(TheNewswire)
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Vancouver, British Columbia – TheNewswire - October 24, 2024 - Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CSE: NLR, OTC: NLRCF) is pleased to announce it has entered into an option agreement with veteran prospector Bernie Kreft (“Kreft”) to acquire a 100% interest in the Horetzky Copper Project (“Horetzky” or the “Project”), located in the Babine porphyry copper belt (the “Transaction”).
Highlights
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Located in the Babine porphyry copper belt which hosts the past producing Bell and Granisle copper-gold mines and several promising advanced stage copper-gold exploration targets including American Eagle’s Nak project, Amarc Resources’ Duke and Hearne Hill projects and the Morrison deposit of Pacific Booker Minerals. (see fig.1)
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Geological similarities to other Babine porphyry copper belt targets include the presence of an Eocene-aged Babine plutonic suite intrusive and coeval dykes which have caused widespread hornfels and alteration within surrounding volcanics and sediments. Mineralization noted includes: chalcopyrite, molybdenite, bornite and chalcocite.
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The Project is host to an approximate 3.0 km copper soil geochemical anomaly, with numerous samples having returned greater than 1,000 ppm copper, that is open for expansion to the southeast and to the southwest where it is associated with a strong positive magnetic anomaly. (see fig.2)
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Although drilling by Hecla Mines in 1973 returned only moderately anomalous values of up to 4,370 ppm copper over 3 feet and 1,345 ppm copper over 35 feet, all holes encountered copper mineralization with the widespread phyllic and propylitic alteration noted within holes suggesting they were collared outside the grade shell of a typical porphyry system.
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Although gold was not assayed for by the majority of historical programs, later work has partially identified an area of increased gold in soil anomalism with values ranging from 25 ppb to 440 ppb gold.
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The Project is located approximately 95 kilometres northeast of the regional centre of Smithers. It consists of 10 tenures totalling 4,309 hectares and is partially road accessible with several active logging cuts located close to the copper soil geochemical anomaly.
Northern Lights, CEO, Jason Bahnsen commented “We were excited when the Horetzky opportunity presented itself, and after a period of due diligence we moved quickly to acquire the project. The Project’s presence in one of British Columbia’s premiere copper-gold districts, combined with a copper soil anomaly of significant size and tenor that remains open for expansion and is only partially tested, were major selling points to us. We also look forward to working with the vendor, Bernie Kreft, who has a strong track record of exploration and discovery, in the further advancement of this project.”
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Figure 1 – Location of the Horetzky Project within the Babin Porphyry Belt
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Figure 2 – Surface geochemistry on total magnetic intensity airborne magnetics.
Terms of the Transaction
The Company has the right to acquire a 100% interest in the Horetzky Project by paying $5,000 in cash, issuing 7,500,000 shares and completing $1,000,000 in exploration over 3 years. An additional $125,000 or 1,250,000 shares, at the option of Kreft, will be due within 30 days of Northern Lights publicly disclosing an inferred or greater category or categories of a mineral resource, in accordance with the CIM definitions of a minimum of 1,000,000 ounces of gold or gold equivalent. A further $125,000 or 1,250,000 shares, at the option of Kreft, will be due on the earlier of the Optionee completing 5,000 metres of drilling or October 15, 2028. The property is subject to a 2.5% NSR, 40% of which can be purchased for $2,000,000 at any time up to the commencement of commercial production. The agreement is subject to regulatory approval.
Historical Data
The sampling and drill results reported in this release are historical in nature. The Company has not conducted any independent review of the sampling, nor has it independently analyzed the results of the historical exploration work to verify the results. The Company considers these historical drill and sampling results relevant, as it will use this data to guide future exploration programs. The Company also considers the data reliable for these purposes, however, the Company’s future exploration work will include verification of the data through additional sampling and drilling.
Qualified Person Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For Further Information
2.Albert Timcke, Executive Chairman and President
3.Email: rtimcke@northernlightsresources.com
4.Tel: +1 604 608 6163
5. Jason Bahnsen, Chief Executive Officer
6.Email: Jason@northernlightsresources.com
7.Tel: +1 604 608 6163
9.About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company advancing two key projects: the 100% owned, Secret Pass Gold Project located in Arizona and the Caldera Copper Property in Nevada. Northern Lights also holds a 1% NSR royalty on the Medicine Springs Silver Project in Nevada owned by Reyna Silver Corp.
Northern Lights Resources trades under the ticker of “NLR” on the CSE and on the OTC under the ticker “NLRCF”. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. There is no assurance any further advances of funds from the Investor will be forthcoming. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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