VANCOUVER, BC / ACCESSWIRE / November 4, 2020 / Northern Lights Resources Corp. (CSE:NLR)("Northern Lights" or "NLR") is pleased to announce that all subsequent conditions to the Medicine Springs Option and Joint Venture Agreement announced with Reyna Silver Corp. ("Reyna Silver") on October 5, 2020, including legal due diligence, have been completed and the agreement is now binding.
The Medicine Springs Project comprises 1,189 Ha of Federal mineral claims located in Elko County, Nevada and has the potential to host high-grade silver-zinc-lead Carbonate Replacement Deposit ("CRD") mineralization.
The geological team from Northern Lights and Reyna Silver have been at the Medicine Springs project site for the past several days reviewing the project geology and near term exploration plans.
Dr. Peter Megaw, Technical Advisor to Reyna commented "Medicine Springs ticks the most important boxes we look for in CRD exploration including location on a large regional structure that hosts significant CRDs, situation at the top of a thick section of structurally-prepared potentially favorable carbonate host rocks, evidence of high silver grades, and widespread, multi-stage alteration. Some of the historic dump and rock chip samples run well over our 400 g/t (12 oz/t) silver threshold and it is quite likely that similar grades were diluted by the Reverse Circulation drilling used historically in the district. We will be drilling core to get a true picture of the clearly structurally-controlled mineralization as we trace it towards its source."
The Northern Lights and Reyna Silver intend to update investors about the near term exploration plans for Medicine Springs in the coming weeks.
Reyna Silver is committed to spending a minimum of US$2.4 million in exploration expenditures and paying Northern Lights a US$1 million cash payment to earn an 80% ownership in the Medicine Springs Project with Northern Lights retaining a 20% interest. Northern Lights is not required to make any cash contribution to project expenditures until Reyna Silver has spent a minimum of US$4m.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: [email protected]
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: [email protected]
Tel: +1 604 608 6163
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 is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
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 concerning: 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 several 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.