|Vancouver, B.C. - Northern Vertex Capital Inc. (TSX.V:NEE) ("Northern Vertex") is pleased to announce progress of its 2012 exploration and development programs on its newly consolidated Lemhi Gold project in Idaho, its Moss Gold-Silver project in Arizona, and its Copley Gold project in central British Columbia. The Company reports that budget allocations for drilling contracts, technical and manpower requirements for multi-phase exploration and drill programs at both the Lemhi Gold and Moss have been finalized for the Q1 and Q2, 2012 multi-phase programs.|
States Northern Vertex CEO, Ken Berry, "We are pleased to report on Company activities as we prepare for a busy year ahead. Our main objective this year is to aggressively develop our gold and silver assets by building on our established ounces. Supported by our recent $13.3 million non-brokered financing, we are currently well funded for an extensive confirmation drill and resource expansion program on the Lemhi Gold project and to accelerate activities at Moss. On the acquisition front, we will continue to evaluate accretive opportunities to grow the company".
Consolidated Lemhi Gold Project, Idaho: The Company reports its newly acquired Lemhi Gold project will be the site of extensive drilling and resource development over the current year. Through an upcoming $7.7 million, Phase I development and confirmation drill and resource expansion program, Northern Vertex will be applying the same proven resource growth model to Lemhi that it recently applied to its Moss project in Arizona that resulted in proving up a substantial NI 43-101 gold-silver resource in less than 7 months.
The objective of the upcoming 30,000 foot, Phase I confirmation drill and resource expansion program will be to begin proving up and bringing to 43-101 standards the extensive historical gold resource contained within the property's boundaries. Northern Vertex's Lemhi Project was recently assembled from four underlying property holders to form a newly consolidated advanced exploration opportunity. The Lemhi Gold Project includes Yamana's interest in the Humbug Gold Deposit and has a historical non-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold, as reported by Pincock Allen & Holt in 1996 (the "PAH Report"). Northern Vertex cautions that a qualified person has not done sufficient work to classify the historical estimate, or has substantiated any data as it pertains to a pre-feasibility study, as current mineral resources or mineral reserves, therefore, it should not be relied upon on as actual resource or reserve estimates, and should be construed only as conceptual in nature. The Company is treating the historical estimate only a guideline to determining potential future mineral resources or mineral reserves, and not as current mineral resources or mineral reserves.
Moss Gold-Silver project, Arizona: The Company reports a phase II drill program recently commenced on the Moss Gold-Silver project in Arizona. The current program is supported by the favorable conclusions returned from a recent Independent Resource Calculation conducted on Moss by Scott E. Wilson Consulting that estimated Moss contains a gold Equivalent Indicated resource of 483,792 ounces and 106,628 Inferred ounces. The current program is designed to test the newly discovered western extension of the Moss Gold-Silver stockwork system.
Scott E. Wilson Consulting - October 2011 - Independent Resource Calculation
At a 0.3 gram per ton gold cutoff the current resource at Moss is reported as:
1Grams/Tonne = grams / metric tonne;
2ounces = troy ounces / short ton
3AuEq (ozs) = Au (ozs) + 1/40th Ag (ozs)
4Assumes 100% metallurgical recovery
Copley Gold Project, B.C., Canada: The Company is awaiting assay results from a recent phase II drill program on its Copley gold property situated south of Fraser Lake in British Columbia's Nechako Plateau. A total of 12 drill holes have been completed to test the project's Smoking Pipe target where previous results indicated the mineralized zoning identified on the property is near surface and the zones of goldenriched rocks identified in the system thicken to the west. Previous drilling on Copley included a 33 m intersection that returned grades of 0.271 g/t Au in hole 01-04. Of the 33 m: 5.6 m averaged 0.68 g/t Au, and 1.4 m averaged 1.57 g/t Au. Company Geologist Dr. Bob Thompson notes the geological characteristics of Copley are similar to that of New Gold's Blackwater project, located 40 km the south. The foregoing geological disclosure has been reviewed Dr. Bob Thompson, PhD P.Eng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
About Northern Vertex: Northern Vertex is a gold exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance gold projects that demonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
For further information, please visit www.northernvertex.com
or contact Colin Clancy at Telephone: 604-601-3656
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.