Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Northern Vertex Mining Corp. (TSXV: NEE) has significantly expanded its landholdings around the Moss gold-silver mine in NW Arizona, increasing the property size from 47 sqkm to almost 169 sqkm through staking and land acquisition.
This property expansion was driven by the results of a detailed review of the regional geology, publicly available online mineral resources spatial data and information in a comprehensive historical database compiled by the company, which highlighted the district-scale exploration potential around the Moss mine.
Moss mine contains an estimated 360,000 ounces of gold and 3.9 million ounces of silver within 20.56 million tonnes of mineral resources
Moss is currently the largest pure gold and silver mine in Arizona. It contains an estimated 360,000 ounces of gold and 3.9 million ounces of silver within 20.56 million tonnes of mineral resources (measured and indicated).
The company has also obtained property-wide hyperspectral alteration mineral data, which will be used in combination with its historical database for the broader district to better prioritize exploration targets.
“We are pleased to be able to establish ourselves as the dominant mineral rights holder in the Oatman district via staking. The Oatman district has historical production of over two million ounces of gold but has seen very little modern exploration,” Northern Vertex president Michael Allen said in a news release.
“The presence of numerous historic mines, adits, workings and showings in the broader Oatman mining district and their apparent relationship to key regional to local geological structures, underlined the district-scale potential around the Moss mine and was the driver behind acquiring more land,” Warwick Board, VP exploration, added.
Shares of Northern Vertex Mining were up 4.5% by midday Wednesday following its Arizona land expansion. The Western US gold producer has a market capitalization of C$131.5 million.
