Northern Vertex gets expansion permit for Moss gold mine, stock up
Northern Vertex Mining (TSXV: NEE) announced Thursday the receipt by its wholly owned Arizona subsidiary Golden Vertex of final federal permit approval for the phase III expansion at its Moss gold mine.
This approval allows the company to expand its current operations from patented claims onto surrounding unpatented claims on public lands managed by the Bureau of Land Management (BLM).
The expansion along with its resource update is expected to significantly extend the life of the Moss mine, Northern Vertex said.
In March, the miner announced total measured and indicated mineral resources of 360,000 ounces of gold and 3.8 million ounces of silver. Inferred mineral resources were 129,000 ounces of gold and 1.37 million ounces of silver.
Additional infill drilling to depth has the potential to further expand the mineral resource in the West Pit area. The mineral resource further to the west of the area drilled in 2019 has the potential to increase with additional infill drilling, the company said.
“The expansion is a very important milestone for the company as it is expected to increase efficiencies that will significantly reduce operating costs at the mine,” Kenneth Berry, president and CEO said a media release.
“In addition, the expansion also allows for exploration drilling to be carried out in order to expand the current mineral resource and extend the mine life.”
At market close Thursday, Northern Vertex shares were up over 5% on the TSX. The company has a C$45.7 million market capitalization.