Northern Lights Resources Acquires Caldera Copper Project in Nevada
{00064031.2}
NLR Acquires Caldera Copper Project in Nevada
Vancouver, British Columbia . May 14, 2024, 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 a 100% interest in the Caldera Copper
Project located in Lincoln County, Nevada (the “Caldera Option”) (See Figure 1).
Highlights
• Exploration stage project acquired in Southeast Nevada along the southern
extension of Battle Mountain Eureka trend.
• The Caldera project consists of total 55 BLM mineral claims with a total area of
418 hectares.
• The Caldera Project is highly prospective for copper porphyry, copper skarn , and
IOCG mineralization.
• No modern exploration in the area. Numerous historic workings focussed on
copper and iron mineralization.
• 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 an exciting
addition to our project portfolio that includes the 100% owned Secret Pass Gold Project
in Arizona and exposure to the Medicine Springs Project being developed by Reyna
Silver. The Caldera project is located in a relatively unexplored area of Nevada. There is
significant copper mineralization observed in outcrops and around historic workings.
Northern Lights is planning to begin an immediate exploration program at Caldera that
will include mapping, geochemistry soil sampling, and geophysics.”
The Caldera Project consists of a core group of five BLM mineral claims with a total area
of 41.80 hectares. Concurrent with the execution of the Caldera Option, Northern Lights
announces that it has staked an additional 50 mining claims contiguous with the Caldera
Option claims with an area of 376.24 hectares. In total, the Caldera Project now consists
of 50 claims with a total area of 418.04 hectares (See Figure 2).
The Caldera Project is a copper exploration project located along the southern extension
of the Battle Mountain – Eureka trend in Lincoln County, Nevada. The Caldera Project is
located in the historic Little Mountain mining district , an area with several histor ic mine
workings but has not been subject to modern exploration techniques. The Caldera Project
hosts outcropping high -grade copper and iron mineralization with anomalous multi
{00064031.2}
2
element geochemistry that has potential to host copper porphyry, skarn, and IOCG
mineralization.
Geology
The Caldera Project lies along the northern margin of the Caliente Caldera complex (80
x 30km) (See Figure 3). The mineralization at Caldera is mapped on the contact between
the Miocene to Palaeocene diorite/monzonite porphyry intrusives and younger Tertiary
volcanics (intermediate and rhyolite lave flows, and ash-fall tuffs).
There is evidence of skarn mineralization in a small outcrop of pre -Tertiary carbonate
along a diorite contact. Diorite is locally sheared and is weakly chloritized with more
intense alteration along the shear zones where it is altered to clay. Most of the shear
zones in the area strike northwest.
The Caldera project lies within the Little Mountain historic mining district (Cu, Mo, Ag)
(purple dashed line in Figure 3). Several historic prospects have been identified in the
andesite and diorite contact and mineralization occurs in or near the stock. Malachite and
chrysocolla as well as native copper have been identified along the southern mineral
occurrence and on the project site. Historically, rocks sampled at site were found to
contain as much as 4% Cu and average 1.5-2% Cu. The highest reported si lver sample
is 438 g/t with grab samples reported to be 3% Cu, 0.15% Pb, and 0.07% Zn.
Caldera has a similar geochemical signature and age as deposits mined in nearby
districts which suggests that the project could be an extension of the NW -SE
mineralization of the Battle Mountain-Eureka Trend and multiple Cu producing districts to
the north west. Existing roads on the project go by known occurrences and historical
workings which will provide easy access to the property.
{00064031.2}
3
Rock Samples
During 2020, approximately 20 rock samples were collected on the Caldera mineral
claims. Selected assay results are shown in Table 1. Grades of up to 6% Cu from samples
containing chalcopyrite and bornite.
Table 1 – Selected Rock Samples
NLR geologist, Lee Beasley visited the Caldera Project in April 2024 and collected an
additional six samples of rocks containing copper oxides in fine -grained, silica -rich
intrusives from around the historic mine workings. Assays pending.
Key Option Agreement Terms
Northern Lights has executed a definitive agreement to acquire 100% of the Caldra
Project mineral claims (the “Project”) from Syncline Consulting LLC and Nedeel LLC (the
“Optionors”) over a 4-year option period.
Key terms of the agreement include:
• Total cumulative work expenditures on the Project of US$250,000 by 1 September
2028 including US$25,000 by 31 December 2024, US$100,000 by 1 September
2026;
• Cash consideration of US$10,000 to be paid following the completion of NLR’s
next equity financing;
{00064031.2}
4
• Equity consideration of 2 million common shares of NLR to be paid to the Optionors
by 1 October 2026;
• Advance royalty payments of US$15,000 per annum for five years (2029)
increasing to US$30,000 per annum for subsequent five years (2035), increasing
to US$60,000 from 2036;
• Net Smelter Return (NSR) of 2% over a three-kilometre area of interest from the
Caldera mineral claims with a 1% NSR buyback for US$1,000,000 until 31
December 2035.
The Optionors are unrelated parties to Northern Lights.
Figure 1 – Caldera Project Location
{00064031.2}
5
Figure 2 – Project Caldera Claims and Rock Sample Locations
{00064031.2}
6
Figure 3 – Caldera Project Geology
Qualified Person Statement
Information in this report relating to Exploration Results is based on information reviewed
by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the
American Institute of Professional Geologists, and a consultant to Northern Lights
Resources. Mr. Beasley has sufficient experience which is relevant to t he style of
mineralization and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Qualified Person for the purposes of NI43 -101 Standards of
Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the
form and context in which it appears.
Albert Timcke, Executive Chairman and President
Email: [email protected]
Tel: +1 604 608 6163
{00064031.2}
7
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. Northern Lights also has exposure to the Medicine Springs Project in
Nevada via an equity position in Reyna Silver Corp plus a 1% future NSR royalty on the
Medicine Springs Project.
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 with respect to: the terms and conditions of
the proposed private pl acement; use of funds; the business and operations of the Company after the
proposed closing of the Offering. There is no assurance any further advances of funds from the Investor
will be forthcoming. 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 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 mat erially 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 resul t of new information, future events or
otherwise, except as required by law.