NLRCF - NLR Acquires Caldera Copper Project in Nevada
(TheNewswire)
Vancouver, BritishColumbia . May 14, 2024 - TheNewswire - Northern Lights Resources Corp. (“Northern Lights” or the “Company”)(CSE: NLR, OTC: NLRCF) is pleased to announce it has executed an option agreement to acquire a100% interest in the Caldera Copper Project located in Lincoln County,Nevada (the “Caldera Option”) (See Figure 1).
Highlights
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Exploration stage project acquired in Southeast Nevadaalong the southern extension of Battle Mountain Eureka trend.
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The Caldera project consists of total 55 BLM mineralclaims with a total area of 418 hectares.
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The Caldera Project is highly prospective for copperporphyry, copper skarn, and IOCG mineralization.
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No modern exploration in the area. Numerous historicworkings focussed on copper and iron mineralization.
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Initial rock sampling shows copper grades up to 6%copper with highly anomalous levels of Ag, Mo, Sn, Wo.
Northern Lights, CEO, Jason Bahnsen commented“ The Caldera Project is anexciting addition to our project portfolio that includes the 100%owned Secret Pass Gold Project in Arizona and exposure to the MedicineSprings Project being developed by Reyna Silver. The Caldera projectis located in a relatively unexplored area of Nevada. There issignificant copper mineralization observed in outcrops and aroundhistoric workings. Northern Lights is planning to begin an immediateexploration program at Caldera that will include mapping, geochemistrysoil sampling, and geophysics. ”
The Caldera Project consists of a core group of fiveBLM mineral claims with a total area of 41.80 hectares. Concurrentwith the execution of the Caldera Option, Northern Lights announcesthat it has staked an additional 50 mining claims contiguous with theCaldera Option claims with an area of 376.24 hectares. In total, theCaldera Project now consists of 50 claims with a total area of 418.04hectares (See Figure 2).
The Caldera Project is a copper exploration projectlocated along the southern extension of the Battle Mountain – Eurekatrend in Lincoln County, Nevada. The Caldera Project is located in thehistoric Little Mountain mining district, an area with severalhistoric mine workings but has not been subject to modern explorationtechniques. The Caldera Project hosts outcropping high-grade copperand iron mineralization with anomalous multi element geochemistry thathas potential to host copper porphyry, skarn, and IOCG mineralization.
Geology
The Caldera Project lies along the northern margin of theCaliente Caldera complex (80 x 30km) (See Figure 3). Themineralization at Caldera is mapped on the contact between the Mioceneto Palaeocene diorite/monzonite porphyry intrusives and youngerTertiary volcanics (intermediate and rhyolite lave flows, and ash-falltuffs).
There is evidence of skarn mineralization in a small outcropof pre-Tertiary carbonate along a diorite contact. Diorite is locallysheared and is weakly chloritized with more intense alteration alongthe shear zones where it is altered to clay. Most of the shear zonesin the area strike northwest.
The Caldera project lies within the Little Mountain historicmining district (Cu, Mo, Ag) (purple dashed line in Figure 3). Severalhistoric prospects have been identified in the andesite and dioritecontact and mineralization occurs in or near the stock. Malachite andchrysocolla as well as native copper have been identified along thesouthern mineral occurrence and on the project site. Historically,rocks sampled at site were found to contain as much as 4% Cu andaverage 1.5-2% Cu. The highest reported silver sample is 438 g/t withgrab samples reported to be 3% Cu, 0.15% Pb, and 0.07%Zn.
Caldera has a similar geochemical signature and age asdeposits mined in nearby districts which suggests that the projectcould be an extension of the NW-SE mineralization of the BattleMountain-Eureka Trend and multiple Cu producing districts to thenorthwest. Existing roads on the project go by known occurrences andhistorical workings which will provide easy access to theproperty.
Rock Samples
During 2020, approximately 20 rock samples were collected onthe Caldera mineral claims. Selected assay results are shown in Table1. Grades of up to 6% Cu from samples containing chalcopyrite andbornite.
Table 1 – Selected Rock Samples
NLR geologist, Lee Beasley visited the Caldera Projectin April 2024 and collected an additional six samples of rockscontaining copper oxides in fine-grained, silica-rich intrusives fromaround the historic mine workings. Assays pending.
Key Option Agreement Terms
Northern Lights has executed a definitive agreement toacquire 100% of the Caldra Project mineral claims (the “Project”)from Syncline Consulting LLC and Nedeel LLC (the “Optionors”) overa 4-year option period.
Key terms of the agreement include:
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Total cumulative work expenditures on the Project ofUS$250,000 by 1 September 2028 including US$25,000 by 31 December2024, US$100,000 by 1 September 2026;
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Cash consideration of US$10,000 to be paid followingthe completion of NLR’s next equity financing;
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Equity consideration of 2 million common shares of NLRto be paid to the Optionors by 1 October 2026;
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Advance royalty payments of US$15,000 per annum forfive years (2029) increasing to US$30,000 per annum for subsequentfive years (2035), increasing to US$60,000 from 2036;
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Net Smelter Return (NSR) of 2% over a three-kilometrearea of interest from the Caldera mineral claims with a 1% NSR buybackfor US$1,000,000 until 31 December 2035.
The Optionors are unrelated parties to NorthernLights.
Figure 1 – Caldera ProjectLocation
Figure 2 – Project Caldera Claims and Rock SampleLocations
Figure 3 – Caldera Project Geology
Qualified Person 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 itappears.
Albert Timcke, ExecutiveChairman and President
Email: rtimcke@northernlightsresources.com
Jason Bahnsen, ChiefExecutive Officer
Email: Jason@northernlightsresources.com
AboutNorthern 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. NorthernLights also has exposure to the Medicine Springs Project in Nevada viaan equity position in Reyna Silver Corp plus a 1% future NSR royaltyon the Medicine Springs Project.
Northern Lights Resources trades under the ticker of“NLR” on the CSE. This and other Northern Lights Resources newsreleases 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. There is no assurance any further advances of fundsfrom the Investor will be forthcoming. Forward-looking statementsare 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 resultsand future events to differ materially from those expressed or impliedby such forward-looking statements. Such factors include, but are notlimited to: general business, economic, competitive, political andsocial uncertainties; delay or failure to receive board, shareholderor regulatory 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 information, future events or otherwise, except asrequired by law.
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