Mr. Michael Allen reports
NORTHERN VERTEX REPORTS QUARTERLY PRODUCTION OF 9,912 GOLD EQUIVALENT OUNCES
Northern Vertex Mining Corp. had production of 9,912 gold equivalent ounces for the quarter ended March 31, 2021, from the company's 100-per-cent-owned Moss gold mine in Mohave county, northwest Arizona. The Moss mine is the largest precious metal mine in Arizona, and the company also explores the district-scale Hercules gold project in Nevada.
Gold equivalent production is calculated based on a budgeted gold-silver ratio of 75:1, and all figures are U.S. dollars unless otherwise noted.
Highlights for the quarter ended March 31, 2021:
Gold equivalent production of 9,912 ounces;
Gold production of 8,787 ounces;
Silver production of 84,382 ounces;
$13.8-million cash on hand at quarter-end;
Completion of 49,784 feet (15,174 metres) of infill and near-mine exploration drilling.
Michael G. Allen, president, commented: "Production from the west pit continues to improve as we have now developed large production benches, which allows for maximum mining efficiency. The initial stripping to expose the Moss vein in the west pit is largely complete. Although forecast grades and production will be lower in 2021 versus 2020, the current infill drilling program has identified numerous areas where additional drilling could improve the resource model and, ultimately, the mine. We are very excited about our evolving knowledge of the mineralization of the Moss mine and believe that there are substantial opportunities to improve and expand the operation."
Mine plan sequencing from centre pit to east and west pits
During the quarter, mining operations fully migrated from centre pit operations to mining in the east and west pits. The west pit is now fully developed to support the use of large mining equipment, which allows for more efficiency and lower unit costs. While the modelled measured grades in the west pit are lower than that of the centre pit, an examination of the Dec. 31, 2019, mineral resource has identified opportunities for improvement of the model through increased drilling. The company is assessing the viability of additional drilling in this area to improve the model.
Infill and exploration drilling
A total of 49,784 feet (15,174 metres) of infill and near-mine drilling were conducted during the quarter as part of the company's continuing exploration drilling program in and around the Moss mine. One diamond core and two reverse circulation (RC) drill rigs were used, with an approximately 60:40 RC-to-diamond-core ratio. Approximately 50 per cent of the drilling was focused on infill drilling of the Ruth and Moss veins, specifically targeting the intersection of these two veins below the centre and east pits. Thirty per cent of the drilling targeted the extension of the Moss vein to the east of the east pit and approximately 20 per cent targeted vein stockwork in the planned west pit. Near-mine and exploration drilling is expected to continue beneath the centre, east and west pits in Q2 2021. Drill results will be released upon receipt of representative batches of assay data.
Leach pad expansion
During the quarter, the construction of leach pad 3a was well progressed, with earthworks being 65 per cent complete and overall project advancement being 40 per cent complete at March 31, 2021. Pad 3a is expected to be ready to receive crushed ore in Q2 2021.
Condemnation drilling, using a combination of percussion and RC drilling, is planned for the pad 3b footprint.
The company's cash position is $13.8-million at March 31, 2021.
Joseph Bardswich, PEng, president of Golden Vertex, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release as related to mining and mine production.
Dr. Warwick Board, PGeo, vice-president, exploration, for Northern Vertex, is the qualified person as defined by NI 43-101 responsible for the infill, near-mine and regional exploration on the Moss property 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 in 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.
We seek Safe Harbor.
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