VANCOUVER, B.C., April 20, 2021 /CNW/ – Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the “Company” or “Northern Vertex”) a U.S.-focused gold producer with district-scale exploration projects in the Walker Lane Trend is pleased to report highlights of a recent airborne geophysical survey at its Hercules Gold Project in Lyon County, Nevada.
Survey Highlights
- Identified at least 45 new targets for follow-up exploration.
- Highlighted the structural framework of the Hercules property, providing support for the Company’s district-scale geological model.
- Indicated the presence of an extensive and open-ended thirteen kilometers long by six kilometers wide alteration zone trending northwest-southeast across the property that is coincident with known mineralization.
- Data to-date suggests that mineralization is controlled by the intersection of generally northerly trending structures and the broad alteration zone.
Michael G. Allen, President commented, “From the first time we set foot on the property we knew there was significant potential, and after expanding the property to more than 100 square kilometers we see that investment validated and with very strong support of our premise that there were multiple potential discoveries to be made at Hercules. After a detailed review of this new geophysical data, along with other recently acquired data sets, we see confirmation of many previous assumptions underpinning our understanding of the structures bearing gold and silver mineralization.”
Dr. Warwick S. Board, Vice President of Exploration Northern Vertex, commented, “The exposed, known mineralization target areas at the Hercules Gold Project correlated strongly with all of the geophysical techniques and are centered in a broad alteration zone on the flank of a large volcanic center. With at least 45 new targets identified to be advanced, we have ample opportunity to make additional discoveries. Having the structural framework gives us a predictive geological model for efficient future drilling at the Hercules Gold Project.”
Recent drilling by the Company highlighted the potential of the Hercules Gold Property with 30.48 meters grading 1.63 g/t gold and 18.27 g/t silver as well as 39.62 meters grading 1.12 g/t gold and 5.38 g/t silver. For further details on the Hercules Gold Project drilling, please see the Company’s March 22, 2021 news release or the Company’s website.
Airborne Geophysical Survey of Hercules Project
A combined magnetic, electromagnetic (Geotech’s proprietary Versatile Time Domain Electromagnetic; VTEMTM), and gamma-ray spectrometry (radiometric potassium, thorium, and uranium) airborne geophysical survey was completed over the Hercules Project between July and September 2020 by Geotech Ltd. (Geotech) out of Aurora, ON. A total of 2,260 line-kilometers of geophysical data were collected along 50-meter spaced west-east oriented traverse lines and 500-meter spaced north-south tie lines across the property. Data processing and first-pass interpretation was provided by Geotech and J L Wright Geophysics, of Spring Creek, NV.
The objective of the combined airborne geophysical survey was to delineate structures, lithologies, and alteration using the resistivity (from the VTEMTM survey), magnetic, and radiometric geophysical parameters.
The results of the airborne geophysical survey highlight the presence of an extensive, volcanic center-related hydrothermal system on the Hercules property. The geophysical survey data support our geological model of a collapsed caldera in which curviplanar concentric structures are considered to have controlled epithermal mineralization. The recognition of an apparent deep-seated radial structure that may have controlled hydrothermal fluids in the volcanic center is a key finding for additional exploration on the property. Resistivity and radiometric potassium anomalies along concentric structures to the south of this feature attest to the district-scale exploration potential at Hercules.
Geophysical Areas of Interest
A low sulphidation epithermal gold-silver system has been identified on the Hercules Gold Project. At Hercules, and at other similar deposits, such as the Company’s Moss Mine, epithermal gold-silver mineralization is both structurally and lithologically controlled, being hosted in veins, vein stockwork, and zones of elevated silica alteration in faults and fractures, and where available, permeable volcaniclastic host rocks. Variably extensive clay mineral alteration footprints are associated with the silica-rich zones.
Zones of elevated silica alteration are generally associated with elevated resistivity, whereas zones of intense clay mineral alteration are associated with lower resistivity. Both have been found to be associated with elevated potassium signatures and subdued airborne magnetic survey responses due to magnetic mineral destruction by hydrothermal alteration. Variations in magnetic responses across geological structures form the basis for interpreting the structural framework of the Hercules property. Results from each geophysical dataset were used to check and augment individual dataset interpretations.
Controls on Mineralization
The structural, lithological, and alteration picture revealed by the geophysical survey is consistent with the Company’s interpretation that the Hercules property covers part of a larger collapsed Messinian-aged volcanic caldera centered to the southeast (Figure 1. Regional Geological Map).
An open-ended approximately six kilometers wide zone of elevated radiometric potassium trends approximately thirteen kilometers northwest-southeast across the northern parts of the property (Figure 2. Shaded Radiometric Potassium Map). The zone is associated with areas of anomalous resistivity and a generally subdued magnetic response, features suggestive of an extensive hydrothermal system (Figure 3. Shaded VTEMTM Resistivity Map at 50 m depth, Figure 4. Shaded Total Magnetic Intensity Map). The zone contains the Hercules mine as well as the mapped veins and alteration of the Hercules, Cliffs, Loaves, Northeast, Rattlesnakes, Lucky Rusty, Sprite, Sirens, and part of the Pony Meadows exploration target areas. Within the zone, mapped veins and alteration in the various exploration target areas follow north-northeast trending structures that appear to be concentric about the volcanic center to the east.
The zone is interpreted as having been created by deep-seated volcanic center-related radial structures controlling potassic, silica, and clay mineral alteration. Intersection of the deep feeder zone with concentric structures is interpreted as being an important control on mineralization on the Hercules property.
Geophysical Target Generation
Mapped mineralized epithermal veins and associated alteration correlate well with elevated radiometric potassium signatures. First-pass interpretation of the geophysical data using this relationship has identified 29 new separate radiometric potassium targets (Figure 2. Shaded Radiometric Potassium Map, Figure 5. New Geophysical Target Summary Map).
Additionally, most of the known epithermal veins are associated with resistivity highs surrounded by concentric rings of lower resistivity. This high-low resistivity pattern is interpreted to reflect silica alteration in the center surrounded by broader areas of clay mineral alteration. An initial total of 16 new separate resistivity anomaly targets have been identified based on this relationship (Figure 3. Shaded VTEMTM Resistivity Map at 50 m depth, Figure 5. New Geophysical Target Summary Map).
Additional potentially anomalous resistivity target areas, with associated structures, lithological contacts, and anomalous radiometric potassium signatures are identified in the southern parts of the Hercules property based on a similar resistivity signature to that beneath the main target areas in the main northwest-southeast trending radiometric potassium band.
Parallel concentric north-south to northeast-southwest trending structures with subdued to no resistivity and/or radiometric potassium responses and along which basaltic andesite lava has been interpreted, remain of interest but are considered secondary targets (Figure 4. Shaded Total Magnetic Intensity Map, Figure 5. New Geophysical Target Summary Map).
Follow-up Work
The Company is reviewing the geophysical targets in conjunction with its recent surface mapping, surface sampling, and drilling data towards target prioritization and future drill programs on the Hercules property.
Qualified Person
Dr. Warwick Board, P.Geo., Vice President Exploration of Northern Vertex, is the QP as defined by NI 43-101 responsible for the regional exploration of the Hercules Project and has reviewed and approved the scientific and technical information in this news release related thereto.
About Northern Vertex Mining Corp.
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management, and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
“Michael G. Allen”
President
TSXV: NEE | Nasdaq Intl: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
Neither the 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 Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although Northern Vertex believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Northern Vertex can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Northern Vertex’s periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Northern Vertex’s expectations include risks associated with the business of Northern Vertex; risks related to reliance on technical information provided by Northern Vertex; risks related to exploration and potential development of Northern Vertex’s projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Northern Vertex’s filings with Canadian securities regulators on SEDAR (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Northern Vertex does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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SOURCE Northern Vertex Mining Corp.
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