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Wednesday, 26 September 2012
Northern Vertex to begin resource definition drill program in Arizona
Northern Vertex Mining Corp. (CVE:NEE) plans to start a resource definition drill program to expand the perimeter of a likely starter pit at its Moss gold-silver project in Arizona.
Northern said it is now finalizing drill contracts for the estimated 5,000 metre multi-hole drill program on Moss.
Drilling is expected to begin in the first week of October.
The program will focus on two central hills on private patented ground within the property where mineralization is exposed at surface, the company said.
Drilling is meant to help Northern with the preliminary design and modeling of a starter pit in the central area of a mineralized gold-silver corridor.
The drill campaign will also convert a large portion of the NI 43-101 resources into measured and indicated categories from the inferred category.
"Our goal of advancing Moss into a near-term precious metal producer is clearly coming into focus," Northern Vertex's chief geologist Bob Thompson said.
"The upcoming closely-spaced drill program will enable us to optimize our initial pit design, and expand our established 956,800-ounce measured and indicated gold-silver resource."
"The extensive development of the gold-silver bearing stockwork system in this region of the property, makes this an ideal target location to pursue the initial pilot phase of our planned, multi-phase commercial development of the Moss gold-silver resource."
Previous underground sampling in hill No. 2 yielded a width of 24 metres averaging 4.9 grams per tonne (g/t) gold. This includes 9.14 metres with a 10.83 g/t gold equivalent grade.
The upcoming drill program on Moss is expected to allow Northern Vertex to construct a mine plan and mine design as required by an Aquifer Protection Permit.
On September 10, the company announced an updated mineral resource estimate that was prepared by Scott E. Wilson Consulting.
The company said the updated 956,800 ounce gold-equivalent resource at Moss, classified as measured and indicated, comprises over 30.8 million tonnes having an average gold grade of 0.79 g/t, and an average silver grade of 8.90 g/t.
An additional inferred gold-equivalent resource of 199,100 ounces comprises of 7.09 million tonnes having an average gold grade of 0.71 g/t and an average silver grade of 8.13 g/t.
Northern Vertex can earn a 70 per cent stake in the Moss gold-silver acreage, which is found in Mohave County, from Patriot Gold Corp.