logo-loader

Northern Vertex begins gold extraction over 4 months ahead of schedule

Last updated: 09:55 15 Nov 2013 EST, First published: 10:55 15 Nov 2013 EST

no_picture_pai

Northern Vertex Mining Corp. (CVVE:NEE) provided Friday an update on its phase I pilot plant operations at its Moss mine gold-silver project in Arizona, saying construction and mining operations are now complete. Mineralized material has been loaded on the leach pad, with gold extraction beginning four and a half months ahead of the timeline projected in the preliminary economic assessment (PEA). 

The phase I operations are part of a staged, three-phase development plan for the reactivation of the mine, which is situated in Mohave County. 

The junior explorer, in its statement Friday, said initial gold extraction rates have been in line with expectations outlined in the PEA report, at 61% after 40 days. Stripping has now started, and gold sales are underway, the company added. 

Gold sales to date from initial product shipment and carbon stripping amounted to US$365,826 based on 270.4 received ounces of gold and 588.6 received ounces of silver. 

"We are extremely pleased with results to date of our Phase I - Pilot Plant operations. The Pilot Plant phase was an integral part of our strategic three-phase business plan as this allowed us the opportunity to prove - or disprove - PEA operational expectations with actual results in the field," said president and CEO Dick Whittington. 

"Pilot Plant technical operations experience to-date has supported and de-risked the project and has substantially validated the operational assumptions of the PEA. 

"Indications are that we should be able to successfully move into Phase II operations with a higher degree of confidence." 

The company also said that applications to increase the allowable tonnage produced from the pilot plant operations are underway, with plans to place an additional 17,500 mt on the leach pad to conduct further metallurgical tests.  Mining operations started in June, and are now finished, with 90,199 dmt of mineralized material mined under the permissible pilot plant permit of approximately 90,000 mt. 

Northern Vertex chose to advance construction activities, shortening the time-lage between initial mining and gold extraction when compared to the timelines from the PEA. Construction, which started in May of this year, was done by the end of July. 

"I am also extremely pleased that we are over 4 months ahead of the schedule outlined in the PEA. The efforts and contributions from the team on the ground has been a large part of our success to date," said Whittington.

"We continue to work in partnership with Patriot Gold and the local communities surrounding the historical Moss Mine to support community activities, support business in those communities and to foster open and transparent communications about our ongoing activities with all stakeholders.

"Risks still remain but this work has significantly de-risked this project going forward." 

Northern Vertex added that reconciliation of the grade expected from the PEA and actual mined grade is underway and will be reported on in due course.

Poseidon Nickel signs binding agreement with Mineral Resources to divest...

Departing Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones and incoming CEO Brendan Shalders join Proactive’s Jonathan Jackson to discuss the divestment of Lake Johnston to Mineral Resources Ltd (ASX:MIN). Jones, who has played a pivotal role in this strategic move, shared insights on...

6 hours, 26 minutes ago