Northern Vertex Mining Corp. (CVE:NEE) unveiled Thursday the remaining results from the fourth phase drilling program at its Moss mine project in Arizona, saying an upgrade in resource classification could be possible based on additional information on inferred mineralization in the eastern portion of the deposit.
The company said that on this eastern portion, drill hole AR-208, which returned 9.15 metres of 1.32 grams per tonne (g/t) gold equivalent, was successful in confirming the presence of inferred mineralization and may allow for an upgrade.
In addition, in the western section of the deposit, the company said extension potential exists for near surface stockwork mineralization, as the additional intercepts received for hole AR-211 extends mineralization to within 17 metres of surface.
Northern Vertex also found that mineralization in the central part of the deposit was extended to depths up to 220 metres vertically from surface in hole AR-196, remaining open to depth in the eastern and central areas. The hole intersected 7.62 metres at 1.6 g/t gold equivalent.
The fourth phase of the drilling program was made up of 19 holes, or 2,644 metres. The company said enough data were gathered from the oriented core drilling and structural mapping of the Moss underground workings to allow for pit slope optimization.
President and CEO Dick Whittington said in the statement Thursday: "We are pleased to have concluded this drill program with a number of goals being achieved: near surface stockwork mineralization does extend in the western section, our depth drilling indicates mineralization is continuing to occur at depth, some 'inferred' resources may be reclassified to 'indicated' and our pit slope optimization studies can now progress further with this new drill and map data as a result of this program."
The Moss Mine is an open mine gold and silver project in a well-known mining district. Northern Vertex, which has the right to earn a 70 per cent interest in the project from Patriot Gold Corp. (OTCMKTS:PGOL), has about $12 million in working capital and an experienced team in place, with CEO Dick Whittington having taken Farallon Mining's G-9 Mine from discovery to full commercial production in less than four years.
In August, Northern Vertex announced it can officially reactivate the mine after the state governor held a ribbon-cutton ceremony in nearby Bullhead City. The ceremony was accompanied by news that the Vancouver-based miner had reached development milestones on the Phase 1 pilot plant, part of its three-stage development process at the property.
The company recently closed a $3.4 million non-brokered private placement financing to support its development plans.