Northern Vertex Mining Corp. (CVE:NEE) (OTCQX:NHVCF) announced Friday initial results from channel samples taken underground at its Moss gold-silver joint venture project with Patriot Gold Corp. (PINK:PGOL).
The underground channel samples were taken at five foot intervals
across the roof of drifts and cross-cuts on the-60 level, and returned
gold equivalents ranging from 1.81 grams per tonne (g/t) to 5.60 g/t.
"We are very pleased with initial assay results from the sampling
program," said Northern Vertex’s chief geologist, Dr. Bob Thompson.
"The underground workings observed at Moss are far more extensive than originally anticipated.
"Current results are consistent with and support our previous Phase I
and Phase II drill results which showed 1.5+ gpt gold equivalent grades
extending across the Moss Gold-Silver system. The main drift east
averaged 4.73 gpt gold equivalent over 6.1m and stopped in 7.58 gpt gold
Northern Vertex said that it expects the "consistent and continuous
high-grades" encountered underground to play an important role in
further boosting the size and grade of its established gold-silver
resource, as it continues its resource expansion program underground and
to the west of the Moss system.
The joint venture project between Patriot Gold and Northern Vertex began in March 2011.
The project is located in northwestern Arizona, with 93 drill holes
completed thus far through reverse circulation, diamond drill and coring
techniques, and underground sampling at three sites.
The Moss deposit has a strike length in excess of one mile.
"Combined with the strong results we saw from Phase I and Phase II
drilling, the initial results from our underground sampling further
boost our enthusiasm and confidence in the commercial viability of the
Moss Gold-Silver project," said Patriot Gold’s CEO, Bob Coale.
"We look forward to obtaining additional underground sampling results
and moving towards a production decision in the near future."
Northern Vertex is a gold exploration and development company
operating mainly in the United States and Canada. The company also holds
the earlier stage Copley project to its name, which is located in the
Nechako region of central British Columbia.
At the end of June, it announced initial results from the underground
sampling of historic workings at its Moss gold-silver project, with
highlights including 91.4 metres averaging 2.64 g/t gold and 41.2 metres
averaging 1.81 g/t gold.
The company said channel samples were taken at 5-foot intervals
across the ‘back’ (roof) of drifts and cross-cuts in the vicinity of the
property’s Allen Shaft.
These results followed drill results from its phase II, 6,500 metre
infill and resource expansion program at the Moss project in May, which
tested the western extension of the stockwork vein system.
The company said it hit 17 metres of 1.03 g/t of gold equivalent in
hole AR-144C, including 1.37 metres of 5.09 g/t gold equivalent, and 15
metres of 1.04 g/t gold equivalent in hole AR-159C.
Shares of Northern Vertex traded at $1.00 Friday afternoon.