NMEX Provides Update on Nevada Gold Property
SALT LAKE CITY, July 30, 2020 - Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) is pleased to announce the following update on NMEX's Winnemucca Gold & Silver Property.
Winnemucca Gold & Silver Property:
The Winnemucca Mountain Gold and Silver Property covers an area of over 2,600 acres, located in Humboldt County, in northwestern Nevada. Humboldt County is the second largest gold producing county in the United States and hosts numerous past and producing gold mines, including the Getchell (Barrick/Newmont), Marigold (Goldcorp), Lone Tree (Newmont), and Twin Creeks (Newmont). The Property is located about 25 km northwest of the Lone Tree Mine and 30 km southeast of the historic Sleeper open pit mine
The Property is located near the northern end of the highly productive Battle Mountain-Eureka mineral trend and is underlain by Triassic sediments cut by several phases of Cretaceous- Jurassic intrusives and Tertiary volcanic rocks.
These deposits, along with the Sleeper, Sulphur-Hycroft, Goldbanks, Blue Mountain, Sandman, and other precious metals deposits located along the western splays and associated fault-fracture zones of the mid-Miocene (Tertiary) Northern Nevada Rift, define an important epithermal province in northwestern Nevada.
Previous exploration on the Winnemucca Mountain Property conducted by Santa Fe Pacific Gold Corp. (now Newmont Mining) between 1988 and 1990, focused on the pediment covered Swordfish zone. Santa Fe interpreted gold mineralization at the Swordfish zone to occur within a north-east trending low sulfide quartz veining type system that extends approximately 670 meters (2,200 feet)
Santa Fe conducted geological mapping, rock sampling, trenching, CSAMT and induced polarization geophysical surveys, collected 286 auger hole bedrock samples, and completed a total of 18,260 meters (52,470.8 feet) in 73 reverse circulation (RC) drill holes, nearly all of which were focused on the Swordfish zone and reported results ranging up to 13.7 m averaging 3.9 g per tonne gold (45 feet averaging 0.137 opt gold).
Initial exploration completed by NMEX including geologic mapping, rock sampling and geochemical exploration has shown a series of steeply dipping quartz veins outcroppings which appear to be associated with a major northeast trending, gold-bearing shear zone that is several hundred feet wide and 3,000- 5,000 feet in length in the Swordfish Target area on Winnemucca Mountain. Indicating that the total strike length at the Swordfish Target is potentially significantly longer than the 2,200 feet previously outlined by Santa Fe Pacific.
NMEX recently completed a CSMT geophysical survey over the northern portion of the Swordfish Target on the Winnemucca Gold Mountain Property. The results were reviewed and evaluated by our consulting geologist. The geological consultant confirmed that the historical drilling, which was almost entirely vertical, did not properly test the near vertical veins exposed at surface and indicated by the geophysics.
A program of angle core drilling is recommended to test both shallow, open pit targets and a deeper high-grade fault hosted target. Of primary importance is a major N-NE trending fault, which is much larger than the others identified.
Noel Schaefer, COO of NMEX, stated, "with the price of gold breaking through to new highs and all indications are very strong for gold to reach $2,000 per ounce in the near term, this is an exciting time for NMEX and our shareholders. Further with the recently completed CSMT geophysical survey and renewed exploration at Winnemucca Mountain, our goal is to increase the size and grade of the known mineralized zones. As well as to follow mineralization to depth and to explore along strike in order to potentially discover new gold and silver zones."
Gold closed on Wednesday, July 29, 2020 at $1,970.92 per ounce. Some analysts speculate gold could go to $3,000 within the next 18 months.
NMEX is currently in discussions with potential investors and joint venture partners to provide the funds to drill the recommended locations identified from the recently completed geophysical survey.
NMEX has an option to acquire an 80% interest in the Winnemucca Gold and Silver Property in Humboldt County, Northern Nevada.
For further information on NMEX please go to www.northernmineralsexploration.com or www.sec.gov
Northern Minerals & Exploration ("NMEX") is an emerging publicly traded company focused on oil and gas exploration & production, gold & silver exploration in Nevada & real estate development projects in Mexico.
Contact: Noel Schaefer
Forward Looking Statements: Statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. The information herein is subject to change without notice. Northern Minerals & Exploration Ltd. shall not be liable for technical or editorial errors or omissions contained herein.
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