to the east of the East pit and
approximately 20% targeted vein stockwork in the planned West
pit. Near-mine and exploration drilling is expected to
continue beneath the Center, East, and West pits in Q2/21. Drill
results will be released upon receipt of representative batches of
assay data.
Leach Pad Expansion
During the quarter, the construction of Leach Pad 3a was well
progressed with earthworks being 65% complete, and overall project
advancement being 40% complete at March 31. Pad 3a is
expected to be ready to receive crushed ore in Q2 2021.
Condemnation drilling, using a combination of percussion and RC
drilling, is planned for the Pad 3b
footprint.
Cash Position
The Company's cash position is $13.8
million at March 31, 2021
Qualified Person
Mr. Joseph Bardswich, P.Eng.,
President of Golden Vertex, is a Qualified Person ("QP") as defined
by NI 43-101 and has reviewed and approved the scientific and
technical information contained in this news release as related to
mining and mine production.
Dr. Warwick Board, P.Geo., Vice
President Exploration for Northern Vertex, is the QP as defined by
NI 43-101 responsible for the infill, near-mine, and regional
exploration on the Moss property and has reviewed and approved the
scientific and technical information in this news release related
thereto.
About Northern Vertex Mining Corp.
Northern Vertex offers investors a rare combination of cash
flow, production, top-tier management and exceptional exploration
potential in two projects on the Walker Lane Gold Trend of western
Nevada and Arizona. Management is executing a clear
strategy that expands production and resources at the Moss Mine in
Arizona while aggressively
exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Michael G.
Allen"
President
TSXV: NEE | Nasdaq Intl: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN:
A1JUA0
Neither the 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 Statement Regarding Forward-Looking
Information
All statements, trend analysis and other information contained
in this press release about anticipated future events or results
constitute forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "expect" and
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. All statements, other than statements of historical
fact, included herein, are forward-looking statements. Although
Northern Vertex believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue
reliance should not be placed on forward-looking statements since
Northern Vertex can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in Northern Vertex's periodic filings
with Canadian securities regulators. Forward-looking statements are
subject to business and economic risks and uncertainties and other
factors that could cause actual results of operations to differ
materially from those contained in the forward-looking statements.
Important factors that could cause actual results to differ
materially from Northern Vertex's expectations include risks
associated with the business of Northern Vertex; risks related to
reliance on technical information provided by Northern Vertex;
risks related to exploration and potential development of Northern
Vertex's projects; business and economic conditions in the mining
industry generally; fluctuations in commodity prices and currency
exchange rates; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits;
the need for cooperation of government agencies in the exploration
and development of properties and the issuance of required permits;
the need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; and other risk factors as detailed from time to time and
additional risks identified in Northern Vertex's filings with
Canadian securities regulators on SEDAR (available at
www.sedar.com). Forward-looking statements are based on estimates
and opinions of management at the date the statements are made.
Northern Vertex does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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SOURCE Northern Vertex Mining Corp.