Northern Vertex finds more Mossy gold

Northern Vertex Mining (NEE-V, NHVCF-O) has its first assays in from the diamond drill part of its latest program at the Moss gold and silver project in Arizona.

The results were highlighted by 29.57 metres grading 1.08 gold equivalent grams per tonne, 5.6 metres grading 4.04 grams gold per tonne and 72.91 metres grading 0.83 gold equivalent grams per tonne. The intervals represent true widths.

The results come out of the first diamond cut core in the company’s 6,500 metre infill-drill and resource expansion program.

Drilling is testing a stockwork gold-silver vein system that measures 14 metres thick and has been traced along a strike length of 1,500 metres. The latest holes focused on the western extension of the Moss stockwork gold and silver vein system in Mohave County of Northwestern Arizona.

All four holes hit gold and silver mineralization, with grades and intervals being, on average, above the internally generated cut-off grades. Even more bullish for Northern Vertex is the fact that the mineralization struck in the program came out of an elevated ridge where little or no stripping would be required.

The Vancouver-based company says the results also point to the gold and silver-bearing system widening to the west.

Northern Vertex has drilled 22 holes in its second phase of drilling and of those 22 holes 18 are reverse circulation (RC).

The company only acquired the project in March of last year but almost immediately launched a drill program with an aim to turn historic resources into a National Instrument 43-101 compliant resource. The historic gold and silver resource estimates was based on 305 holes drilled between 1982 and 2008.

Using two drill rigs the company was able to quickly outline a compliant resource that contains indicated resources of 13.4 million tonnes grading 0.89 grams gold and 9.4 grams silver for 483,792 gold equivalent oz. and inferred resources of 4.7 million tonnes grading 0.55 grams gold and 6.2 grams silver for 106,628 gold equivalent oz.

In Toronto on March 27, the company’s shares were flat at $1.24. Northern Vertex has 45 million shares outstanding and its share price has moved between $1.15 and $1.45 over the last 52-week period.