Northern Vertex Reports Quarterly Production of 9,912 Gold Equivalent Ounces

Rhea-AI Summary

Northern Vertex Mining Corp. (OTC: NHVCF) reports 9,912 gold equivalent ounces produced in Q1 2021 from its Moss Gold Mine. Key highlights include 8,787 ounces of gold and 84,382 ounces of silver produced, with cash on hand at $13.8 million. The company has completed nearly 50,000 feet of drilling and is transitioning mining from the Center to East and West Pits to enhance efficiency. Although forecast production is expected to be lower in 2021 than 2020, the team is optimistic about improving resource models through ongoing drilling at the mine.

Positive

• Production of 9,912 gold equivalent ounces for Q1 2021.
• Cash position at $13.8 million at quarter-end.
• Completion of 49,784 ft of exploration drilling.
• Transition to more efficient mining in East and West Pits.

Negative

• Forecast production expected to be lower in 2021 compared to 2020.
• Measured grades in West Pit lower than those of the Center Pit.

VANCOUVER, BC, April 19, 2021 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") announces production of 9,912 gold equivalent ounces for the quarter ended March 31, 2021 from the Company's 100% owned Moss Gold Mine in Mohave County, NW Arizona.  The Moss Mine is the largest precious metals mine in Arizona, and the Company also explores the district scale Hercules Gold Project in Nevada.

Gold equivalent production is calculated based on a budgeted gold:silver ratio of 75:1, and all figures are US dollars unless otherwise noted.

Highlights for the quarter ending March 31, 2021:

• Gold equivalent production of 9,912 ounces
• Gold production 8,787 ounces
• Silver production of 84,382 ounces
• $13.8 million cash on hand at quarter end
• Completion of 49,784 ft (15,174 m) of infill and near-mine exploration drilling

Michael G Allen, President commented, "Production from the West Pit continues to improve as we have now developed large production benches, which allows for maximum mining efficiency.  The initial stripping to expose the Moss Vein in the West pit is largely complete. Although forecast grades and production will be lower in 2021 versus 2020, the current infill drilling program has identified numerous areas where additional drilling could improve the resource model and ultimately the mine.  We are very excited about our evolving knowledge of the mineralization of the Moss Mine and believe that there are substantial opportunities to improve and expand the operation."

Operating Results for the Quarter Ended March 31, 2021:
			Quarter Ended Mar 31, 2021	Quarter Ended Mar 31, 2020
Ore mined	tonnes		705,653	572,104
Grade	g/t		0.48	0.69
Tonnes stacked per day (average)	tpd		7,697	5,979
Gold ounces Produced	Ozs		8,787	7,469
Silver ounces Produced	Ozs		84,382	89,433
Gold equivalent ounces Produced	Ozs		9,912	8,729

Mine Plan Sequencing from Center Pit to East and West Pits

During the quarter, mining operations fully migrated from Center pit operations to mining in the East and West Pits. The West Pit is now fully developed to support the use of large mining equipment, which allows for more efficiency and lower unit costs.  While the modelled measured grades in the West Pit are lower than that of the Center Pit, an examination of the December 31, 2019 Mineral Resource has identified opportunities for improvement of the model through increased drilling. The Company is assessing the viability of additional drilling in this area to improve the model. 

Infill and Exploration Drilling

A total of 49,784 feet (15,174 m) of infill and near-mine drilling was conducted during the quarter as part of the Company's ongoing exploration drilling program in an around the Moss mine.  One diamond core and two Reverse Circulation (RC) drill rigs were used, with an approximate 60:40 RC to diamond core ratio.  Approximately 50% of the drilling was focused on infill drilling of the Ruth and Moss veins, specifically targeting the intersection of these two veins below the Center and East pits.  Thirty percent of the drilling targeted the extension of the Moss vein to the east of the East pit and approximately 20% targeted vein stockwork in the planned West pit.  Near-mine and exploration drilling is expected to continue beneath the Center, East, and West pits in Q2/21. Drill results will be released upon receipt of representative batches of assay data. 

Leach Pad Expansion

During the quarter, the construction of Leach Pad 3a was well progressed with earthworks being 65% complete, and overall project advancement being 40% complete at March 31.  Pad 3a is expected to be ready to receive crushed ore in Q2 2021. 

Condemnation drilling, using a combination of percussion and RC drilling, is planned for the Pad 3b footprint.

Cash Position

The Company's cash position is $13.8 million at March 31, 2021

Qualified Person 

Mr. Joseph Bardswich, P.Eng., President of Golden Vertex, is a Qualified Person ("QP") as defined by NI 43-101 and has reviewed and approved the scientific and technical information contained in this news release as related to mining and mine production. 

Dr. Warwick Board, P.Geo., Vice President Exploration for Northern Vertex, is the QP as defined by NI 43-101 responsible for the infill, near-mine, and regional exploration on the Moss property and has reviewed and approved the scientific and technical information in this news release related thereto.

About Northern Vertex Mining Corp.

Northern Vertex offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential in two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.

ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Michael G. Allen"
President

TSXV: NEE | Nasdaq Intl: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0

Neither the 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 Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although Northern Vertex believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Northern Vertex can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Northern Vertex's periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Northern Vertex's expectations include risks associated with the business of Northern Vertex; risks related to reliance on technical information provided by Northern Vertex; risks related to exploration and potential development of Northern Vertex's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Northern Vertex's filings with Canadian securities regulators on SEDAR (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Northern Vertex does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

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SOURCE Northern Vertex Mining Corp.

FAQ

What was Northern Vertex's gold equivalent production for Q1 2021?

Northern Vertex produced 9,912 gold equivalent ounces for the quarter ending March 31, 2021.

How much cash did Northern Vertex have at the end of Q1 2021?

The company had $13.8 million cash on hand at the end of Q1 2021.

What are the key highlights from the Northern Vertex Q1 2021 report?

Key highlights include 8,787 ounces of gold, 84,382 ounces of silver produced, and nearly 50,000 feet of drilling completed.

What are Northern Vertex's production forecasts for 2021?

Forecasts indicate lower production in 2021 compared to 2020 due to changes in grade expectations.

Where is Northern Vertex's Moss Gold Mine located?

The Moss Gold Mine is located in Mohave County, Arizona.