NLRCF - Drilling to Begin at Medicine Springs
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - September 12,2022 - Northern Lights Resources Corp. (“Northern Lights” or the “Company”)(CSE:NLR ) , ( OTC:NLRCF) ispleased to announce that drilling is scheduledto commence mid September at the Company’s Medicine Springs SilverProject (“Medicine Springs”), located in Elko County,Nevada.
Drill permits have been received and a drillingcontractor has been appointed. An intial 4,000 metres of diamond coredrilling is planned to be completed at Medicine Springs over the nextfew months. Initial drill targets include Golden Pipe, Silver Butteand Silver King. This first drilling campaign will test the structuralframework and mineralization of a potential large scale CarbonateReplacement Deposit at Medicine Springs. Historic drilling at MedicineSprings is limited to shallow reverse circulation drilling (averagedepth 125 metres) that was conducted around Golden Pipe in the1980’s. The historic drilling at Golden Pipe was focused on nearsurface oxide mineralization. This will be the first time that projectis being drilled with the focus on defining a large scale CarbonateReplacement Deposit that NLR first identified the potential of throughexploration work including geophysics, structural mapping, and amobile metal ion soil geochemistry soil survey. (See Figure 1)
Carbonate Replacement Deposits (CRDs) are high-grade,sulfide-rich, polymetallic (Ag-Pb-Zn-Cu-Au) systems that form throughrepeated reactions between magma-driven hydrothermal fluids andcarbonate-dominant wall rocks. Their high multi-element grades andpotentially large size make CRDs attractive explorationtargets.
The drilling campaign at Medicine Springs is beingcompleted by Reyna Silver (TSX.V RSLV) as operator under the terms ofthe Medicine Springs Option/Joint Venture Agreement. Reyna Silver canearn up to 80% of the Medicine Springs project by making certainexploration expenditures and cash payments. Northern Lights has a freecarried interest until Reyna Silver has expended a minimum of US$4.0million dollars on exploration at Medicine Springs. See the NLRannouncement dated October 5, 2020 for full details of theOption/Joint Venture Agreement between NLR and Reyna Silver.
Medicine Springs shows most of the key features oflarge-scale CRDs, especially the three most important factors:location, structure, and grade.
1. Location - Medicine Springs lies within awell-known mineralized belt that includes the nearby Ely and Eureka Mining Districts famous for both CRD and Cu-porphyry deposits.
2. Structure - Medicine Springs is hosted veryhigh in the regional carbonate stratigraphy meaning a considerablethickness of favorable host rocks underlies the district.
3. Grade - Medicine Springs shows high (>400g/t) silver grades in jasperoid and mineralized outcrops, as well asin historic shallow reverse circulation drillholes in the oxidezone.
Northern Lights CEO, Jason Bahnsen commented“ We arepleased to finally have drilling underway at Medicine Springs. TheMedicine Project has all the key geological indicators required tohost a large scale CRD deposit. This initial drill program is animportant first step in confirming the potential of theproject. ”
Figure 1 –Medicine Springs Project Showing Geochemical Soil Anomaly and ProposedDrilling Areas
Competent Persons Statement
Information in this report relating to ExplorationResults is based on information reviewed by Mr. Lee R. Beasley, aCertified Professional Geologist who is a Member of the AmericanInstitute of Professional Geologists, and a consultant to NorthernLights Resources. Mr. Beasley has sufficient experience which isrelevant to the style of mineralization and type of deposit underconsideration and to the activity which he is undertaking to qualifyas a Qualified Person for the purposes of NI43-101 Standards ofDisclosure for Mineral Projects. Mr. Beasley consents to theinclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman andPresident
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief ExecutiveOfficer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-orientedexploration and development company that is advancing two projects:The 100% owned, Secret Pass Gold Project located in Arizona; and theMedicine Springs silver-zinc-lead Project located in Elko CountyNevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern LightsResources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of“NLR” on the CSE and “NLRCF” on the OTCQB. This and otherNorthern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com .
CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION : This news releaseincludes certain “forward-looking statements” under applicableCanadian securities legislation. Forward-looking statements include,but are not limited to, statements with respect to: the terms andconditions of the proposed private placement; use of funds; thebusiness and operations of the Company after the proposed closing ofthe Offering. Forward-looking statements are necessarily based upona number of estimates and assumptions that, while consideredreasonable, are subject to known and unknown risks, uncertainties, andother factors which may cause the actual results and future events todiffer materially from those expressed or implied by suchforward-looking statements. Such factors include, but are not limitedto: general business, economic, competitive, political and socialuncertainties; delay or failure to receive board, shareholder orregulatory approvals; and the uncertainties surrounding the mineralexploration industry. There can be no assurance that such statementswill prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forwardlooking statements. The Company disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new inforAddmation, future events or otherwise, exceptas required by law.
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