Northern Vertex Mining Corp. (TSXV:NEE) was advised of a material calculation error that was found in the NI 43-101 Mineral Resource Estimate included in the Independent Technical Report, titled “Technical Report Northern Vertex Mining Corp. Moss Gold-Silver Project, Mohave County, Arizona, USA” by Scott E. Wilson Consulting Inc. The modeling methology used caused the error, which resulted in approximately 50% reduction in the quantity of the previously stated NI 43-101 Mineral Resource Estimates.
As quoted in the press release:
The Company is unable to disclose new compliant estimates at this time, and the following currently non-compliant quantities are disclosed solely to advise readers of expected quantity reductions. Preliminary indications are that new estimates will be approximately 16.2 million tonnes of Measured and Indicated Resources and approximately 6.1 million tonnes of Inferred Resources. The resource grade estimates are expected to be in line with previously reported estimates. The original resource estimates in the Technical Report must not be relied upon and the Company retracts them. The Technical Report will be superseded by a restated one to be filed on SEDAR.com as soon as possible.
Northern Vertex Mining Corp. CEO, Dick Whittington said:
We are of course disappointed by this unexpected event, however, the current business plan for Phase 1 and Phase 2 of the PEA will proceed as planned. We know it is crucial to go forward with reliable and correct data and we are taking appropriate measures to ensure this is done. We continue to be excited by the upside potential of the Moss project.