VANCOUVER, Canada, November 15, 2012 /PRNewswire/ --
Preliminary Economic Assessment Underway 3 Phase Mine Development Model Planned
Northern Vertex Mining Corp. (the "Company") (TSXV: NEE) is pleased to provide a corporate update on exploration and project development plans for the Moss Gold-Silver Project located in Mojave County, Arizona, USA with highlights as follows:
NI 43-101 compliant mineral resource 956,800 AuEq (oz) measured and indicated, 266,340 AuEq (oz) inferred (see resource estimate summary below)
Low strip ratio in initial mining areas possible
Amenable to low cost, heap leach, open pit mining
Major stockwork vein system outcropping at surface for 5,000 feet Metallurgical test-work underway
Additional resource definition drill program currently underway to increase resources adjacent to proposed pits and for data use in mine design and planning - targeting an additional 250,000 AuEq (oz)
3 Phase model approach now in place for mine development, to minimize initial Capex and to ensure technical and economic objectives are met for subsequent Phases prior to proceeding
Application for Aquifer Protection Permit for 90,000 tonne Pilot Phase I quarry/leach pad will be submitted to Arizona Department of Environmental Quality (DEQ) by month end
Phase II production target, 5,000 tpd
Phase III production target 10,000 tpd
Preliminary Economic Assessment (PEA) underway and expected early in new year
Location and Property Description:
The Moss Gold-Silver Property is located in the northern part of the Oatman Mining District, Mojave County, Arizona, USA. The Moss deposit is a mineralized quartz-calcite vein and stockwork up to 45 feet wide; it strikes approximately N70°W and dips 65-75° SW; the outcropping surface trace has a strike length of 5000 feet. The Moss property hosts low sulphidation epithermal vein-type gold mineralization.
The Moss property has easy access to supplies, accommodations, workforce, infrastructure and power. The nearest town is Oatman, Arizona (6.2 miles); the nearest cities are Bullhead City, Arizona and Laughlin, Nevada. Las Vegas, the nearest major city, is located only 80 miles northwest of the Moss Property and is a short 2 hour drive.
Exploration Program Update:
Exploration will focus on two elements:
Mine exploration program
Surrounding property exploration program
The mine exploration program is the Company's current exploration priority. A comprehensive resource definition drilling program is currently underway in the starter open pit mine area with a focus on two central hills with significant vein outcropping at surface. Drill results will be utilized in testing the extensions of the known mineralization, in mine modeling, to streamline the initial mine design of the starter pit and to add additional resources to the planned Phase 2 Mine Plan. Drilling to expand the resource is expected to continue into 2014 also targeting increasing the resources available for the Phase 3 Mine Plan. The internal target is to add 250,000 ounces of gold equivalent adjacent to the currently planned pit areas thereby extending the mine life by three years or enabling expansion of the current design capacity from 10,000 tpd to 13,300 tpd.
The surrounding property exploration program is expected to see a drilling program commence in early 2014 and will be ongoing throughout the first few years of mine operation. This will be a property wide program looking to add a million ounces to the Company's resource statement. The target for the Moss property as a whole will be 2 million ounces of gold equivalent.
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the development of precious metals deposits in Canada and the United States. The Company comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. It's flagship Moss Gold-Silver Project located in Arizona, USA contains 956,800 oz of Au-Eq in the measured and indicated categories and is rapidly progressing the project to a production decision.
Source: Northern Vertex Mining Corp.