Northern Lights Resources Announces Private Placement to Raise up to $1.5 million Prior to Listing on Canadian Securities Exchange – Video Available on Investmentpitch.com

- May 8th, 2018

Northern Lights Resources (CSE:NLR) has received its conditional listing approval from the Canadian Securities Exchange and is currently raising funds through a non-brokered private placement.

Northern Lights Resources (CSE:NLR) has received its conditional listing approval from the Canadian Securities Exchange and is currently raising funds through a non-brokered private placement.

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The company intends to raise gross proceeds of up to $1,500,000 through the placement of up to 15 million units at $0.10 per unit, with each unit consisting of 1 share and 1 warrant, with each warrant exercisable at $0.20 for 24 months, subject to an acceleration clause. The funds will be used for exploration work on the company’s two properties and for general working capital.

Rick Timcke, President, stated: “The CSE Conditional Listing Approval is a key step in the development and listing of the company. This approval allows Northern Lights to begin raising funding to develop its flagship Medicine Springs Zinc-Lead-Silver project in Nevada. The company intends to announce its detailed exploration programme for 2018 in the coming weeks.”

The company has an option acquire a 100% equity interest in the Medicine Springs Project, a prospective zinc-lead-silver property in southeastern Elko County, Nevada. The Medicine Springs property, which consists of 149 unpatented mineral claims, totaling 1,206 hectares, is an advanced exploration project, with significant exploration completed in 1980/90’s. Past drilling intersected mineralization with historic, Non 43-101 assay results as high as 18% zinc and 36 grams per tonne silver over 5 metres, and 7% zinc, 4% lead, and 114 grams per tonne silver over 8 metres.

125 historic drill holes outlined large surface oxide mineralisation to 180 metres in depth, with geophysics suggesting potential sulphide mineralisation at depth. To earn 100%, Northern Lights must pay US$950,000 in cash, US$250,000 in equity, and complete a work program of US$2.7 million over 6 years.

Northern also has an earn-in right to acquire 100% equity interest in the 20,000 hectare Del Undur polymetallic and titanium exploration project located in in northeastern Mongolia. The Del Undur titanium iron deposit was first identified by Russians during a regional airborne magnetic survey conducted in 1966.

Based on results from the exploration work completed between 2010 and 2013, the project vendors completed a non-compliant NI 43-101 Mongolian resource report which estimated an inferred resource of 497 million tons grading 1.25% titanium oxide and 18% iron. The deposit is open in all directions and continuous mineralization was encountered from surface to a maximum vertical depth of 285 metres in the deepest hole. The company has budgeted $200,000 to include trenching to extend the known limits of the titanium-iron mineralization and to better expose the volcanic hosted gold-silver base metal mineralization located to the north of the titanium-iron zone and 500 meters of shallow in-fill diamond drilling in the central part of the deposit.

For more information, please visit the company’s website, www.NorthernLightsResources.com, contact Albert (Rick) Timcke, President, at 604-608-6163 or email rtimcke@NorthernLightsResources.com, or contact Jason Bahnsen, CEO, at 604-608-6163 or email jason@NorthernLightsResources.com.

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

 

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