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Northern Vertex Reports Best Quarter to Date, Production Results for June and Heap Leach Test Study Conducted at Moss Gold Mine, Arizona


 -- Published: Tuesday, 16 July 2019 | Print  | Disqus 

July 16, 2019,Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V: NEE)(OTC Nasdaq Intl.: NHVCF)(the “Company” or “Northern Vertex”) is pleased to announce gold and silver production totaling 2,837 gold equivalent ounces (2,580 oz gold and 18,051 oz silver) during the month June and initial results from its Heap Leach Pad Study at the Moss Gold Mine, located in Northwest Arizona.

Kenneth Berry, President and CEO, states: “We are pleased to report June production concludes our strongest quarter to date and we expect to see continued improvement during the next fiscal year. In addition, recent modifications to our Merrill Crowe facility have resulted in our single largest gold shipment of $1.2 million representing 9 days of production. Furthermore, initial Heap Leach Study results confirm feasibility predicted recoveries meaning a significant portion of the contained gold and silver inventory is expected to be drawn down in the following 2 quarters.”

Operating Results for the One Month, Quarter and Fiscal Year Ended June 30, 2019:

 

One Month Ended
June 30, 2019

Three Months Ended
June 30, 2019

Fiscal Year Ended
June 30, 2019(1)

Mining

 

  

Ore mined (tonnes)

128,684

418,819

1,842,709

Waste mined (tonnes)

355,208

1,321,887

3,930,283

Total mined (tonnes)

483,892

1,740,706

5,772,292

Strip ratio (waste/ore)

2.76

3.16

2.13

Crushing

 

 

 

Tonnes stacked

181,389

561,016

2,107,983

Tonnes stacked per day (average)

6,046

6,165

5,775

Tonnes stacked per operating day

6,977

7,581

7,894

Contained gold ounces stacked

4,665

13,108

48,609

Contained silver ounces stacked

78,195

212,770

726,949

Gold grade (g/t)

0.80

0.73

0.72

Silver grade(g/t)

13.41

11.80

10.73

Processing  

 

 

 

Gold ounces produced

2,580

7,482

24,311

Silver ounces produced

18,051

45,876

113,080

Sales

 

 

 

Gold ounces sold

2,583

6,910

23,920

Silver ounces sold

13,884

29,971

79,767

(1) Includes pre-commercial production results

Leach Pad Study of Gold/Silver Inventory at the Moss Mine

The Moss Team initiated a recovery study of the heap leach pad in May 2019.  The purpose was to:

  • Confirm consistent moisture percolation throughout the pad;
  • Measure solution volume and solution grade retained in various areas (panels) of the pad, in order to determine the gold and silver inventory remaining on the pad;
  • Obtain samples for further bottle roll testing, in order to estimate the amount of gold inventory that can be recovered by re-leach; and
  • Design and implement a leach solution application plan to recover additional gold from the leach pad inventory.

Results from the first panel (known as the “Central Panel”), which contains approximately 235,000 tonnes of ore have been received.  Results show remarkable consistency in the percolation of solution, both laterally and vertically. Furthermore, the study confirms there are no dry areas, channeling is not occurring, the pad is retaining its moisture as expected and that the recoverable gold and silver in inventory will meet or exceed feasibility predicted recoveries.  The full study will include an additional 5 panels and is ongoing.

Jim Gubler, Process Manager states, “The results from the Central Panel indicates that there are approximately 5,000 ounces of recoverable gold contained in this area, of which an estimated 3,000 ounces have already been dissolved in the water held in the heap and need only to be flushed and collected.” With the leach solution application plan that we have designed we are projecting that a significant portion of this gold will be recovered over the next several months, which should add to our normal monthly production.”

Column Testing Program
The ongoing column test program (using crushed ore samples) is predicting ultimate recoveries of approximately 80% for gold and 60% for silver. The column test work on the crusher samples and the heap leach pad recovery study described above will be used to optimize and shorten the recovery curves going forward, utilizing live ore panels for testing rather than bulk samples that were used in the feasibility. Every current test being run indicates that we should be able to outperform the feasibility recovery curves.

Merrill Crowe/Processing 
Our operations have made progress in correcting issues that have hampered the process plant since start up. Modifications to the filter press piping, clarifiers and vacuum pump system are nearing completion. We have observed a large decrease in reagent consumption and an immediate improvement in recoveries of gold and silver from the pregnant solutions.

The Company also announces that, subject to the approval of the TSX Venture Exchange, the Company intends to pay director fees to its non-management directors in the aggregate amount of C$170,000 through the issuance to non-management directors of 708,333 common shares of the Company.

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., the newest gold producer in the US, 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 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.

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This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. GoldSeek.com, have based this document on information obtained from sources it believes to be reliable but which it has not independently verified; GoldSeek.com makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of GoldSeek.com only and are subject to change without notice. GoldSeek.com assume no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report.

Additional Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Authors have taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond our control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. The companies mentioned herein may be sponsor of GoldSeek.com. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


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 -- Published: Tuesday, 16 July 2019 | E-Mail  | Print  | Source: GoldSeek.com

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