Northern Lights Announces Acquisition of the Secret Pass Gold Project in Arizona

Northern Lights Resources Corp. (CSE:NLR) (the “Company” or “Northern Lights”) is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Secret Pass Gold Project (“Secret Pass Gold Project” or the “Property”) located in Mohave County, northwestern Arizona (the “Transaction”)

Northern Lights Resources Corp. (CSE:NLR) (the “Company” or “Northern Lights”) is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Secret Pass Gold Project (“Secret Pass Gold Project” or the “Property”) located in Mohave County, northwestern Arizona (the “Transaction”) as shown on Figure 1.

Secret Pass consists of 84 unpatented lode mining claims comprising 655.6 hectares (1,620 acres) of claims under the administration of the US Bureau of Land Management (“BLM”) and 212.4 hectares (524.9 acres) for a total of 868 hectares (2,145 acres).

Figure 1: Location Map Secret Pass Gold Project

The Transaction

Northern Lights entered into a definitive agreement, executed on July 12, 2019, with a private Arizona resident (the “Seller”) to acquire 100% interest in the Secret Pass Gold Project (the “Agreement”).

Under the terms of the Agreement, Northern Lights holds an exclusive option to acquire the Project (the “Option”) up until midnight Pacific daylight time on August 21, 2019 (the “Option Expiry Date”). Northern Lights is planning to complete its due diligence on the project prior to the Option Expiry Date. Company management is planning to be on site at the Project during the week beginning July 15, to conduct due diligence.

Upon exercise of the Option, Northern Lights Resources agrees to make the following consideration payments:

  1. a)Within 5 working days following the exercise of the Option, Northern Lights will pay the Seller a cash consideration of US$75,000;
  2. b)Within 30 days following the exercise of the Option, Northern Lights will issue 2,000,000 common shares of Northern Lights to the Seller; and
  3. c)Under the terms of the Agreement Northern Lights will make the following additional payments:
      1. i)On or before August 28, 2019, a payment of US$150,000; plus
      2. ii)On or before October 15, 2019, a final payment of US$125,000.

Upon completion of the final payment on or before October 15, 2019, 100% ownership of the Project will be transferred to Northern Lights or its nominee free of any third party royalties.

Other than the applicable Arizona State and BLM mineral production royalties there are no third party royalties payable on revenues produced from the Secret Pass Gold Project.

Completion of the Transaction is subject to approval of the CSE and other regulatory bodies as required.

In summary, Northern Lights has the option to acquire the 100% ownership of the Secret Pass Gold Project for total consideration payments of US$350,000 cash and 2,000,000 million shares of Northern Lights.

Northern Lights Chief Executive Officer, Jason Bahnsen commented: “The Secret Pass Gold Project Transaction represents an excellent opportunity for Northern Lights to acquire a high value exploration gold project at a very attractive price. The property will be 100% owned by Northern Lights and is free of third party royalties. Only 10% of the license area has been explored. There are over 13 km of gold bearing structures offering significant exploration potential for the project. Management believes this acquisition will generate significant value for Northern Lights shareholders.”

The Secret Pass Gold Project

  1. 1)The Oatman-Katherine Gold District – a Prolific Historic Gold Mining District

As illustrated on Figure 2, the Secret Pass Project is located in the famous Oatman-Katherine Gold District of northwestern Arizona, close to the Nevada and California State borders. The Oatman-Katherine Gold District was established in 1863 and historically is Arizona’s third largest gold producing area. Between 1870 and 1980 it is estimated the district produced over two million ounces of gold and one million ounces of silver. The district includes many historic mines and workings with over 80 separate mines reporting production. Current operating mines in the area include the Moss mine owned by Northern Vertex Corp., an open pit heap leach operation that reached commercial production in September 2018, and Para Resources Inc. that reported starting underground production at its Gold Roads Project in February 2019.


Figure 2: Oatman-Katherine Gold District, Arizona

  1. 2)Geology, Previous Production and Exploration Work

The main structural feature in the region is an imbricated system of shallow to steeply dipping faults that trend north-northwest. With reference to Figure 2 this fault system has been traced for approximately 65 km extending from the Oatman District in the south, through the Secret Pass-Frisco Mine area, into the Katherine Gold District. As illustrated on Figure 3, two regional structures, the Union Pass and the Frisco Mine faults, transect the Secret Pass property. Numerous gold showings and prospects are associated with the Union Pass and Frisco Mine faults, and some have reported limited gold production. The Oatman District is located approximately 13 km south of Secret Pass property, and has produced over two million ounces of gold.

Figure 3: Secret Pass Project Geology and Historic Mine Workings

Mining records indicate that there are 10 historic mine workings located in the Secret Pass license area. The Tin Cup and the FM gold prospects were extensively explored and drilled by Santa Fe Mining and Fischer-Watt from 1984 to 1991. A total of 14,000 metres of drilling was completed in 126 holes including 114 reverse circulation and 12 core holes.

The Tin Cup Gold Zone is localized along the steeply northeast-dipping Frisco Mine Fault. The gold mineralization is hosted by Tertiary andesite and associated with the margins of rhyolite dykes that occur as lenses within the Frisco Mine Fault. A few of the deepest drill holes intersect gold mineralization in the Proterozoic basement granite.

The mineralized zone has a strike length of approximately 245 metres and a drill-indicated depth of up to 180 metres, both open along strike and depth. High-grade mineralization greater than 3 g/t Au, is localized in a 3.0 to 7.6 metres wide, steeply northeast-dipping structure that occurs within a much wider mineralized fault zone that ranges from 30 to 45 metres in width. The mineralization has a northwest plunge and is considered to be open at depth. Surface oxidation extends to a depth of up to approximately 120 metres.

The FM Gold Zone is also controlled by the northwest-trending Frisco Mine Fault that dips steeply to the southwest. Gold mineralization at the FM zone is hosted exclusively by granite and rhyolite and has a strike length of approximately 200 metres and extends to a depth of up to 120 metres, open along strike and depth.

The zone of mineralization ranges from 13 to 30 metres in width at the surface and then transitions into distinct 3.0 to 8.0 meter near-vertical, low-grade (<1.5 g/t Au) structures at depth. Depth of oxidation is variable but is generally extends to a depth of 75 to 100 metres.

Two geological models have been proposed for the Secret Pass gold mineralization. The first model is the epithermal bonanza style veining and hanging wall stockwork setting, with gold mineralization the result of repeated boiling events. This style of mineralization is prevalent in the Oatman Gold District. The second model is a low-angle detachment fault setting, with gold deposition occurring at an oxidation-reduction boundary. This style of mineralization is present at the Union Pass located approximately 6.4 km to northwest of the Secret Pass Gold Project.

Tin Cup Mine

The Tin Cup mine reportedly produced several hundred tons of mineralized material grading 15 g/t (0.5 oz/t) to 31 g/t (1 oz/t) of gold. Historic workings from the 1930’s included an open pit and an inclined shaft to a depth of 21 metres (70 ft) with minor underground level workings. There has been no known production from the Tin Cup Mine since the 1930’s.

During the period from 1984 to 1991 drilling program, significant gold mineralization was intersected in a number of holes in the Tin Cup Gold Zone. As illustrated in Figure 4, gold assays ranging as high as 40 g/t Au over significant widths at depths ranging from 30 to 180 metres below surface. These results are historical in nature and a qualified person has not done sufficient work to verify these previous drilling intersections.

Figure 4: Historical Cross Section of Tin Cup Gold Zone

(Modified from Arrowstar Resources NI 43 – 101 Report, May 4, 2016. Note this information is historical and has not been verified by a qualified person under the guidelines of NI 43-101)

In summary, the Secret Pass property is transected by two major gold bearing regional structures, the Frisco Mine and Union Pass faults. These faults have combined strike length in excess of 13 km on the property. The last exploration program was completed on the Secret Pass property was in 1991 and was entirely focused on the Tin Cup and FM gold zones which accounts for less than 10% of the total license area. Only the area between Tin Cup and FM gold zones has been drill tested over a strike length of 1.2 km. and very limited surface exploration was conducted on the structures located outside of Tin Cup and FM gold zones.

The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further information, please contact:

Albert Timcke, Executive Chairman and President

Email: rtimcke@northernlightsresources.com

Tel: +1 604 608 6163

Or

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 the Medicine Springs Project located in Nevada. Northern Lights is earning a 100% equity interest in the Medicine Springs Project, a prospective silver – zinc – lead property located in southeastern Elko County, Nevada.

Northern Lights Resources trades under the ticker of “NLR” on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.comand 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 information, future events or otherwise, except as required by law.

Click here to connect with Northern Lights Resources (CSE:NLR) for an Investor Presentation.

Source: www.thenewswire.com

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Last week's top-gaining stocks on the TSX were Sierra Metals, Champion Iron, SouthGobi Resources, Verde Agritech and Forza Petroleum.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 21,198.01 by midday this past Friday (November 26). It closed the period at 21,129.53.

The index opened lower as energy stocks fell on the back of declining oil prices, which hit a two month low on the last day of the trading week.

On Friday, investors turned to safe haven assets as concerns over a new coronavirus variant increased. Gold gained, but silver fell and was on track for a weekly loss.


Last week's five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Sierra Metals (TSX:SMT)
  • Champion Iron (TSX:CIA)
  • SouthGobi Resources (TSX:SGQ)
  • Verde Agritech (TSX:NPK)
  • Forza Petroleum (TSX:FORZ)

Here's a look at those companies and the factors that moved their share prices last week.

1. Sierra Metals

Sierra Metals is a growing polymetallic mining company with copper production from its Yauricocha mine in Peru and its Bolivar and Cusi mines in Mexico.

The company did not release news last week, but shares of Sierra Metals increased 8.67 percent during the period and were trading at C$1.88 by the end of the week.

2. Champion Iron

Champion Iron is an iron ore exploration and development company with several major projects in the Southern Labrador Trough, considered the largest iron ore-producing region in Canada.The company is currently developing eight iron-rich projects, including its flagship Bloom Lake asset.

Last week, Champion Iron shares increased 8.29 percent to end at C$4.05.

3. SouthGobi Resources

Integrated coal supplier SouthGobi Resources is focused on its flagship Ovoot Tolgoi mine, the closest coal mine to China, located 46 kilometers north of China-Mongolia border. The company also holds mining and exploration licences for other metallurgical and thermal coal deposits in the South Gobi province of Mongolia.

Over the five day period, shares of SouthGobi Resources increased 7.46 percent to end the week at C$0.36.

4. Verde Agritech

Verde AgriTech is developing its Cerrado Verde project, located in Brazil. The project is the source of a potassium-rich deposit from which the company intends to produce solutions for crop nutrition, crop protection, soil improvement and better sustainability.

Last Wednesday (November 24), the company announced a 169 percent rise in revenue for Q3, and revised its target for the year upward. Verde Agritech saw its share price increase 6.29 percent last week to hit C$1.86.

5. Forza Petroleum

Forza Petroleum, formerly Oryx Petroleum, is an oil exploration, development and production company. It has a 65 percent participating interest in and operates the Hawler license area in Iraq's Kurdistan region.

Last week, shares of Forza Petroleum increased 6.25 percent to trade at C$0.17 by the end of the week.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 11:00 a.m. EST using TradingView's stock screener. Only companies with market capitalizations greater than C$50 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals are considered.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This artice is not paid-for content.

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Last week's top-gaining mining stocks on the TSXV were Adex Mining, Butte Energy, Noble Mineral Exploration, AurCrest Gold and International Iconic Gold.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) ended last week on the decline, shedding 27 points shortly after the morning bell on Friday (November 26). It closed at 942.62.

Global markets were plunged into uncertainty as news that a recently discovered COVID-19 variant known as omicron may be more contagious and potentially vaccine resistant.

Several European and Asian nations scrambled during the last full week of November to implement border and flight restrictions in an effort to curb the spread of the variant, which was first detected in South Africa.


Concern that the new mutation could hinder economic recovery weighed heavily on North American markets, with most of the leading indexes slipping lower Friday morning. The energy sector bore the brunt of the declines, with West Texas crude oil dropping 9 percent and Brent crude losing 8 percent.

Gold also faced headwinds from the uncertainty. It fell below US$1,800 per ounce on Tuesday (November 23), and remained under pressure throughout the week, only briefly rallying above US$1,800 early on Friday.

Last week's five TSXV-listed mining stocks that saw the biggest gains are as follows:

Here's a look at what may have moved their share prices during the period.

1. Adex Mining

Explorer Adex Mining is developing the Mount Pleasant mine property in New Brunswick. The site houses two distinct deposits: the Fire Tower zone, which hosts a significant molybdenum and tungsten resource, and the North zone, which contains the world's largest indium reserve and one of North America's largest tin resources.

Adex filed a number of documents on SEDAR last week, including its latest management's discussion and analysis document. Company shares rose 50 percent for the last full week of November, ending the session at C$0.02.

2. Butte Energy

Butte Energy was previously engaged in the acquisition, exploration and development of petroleum and natural gas reserves in Western Canada. The company sold its last remaining asset in 2017 and currently has no active operations other than the completion of reclamation activities on previously abandoned wells.

Late last year, Butte brought on a new board and management team that is actively evaluating potential opportunities, including those outside of the oil and gas industry.

Last Tuesday (November 23), the firm released its interim financial statement and management overview.

"In order to fund future operations or acquisitions, the company will need to raise additional funds by way of equity or debt. There is no assurance that the company will be able to raise such funds on terms acceptable to it," the overview reads. "These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern."

Shares of Butte rose 36.75 percent last week, ending the session at C$0.20.

3. Noble Mineral Exploration

Noble Mineral Exploration has holdings in Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF), Spruce Ridge Resources (TSXV:SHL,OTC Pink:SRCGF) and MacDonald Mines Exploration (TSXV:BMK,OTC Pink:MCDMF).

Additionally, the diversified explorer has an interest in the Holdsworth gold exploration property near Wawa, Ontario. The property is comprised of approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. According to Noble, Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metals exploration targets at various stages of exploration.

Last week, the company entered into a letter of intent (LOI) with Canada Nickel Company to option mining claims in the Mann, Hanna, Duff and Reaume townships. The deal will also see Noble sell its MRO patents in Kingsmill and Mabee townships to the nickel-focused company.

"We are extremely pleased to be able to invite Canada Nickel, with their expertise, to secure this very large land package as it represents a 20km strike length where evidence of nickel, cobalt, PGM's, rhodium and rare earth minerals have been found to be present in work carried out by past explorers," said Vance White, president and CEO of Noble. The LOI news sent shares of Noble 22.83 percent higher, ending the trading week at C$0.13.

4. AurCrest Gold

AurCrest Gold is a mineral exploration company focused on the acquisition, exploration and development of gold properties. Presently, the gold-centered firm has a portfolio of assets in Ontario, including the Richardson Lake, Ranger Lake and Bridget Lake gold projects.

In mid-November, the explorer released results from a spring/summer program at its 100 percent owned Ranger Lake property. The program consisted of nine drill holes designed to test one of three high-priority targets.

"Eight drill holes encountered sulphide veins and stringer zones over 1-7 metre intervals hosted in a metasedimentary sequence," the report reads. "Veins and host rocks are sheared and folded, and display characteristics consistent with stages of post-mineralization deformation and partial melting, the latter inferred by quartz-alkali feldspar leucosomal bands."

AurCrest shares added 22.46 percent last week to trade for C$0.35.

5. International Iconic Gold

Exploration company International Iconic Gold is focused on developing its wholly owned San Roque gold project, located in the Rio Negro province of Northeastern Patagonia, Argentina.

According to the company, a gold, silver and base metals resource assessment released in July 2019 shows an inferred mineral resource of 32.9 million tonnes grading 1.42 grams per tonne gold equivalent (AuEq) for 1,499,900 AuEq ounces at a cut-off grade of 0.6 grams per tonne AuEq.

Last Wednesday (November 24), the firm increased its ownership to 100 percent in Minas San Roque (MSR), which owns the legal title to the mining claims comprising Iconic Gold's flagship San Roque property.

"MSR's ownership of the deposit and the prospective geology around it are protected by a system of mine rights. Three federal government mining concessions, known as 'Minas,' totaling 94.5 square kilometers (sq. km) have been granted to MSR," the late November press release states. "In addition, MSR controls eleven temporary mineral exploration licenses, known as 'Cateos,' covering 645 sq. km around the Minas."

By Friday, shares of Iconic Gold had climbed 20.77 percent to close at C$0.14.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 11:00 a.m. EST using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals are considered.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Canada Nickel Company, MacDonald Mines Exploration, Noble Mineral Exploration and Spruce Ridge Resources are clients of the Investing News Network. This article is not paid-for content.

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