(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 12, 2022 - Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CSE:NLR), (OTC:NLRCF) is pleased to announce that drilling is scheduled to commence mid September at the Company’s Medicine Springs Silver Project (“Medicine Springs”), located in Elko County, Nevada.
Drill permits have been received and a drilling contractor has been appointed. An intial 4,000 metres of diamond core drilling is planned to be completed at Medicine Springs over the next few months. Initial drill targets include Golden Pipe, Silver Butte and Silver King. This first drilling campaign will test the structural framework and mineralization of a potential large scale Carbonate Replacement Deposit at Medicine Springs. Historic drilling at Medicine Springs is limited to shallow reverse circulation drilling (average depth 125 metres) that was conducted around Golden Pipe in the 1980’s. The historic drilling at Golden Pipe was focused on near surface oxide mineralization. This will be the first time that project is being drilled with the focus on defining a large scale Carbonate Replacement Deposit that NLR first identified the potential of through exploration work including geophysics, structural mapping, and a mobile metal ion soil geochemistry soil survey. (See Figure 1)
Carbonate Replacement Deposits (CRDs) are high-grade, sulfide-rich, polymetallic (Ag-Pb-Zn-Cu-Au) systems that form through repeated reactions between magma-driven hydrothermal fluids and carbonate-dominant wall rocks. Their high multi-element grades and potentially large size make CRDs attractive exploration targets.
The drilling campaign at Medicine Springs is being completed by Reyna Silver (TSX.V RSLV) as operator under the terms of the Medicine Springs Option/Joint Venture Agreement. Reyna Silver can earn up to 80% of the Medicine Springs project by making certain exploration expenditures and cash payments. Northern Lights has a free carried interest until Reyna Silver has expended a minimum of US$4.0 million dollars on exploration at Medicine Springs. See the NLR announcement dated October 5, 2020 for full details of the Option/Joint Venture Agreement between NLR and Reyna Silver.
Medicine Springs shows most of the key features of large-scale CRDs, especially the three most important factors: location, structure, and grade.
1. Location - Medicine Springs lies within a well-known mineralized belt that includes the nearby Ely and Eureka Mining Districts famous for both CRD and Cu-porphyry deposits.
2. Structure - Medicine Springs is hosted very high in the regional carbonate stratigraphy meaning a considerable thickness of favorable host rocks underlies the district.
3.Grade - Medicine Springs shows high (>400 g/t) silver grades in jasperoid and mineralized outcrops, as well as in historic shallow reverse circulation drillholes in the oxide zone.
Northern Lights CEO, Jason Bahnsen commented “We are pleased to finally have drilling underway at Medicine Springs. The Medicine Project has all the key geological indicators required to host a large scale CRD deposit. This initial drill program is an important first step in confirming the potential of the project.”
Click Image To View Full Size
Figure 1 – Medicine Springs Project Showing Geochemical Soil Anomaly and Proposed Drilling Areas
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of “NLR” on the CSE and “NLRCF” on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new inforAddmation, future events or otherwise, except as required by law.
Copyright (c) 2022 TheNewswire - All rights reserved.