VANCOUVER, April 28, 2020 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE)(OTC Nasdaq Intl.: NHVCF)(the "Company" or "Northern Vertex") is pleased to provide fiscal Q3 production results and an operational update related to continuous improvement initiatives, exploration drilling, and capital projects for its Moss Mine.
Tonnes stacked per day (average)
Contained gold ounces stacked
Gold ounces sold
Silver ounces sold
Gold equivalent ounces sold
* Gold to Silver Ratio is 75:1
Gold production in the current quarter increased as compared to the quarter ended December 31, 2019. The Company expects quarterly gold production to continue to increase following the completion of a second leach pad and the implementation of a new intermediate leach solution system as described below under the section Operational Highlights. In addition, Management continues to evaluate other opportunities to potentially increase gold production while reducing costs. Consequently, the Company continues to advance its tradeoff study for utilizing a 3/8-inch crush size versus the current 1/4-inch crush size, which if successful could significantly increase ore volumes processed.
Further to the Company's most recent update regarding COVID-19 Virus, the Company reports no known or suspected cases of infection at the Moss Mine nor at its office in Vancouver. Production at the Moss Mine continues uninterrupted and the Company will continue to meet or exceed the recommendations and guidelines of public health authorities at both state and federal levels. In addition to focusing on staff safety and hygiene, the Company has enacted numerous business continuity measures to ensure uninterrupted operations, including the early purchase of key consumables and repair parts, and the completion of major overhauls of equipment earlier this year. While these actions have increased the all-in sustaining cost ("AISC") of the site during the period, they are expected to pay dividends in the periods ahead.
Leach Pad Expansion
The Company is pleased to announce that a second leach pad was commissioned in early March, which is located north of the existing pad. The Company has been stacking crushed ore on the new pad over the last month, and in addition, management commissioned a new intermediate leach solution system ("ILS") to enhance recoveries. The ILS is expected to accelerate the recovery of previously placed gold and silver ounces from the initial pad, while the new leach pad should produce ounces rapidly. The benefits of both projects will be fully reflected in the next fiscal quarter.
The 2020 infill drilling and exploration drill program is underway with six target areas being assessed, and contractor bids to execute the drill program have been received. Drilling will commence in May with an objective to 1) convert inferred and indicated resources into measured resources, 2) de-risk near mine development while adding gold ounces to the overall resource, and 3) evaluate previously identified exploration targets on the Moss vein, and along other veins in the area.
Construction has started on the $2.1 million, 6.9-mile electrical powerline project. System design is now complete and long lead time items have been purchased. Northern Vertex expects the construction of the powerline to be completed in the fall of 2020, with the economic benefits starting to be captured in final quarter of 2020.
Mine to Crusher
Mine operations continue to expand with the successful pioneering of the east pit. Ore is now being delivered to the crusher from that area, and regular production from the east pit is scheduled to begin in May. West Pit pioneering is scheduled to begin in late May or early June. Crushing operations continue to greatly exceed expectations.
The Company welcomed Paul Westwood, Mine Controller to our staff March 16, 2020, and Adam Knight was appointed as the Technical Services Manager on April 27, 2020.
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 mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
President & CEO
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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SOURCE Northern Vertex Mining Corp.
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