De-Risked & Poised For A Double – Northern Vertex Mining Corp (CVE:NEE, OTCMKTS:NHVCF)
Northern Vertex Mining Corp (CVE:NEE, OTCMKTS:NHVCF)
Current Price: C$0.55
Shares Outstanding: 100.7 million
Market Capitalization: C$55.4 million
52-Week Range: C$0.18-C$0.55
Cash: ~C$6 million
Total Liabilities: ~C$6.6 million
We visited Northern Vertex in Arizona back in May, and since our write-up, Chairman, President and CEO, Ken Berry, has reached every milestone set, generating significant value for his shareholders.
First, Northern Vertex consolidated its interest in Moss by acquiring the remaining 30% from Patriot Gold for $1.5 million. Second, Ken secured US$20M in project financing from Sprott Private Resource Lending.
The company just released an operational update, and we want to highlight three themes.
1. Permitting – NEE just submitted a $1.4M bond for its aquifer protection permit and the final amendment is expected in March 2017. This final wait period is a formality, with key federal and state permits in hand, NEE is a fully permitted mine.
2. Construction – NEE began construction in Q1 2017, and is continuing with bulk earthworks. The main crushing plant will be installed and delivered by Q2 2017. Furthermore, the company has completed two new groundwater production wells that will supply more than enough water for leaching.
3. Phase III & Exploration – the Moss feasibility study was constrained by the limits of its patented property. In actuality, Moss has an additional 200,000 AuEq resource ounces on Federal lands that will be used for mine life extension. NEE has already engaged Mine Development Associates (MDA) to begin working towards phase III permitting.
NEE has enormous exploration potential, – only 5% of the property has been explored so far. The company is currently in the middle of a 3,000m drill campaign, and the first phase of a resource expansion program.
Northern Vertex has identified four high priority targets, including the West Oatman stockwork vein target, the high-grade Old Timer East and West targets, and the western extension of the main Moss mine deposit.
The company is currently drilling the West Oatman target and has completed has already completed four holes. We are very excited to see these results.
The Moss vein in the blue patent claims in the middle. Other targets include: Old Timer, New York, Bighorn, West Extension, Gold Hill, Ruth, Generator, West East Extension, and the Moss Look-Alike, West Oatman.