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NORTHERN VERTEX PROVIDES UPDATE ON MOSS MINE PROJECT

Nov 11, 2019 Download PDF   Share:  Share on Facebook   Share on Twitter   Share on Google Plus   Share on LinkedIn

November 11th, 2019,Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V: NEE)(OTC Nasdaq Intl.: NHVCF) (the “Company” or “Northern Vertex”) is pleased to provide the following operational update on its 100% owned Moss Gold Mine located in NW Arizona, USA.

Kenneth Berry, President and CEO, states: “Concurrent to delivering our strongest quarter since announcing commercial production in September 2018, the Company continues to implement improvements in several areas at Moss to reduce costs and increase production performance. We are seeing positive results in the recovery rate of both the Merrill Crowe plant and heap respectively. Also, the use of backhoe loading, and better blast control is showing immediate improvement in grade control and tonnage throughput. These achievements made over the last 6 months have allowed us to shift focus on cost reduction and resource expansion.”

Production Results for September 2019 versus Previous Quarters 

 

Three Months Ended

Dec. 31, 2018

Three Months Ended

Mar. 31, 2019

Three Months Ended

Jun. 30, 2019

Three Months Ended

Sep. 30, 2019

Processing

 

 

 

 

Gold ounces produced 

5,218

6,057

7,482

8,460

Silver ounces produced 

21,110

25,558

45,876

68,421

Gold eqv. ounces produced

5,499

6,398

8,094

9,372

Sales

 

 

 

 

Gold ounces sold 

5,149

6,457

6,910

9,112

Silver ounces sold 

14,081

16,678

29,971

73,495

Gold eqv. ounces sold

5,337

6,678

7,310

10,092

*Gold to Silver Ratio 75:1

Oversized Ore Stockpile 

During the first quarter, the Company brought in a portable crusher for a five-week period to eliminate the stockpile of oversized material. This was necessary to better reconcile mined to modeled ounces to pad and thus better understand and control dilution. The Company estimates that up to 1,818 contained ounces of gold and 31,516 contained ounces of silver were added to the leach pad.  

Donegan (MCD) Drilling & Blasting

The Company brought on a new drilling and blasting contractor to reduce the amount of oversized rock being generated from mining activities going forward. In the first few weeks of blasting, fragmentation is excellent; and the oversized material has been significantly reduced, increasing crusher throughput and ounces to the pad. 

Exploration Drill Update

To date,25 drill holes have been completed from an expected 29-hole reverse circulation drill program totaling approximately 4,300 meters.  The infill drill program is being conducted at the West Pit, on the western end of the planned Phase II pit, to confirm grades and potentially extend the boundaries of mineralization. The West Pit infill drilling program is expected to be completed by the end of November; assay results should be received late December.

Stacking and Leaching Plan 

Based on monthly column leach tests, a heap leach and stacking plan was developed resulting in a significant reduction in the timeline of our primary and secondary leach cycles. The primary leach cycle now yields 60% recovery for gold within 45 days versus the feasibility timeline of 150 days; whereas the secondary leach cycle is estimated to recover over 82% of the gold within 120 days versus the feasibility estimate of 240 days. This means the production of more ounces in less time. 

Process Production at the Merrill Crowe Plant

Changes in the Merrill Crowe Plant (MC) bring it into industry standard. The MC Plant is now operating at or above industry standards with gold recoveries running 97+% and silver recoveries of 98+%. Plant flow has been consistent and topped out at 2350-2400gpm.

Water Balance

Better conservation and operational practices have allowed the site to be self-sufficient since June 2019, eliminating the need to truck water to site. A significant cost saving. Additionally, a new well, #21, was brought online in late October and provides the site with a buffer against any demand growth beyond current planning periods and the ability to rest and recharge wells at current demand. 

Metallurgical Test Work

The metallurgical test work at site includes daily, weekly and monthly testing of live stacked material to flag any variability in metallurgical performance, confirm recovery curve(s) used in revenue modeling and establish solution chemistries that optimize gold and silver recovery. No significant metallurgical variability has been witnessed since this disciplined testing program has been in place. 

Permitting Update 

The Company continues to work on completing the Environmental Assessment (EA) portion of Company’s Mine Plan of Operations (MPO) to expand mining, leaching and exploration onto public BLM land which is expected to extend mine life by approximately 5 years. Concurrently, amendments to the Aquifer Protection Permit, Air Quality Permit and Mine Reclamation are being prepared for submission to the Arizona Department of Environmental Quality with the assistance of consultants Stantec, CDM Smith and Wood PLC respectively.  The Company hopes to receive approval for the Phase III MPO in the first calendar quarter of 2020.

Powerline Update

Northern Vertex continues to advance discussions with Mohave Electric on the construction of the powerline to the Moss site. Once completed, the powerline is expected to reduce diesel emissions to the environment by up to 90% and provide significant cost savings to the Company of up to $200,000 per month in fuel and maintenance costs over the next several years of operation.  The powerline is fully permitted and construction ready.

Crush Size Test Work

Preliminary test-work to increase the crush size from 1/4”to 3/8”is on-going and continues to show positive results. A larger crush size to the heap pad would reduce maintenance costs and increase the tonnage and ounces being processed thus reducing costs and increasing cash flow to the bottom line.  

Human Resources

We are pleased to add Miguel Rivera as Tech Services Superintendent to strengthen our mining team and John Stefka as environmental services Manager. These two gentlemen bring a wealth of experience and knowledge that will benefit the Company in managing our mining plans and expansion efforts onto BLM land.

Marketing

Northern Vertex is participating in the Precious Metals Summit to be held in Zurich, Switzerland on November 11 -12, 2019 at the Park Hyatt. 

An interactive mine site tour of Northern Vertex’s Moss Gold Mine is available on the Company’s website at northernvertex.com.  

Qualified Person

The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a director of the Company and a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).

About Northern Vertex Mining Corp.

Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through exploration, mergers and acquisitions Northern Vertex’s corporate goal is to become a mid-tier gold producer with over 200,000 ounces of gold production annually.

 

ON BEHALF OF THE BOARD OF NORTHERN VERTEX

“Kenneth Berry”

President & CEO

For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798

 

Neither 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 Note Regarding Forward-Looking Statements: 

This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.  US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.

2019 number 16