Vancouver-based Northern Vertex Mining Corp. (TSX:V.NEE
, Stock Forum
) is hitting solid marks at its Phase I – Pilot Plant project in Mohave County, Arizona.
The first phase of a three part project to reactivate the Moss Mine gold-silver project, Northern Vertex is achieving 73.45% gold recovery rates over the first 96 days
of the pilot stage, which exceeds Preliminary Economic Assessment (PEA) projections.
In addition, the Golden Vertex subsidiary asked for – and received – permission to expand the permittable quantity of mineralized material for heap leaching to be expanded by 24%, from 90,000 tonnes to 112,500 tonnes.
According to Dick Whittington, President and CEO of Northern Vertex, the project is quickly de-risking.
"We are more than excited about the metallurgical results we have received to date from our Pilot Plant operations,” he said in a news release Wednesday. “This first phase, where gold extraction commenced 4.5 months ahead of the PEA scheduled timeline, was our ‘proof of concept’ phase. It has allowed us to reaffirm the technical and operational expectations of the metallurgy of the PEA and to continue de-risking the project as we move towards commercial production in Phase II."
As of December 31, 2013, five cells on the pad consisting of a measured 81,630 tonnes of mineralized material containing 3657 ounces of gold and 36,912 ounces of silver were under leach.
Gold is still being recovered from all 5 cells and that is expected to continue until mid-year.
The company is actively seeking to reduce costs during the pilot process.
Northern Vertex has a market cap of $26.6 million with 57.8 million shares outstanding.
FULL DISCLOSURE: Northern Vertex is a Stockhouse Publishing client.