Medicine Springs JV - Project Expansion and Exploration Update
Medicine Springs JV - Project Expansion
and Exploration Update
Vancouver, British Columbia . June 9, 2021, Northern Lights Resources Corp.
(“Northern Lights” or the “Company”) (CSE: NLR, OTC: NLRCF) is pleased to announce
a significant expansion to the claim base and the commencement of exploration work at
the Medicine Springs Project located in Elko County , Nevada, that the Company is
exploring in joint venture with Reyna Silver Corp. (“Reyna Silver”), (TSX.V: RSVL).
Under the terms of the Medicine Springs Option and Joint Venture Agreement,
announced October 5, 2021, Reyna Silver will earn a 75% interest in the Medicine Springs
Project (“Medicine Springs” or the “JV Project”) by fulfilling various commitments including
completing exploration work commitments totalling US$2.4 million. Reyna may acquire
an additional 5% in Medicine Springs by paying Northern Lights US$1.0 million. Under
the terms of the Joint Venture, Reyna Silver is responsible for the first US$4 .0 million of
exploration expenditures, then both Reyna Silver and Northern Lights will contribute to
expenditures on a pro-rata equity basis.
In early May, Reyna Silver CEO Jorge Ramiro Monroy, Dr. Peter Megaw and NLR
geologist, Dr. Bill Tafuri spent several days at the Medicine Springs site finalizing the 2021
exploration plan for the project. Please see the the link to a presentation by Dr Peter
Megaw while on site at Medicine Springs ( “Peter Megaw - Medicine Springs” ).
To capture the total limits of the recognized mineralization and alteration system observed
at Medicine Springs, Reyna Silver has aggressively staked additional mineral claims
contiguous with the or iginal Medicine Springs 1,1 89 hectare (149 claims) project claim
boundaries. A total of 450 new unpatented Federal mineral claims have been added to
the JV Project area increasing the total land position to 4,831 hectares (599 claims), an
increase of over 300%. (Under the terms of the joint venture with Reyna Silver, any land
acquired within a 5-mile radius of the original Medicine Springs mineral claims is included
within the JV Project area.) See Figure 1 – Medicine Springs Joint Venture Mineral
Claims.
The 2021 exploration plan for the JV Project includes:
1. The orientation sampling phase is complete (assays pending)
2. A property wide Lidar-like survey is being flown this week. This will facilitate
mapping and identify target areas for sampling.
3. A systematic property-wide mapping and selective jasperoid sampling program to
determine the limits of the alteration system and where its center (or centers) are
located.
4. Potential additional Magnetic and NSAMT geophysics for drill targeting.
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The exploration program builds on geological studies completed by Northern Lights and
indicates that there are several mineralization centers in the district developed along
strong NE -SW structures reflected by topography and marked by C arbonate
Replacement Deposit (“C RD”) style jasperoid alteration. Reyna interprets the known
mineralization and alteration as “leakage” from more concentrated mineralization at depth
and intends to trace the system to depth by outlining and following the system’s structural
“plumbing” network.
“Jasperoids are an important alteration style marking the limits of major CRD systems, so
finding them well outside of our initial Medicine Springs property package means the
system is larger than we thought and triggered tripling our property holdings --we are
comfortable we now cover the whole thing”, stated Dr. Peter Megaw, Technical Advisor
to Reyna Silver. “We look forward to defining drill targets quickly by building on Northern
Lights excellent work through our expanded district -scale mapping and sampling
approach”.
Northern Lights CEO, Jason Bahnsen, commented “We are delighted to work with the
excellent team at Reyna Silver to build on the 2+ years of exploration work completed by
Northern Lights which led to the identification of CRD mineralization on the project. The
recent staking has inceased the project size by over 300%, creating a district scale project
with significant potential.”
Figure 1 – Medicine Springs Joint Venture Mineral Claims
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The scientific and technical data contained in this news release was reviewed and
approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and
qualified person to Northern Lights Resources, who is responsible for ensuring that the
geologic information provided in this news release is accurate and who acts as a “qualified
person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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
Shawn Balaghi, Investor Relations
Email: [email protected]
Tel: +1 604 773 0242
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 are in joint venture with Reyna Silver Corp (TSX.V
“RSLV”), (25% Northern Lights / 75% Reyna Silver).
Northern Lights Resources trades under the ticker of “NLR” on the CSE exchange and
“NLRCF” on the OTCQB exchange . This and other Northern Lights Resources news
releases can be viewed at www.sedar.com and www.northernlightsresources.com.
About Reyna Silver
Reyna Silver Corp. is a silver exploration company with a robust portfolio of silver assets
in Mexico and the US. The Company was built around the Guigui and Batopilas Projects,
which formed part of MAG Silver’s or iginal IPO portfolio. It is also actively exploring the
Medicine Springs project in Nevada, another CRD target and the La Reyna Project in
Chihuahua, an epithermal vein project in the historic Cusihuriachic district. Reyna’s
strategy centers around leverag ing its expertise in Mexico and elsewhere to explore
projects that have the potential for high-grade, district-scale discoveries.
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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 with respect to: 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 a
number of estimates and assumptions that, while considered reasonable, are subject to
known and unknown risks, uncertainties, and other factors which may c ause 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 a s a result of new information, future
events or otherwise, except as required by law.