Precious Metals

Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce a significant expansion to the claim base and the commencement of exploration work at the Medicine Springs Project located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. ("Reyna Silver"), (TSX.V:RSVL

Under the terms of the Medicine Springs Option and Joint Venture Agreement, announced October 5, 2021, Reyna Silver will earn a 75% interest in the Medicine Springs Project ("Medicine Springs" or the "JV Project") by fulfilling various commitments including completing exploration work commitments totalling US$2.4 million. Reyna may acquire an additional 5% in Medicine Springs by paying Northern Lights US$1.0 million. Under the terms of the Joint Venture, Reyna Silver is responsible for the first US$4.0 million of exploration expenditures, then both Reyna Silver and Northern Lights will contribute to expenditures on a pro-rata equity basis.

In early May, Reyna Silver CEO Jorge Ramiro Monroy, Dr. Peter Megaw and NLR geologist, Dr. Bill Tafuri spent several days at the Medicine Springs site finalizing the 2021 exploration plan for the project. Please see the the link to a presentation by Dr Peter Megaw while on site at Medicine Springs ("Peter Megaw - Medicine Springs").

To capture the total limits of the recognized mineralization and alteration system observed at Medicine Springs, Reyna Silver has aggressively staked additional mineral claims contiguous with the original Medicine Springs 1,189 hectare (149 claims) project claim boundaries. A total of 450 new unpatented Federal mineral claims have been added to the JV Project area increasing the total land position to 4,831 hectares (599 claims), an increase of over 300%. (Under the terms of the joint venture with Reyna Silver, any land acquired within a 5-mile radius of the original Medicine Springs mineral claims is included within the JV Project area.) See Figure 1 - Medicine Springs Joint Venture Mineral Claims.

The 2021 exploration plan for the JV Project includes:

  1. The orientation sampling phase is complete (assays pending)
  2. A property wide Lidar-like survey is being flown this week. This will facilitate mapping and identify target areas for sampling.
  3. A systematic property-wide mapping and selective jasperoid sampling program to determine the limits of the alteration system and where its center (or centers) are located.
  4. Potential additional Magnetic and NSAMT geophysics for drill targeting.

The exploration program builds on geological studies completed by Northern Lights and indicates that there are several mineralization centers in the district developed along strong NE-SW structures reflected by topography and marked by Carbonate Replacement Deposit ("CRD") style jasperoid alteration. Reyna interprets the known mineralization and alteration as "leakage" from more concentrated mineralization at depth and intends to trace the system to depth by outlining and following the system's structural "plumbing" network.

"Jasperoids are an important alteration style marking the limits of major CRD systems, so finding them well outside of our initial Medicine Springs property package means the system is larger than we thought and triggered tripling our property holdings--we are comfortable we now cover the whole thing", stated Dr. Peter Megaw, Technical Advisor to Reyna Silver. "We look forward to defining drill targets quickly by building on Northern Lights excellent work through our expanded district-scale mapping and sampling approach".

Northern Lights CEO, Jason Bahnsen, commented "We are delighted to work with the excellent team at Reyna Silver to build on the 2+ years of exploration work completed by Northern Lights which led to the identification of CRD mineralization on the project. The recent staking has inceased the project size by over 300%, creating a district scale project with significant potential."

Figure 1 - Medicine Springs Joint Venture Mineral Claims(For enhanced image click here)

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

Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163

Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242

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 are in joint venture with Reyna Silver Corp (TSX.V "RSLV"), (25% Northern Lights / 75% Reyna Silver).

Northern Lights Resources trades under the ticker of "NLR" on the CSE exchange and "NLRCF" on the OTCQB exchange. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.

About Reyna Silver

Reyna Silver Corp. is a silver exploration company with a robust portfolio of silver assets in Mexico and the US. The Company was built around the Guigui and Batopilas Projects, which formed part of MAG Silver's original IPO portfolio. It is also actively exploring the Medicine Springs project in Nevada, another CRD target and the La Reyna Project in Chihuahua, an epithermal vein project in the historic Cusihuriachic district. Reyna's strategy centers around leveraging its expertise in Mexico and elsewhere to explore projects that have the potential for high-grade, district-scale discoveries.

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.

SOURCE: Northern Lights Resources Corp.



View source version on accesswire.com:
https://www.accesswire.com/650970/Medicine-Springs-JV--Project-Expansion-and-Exploration-Update

News Provided by ACCESSWIRE via QuoteMedia

5 Silver Stocks that Pay Dividends (Updated 2022)

5 Silver Stocks that Pay Dividends (Updated 2022)

Silver is a notoriously volatile market capable of wide price swings in either direction.

However, silver is also seen by many as a safe-haven investment and a hedge against inflation. While investing in silver bullion is one popular method for gaining exposure, silver-mining companies offer another route.

Silver-mining companies with strong balance sheets and experienced management teams are able to capitalize on high silver prices and weather the storm of low silver prices. Some of the most profitable silver-mining companies are even able to offer investors dividends, which may be appealing for those who are in it for the long haul.

Keep reading...Show less

First Majestic Reports Second Quarter Financial Results and Quarterly Dividend Payment

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2022. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

SECOND QUARTER 2022 HIGHLIGHTS

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
stack of silver ounce coins next to silver bars

Silver Stocks: 5 Biggest Companies in Q3 2022

Click here to read the previous best silver stocks on the TSX article.

After a strong performance earlier in the year, the silver price has trended downward through the second and third quarters alongside sister metal gold.

The white metal spent most of March trading over US$25 per ounce, and hit a 2022 high of US$26.38, a level it had not seen since July 2021. However, it has plunged in Q3, hitting a year-to-date low of US$18.27.

Despite a lower silver price, the biggest TSX-listed silver stocks are making progress. The companies below were the largest by market cap as of July 25, 2022, as per data gathered using TradingView’s stock screener.

Keep reading...Show less
pile of gold and silver coins

5 Top Weekly TSX Performers: Aya Gold and Silver Up on Drill Results

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,599.29 early last Friday (July 29) morning, and ultimately closed out the five day period higher at 19,692.98.

The index continued its upward trend and was on track for a monthly gain, its first in three months, on the back of better commodities prices and as data showed that the Canadian economy most likely grew above the Bank of Canada's forecast. Meanwhile, the American economy unexpectedly contracted in the second quarter, with investors expecting the US Federal Reserve to be slower to introduce rate hikes.

Looking over to commodities prices, gold rose last week on the back of a softer US dollar, trading above the US$1,750 per ounce mark again. Silver also jumped last week to trade above the US$20 per ounce level, while base metals prices increased on hopes of more infrastructure stimulus in China.

Keep reading...Show less
Galena Mining

Activities Report For Quarter Ended 30 June 2022

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ending 30 June 2022 (the “Quarter”), primarily focused on construction of its 60%-owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

Keep reading...Show less

MAG Silver Reports Second Quarter Production From Juanicipio

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG" or the "Company") is pleased to report second quarter (Q2) production of underground development and stope material from the Juanicipio Project (56% 44% Fresnillo plc ("Fresnillo") and MAG, respectively). As reported to MAG by the project operator Fresnillo, on a 100% basis, 154,069 tonnes of mineralized material from both underground development and initial stopes were processed during the three months ended June 30, 2022 at an average head grade of 567 silver grams per tonne.

Total Juanicipio production for the quarter, based on provisional estimates before offtake agreement adjustments, totaled 2,372,140 silver ounces and 5,609 gold ounces (MAG's attributable 44% interest: 1,043,742 silver ounces and 2,468 gold ounces). MAG expects to release its full financial and operational results on August 15, 2022.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×