Northern Lights Resources (NLR.CN) announced today that drilling is underway at Medicine Springs. Northern Lights is a junior explorer advancing two projects. The 100% owned Secret Pass Gold Project located in Arizona, and the Medicine Springs Silver-Zinc-Lead Project in joint venture with Reyna Silver (RSLV.V), located in Elko Country, Nevada.
Medicine Springs is a district scale exploration project comprising 599 mineral claims over a total area of approximately 4,830 hectares. Medicine springs has all preliminary exploration work completed. The initial drill program has just begun. The prospects? This project has the potential to host a large-scale high grade silver, zinc lead carbonate replacement deposit.
Historical drilling has shown a zone of mineralization is oxidized to depths up to a depth of 180 meters and is open to expansion in all directions. A total of 125 holes have been drilled (5,440 meters , avg depth 43 meters) with significant intercepts including silver grades of 182 g/t over 7.6 meters and high combined zinc plus lead grades of over 17% over 4.6 meters.
As mentioned earlier, this project is being developed in joint venture with Reyna Silver Corp.
The first drill hole of the 4,000 metre program is underway. This first drill hole is targeting structures below the mineralized jasperoids identified in the surface sampling program in 2021. The key objectives of the drill hole MS-22-01 is to determine the thickness of the carbonate sequence, the depth of oxidation and confirmation of the geophysical anomalies identified by Northern Lights exploration work in 2019.
The drilling campaign at Medicine Springs is being completed by Reyna Silver (TSX.V RSLV) as operator under the terms of the Medicine Springs Option/Joint Venture Agreement. Reyna Silver can earn up to 80% of the Medicine Springs project by making certain exploration expenditures and cash payments. Northern Lights has a free carried interest until Reyna Silver has expended a minimum of US$4.0 million dollars on exploration at Medicine Springs.
The stock has been quiet for the past few months. But the company has been busy. They have raised cash, and with drilling undergoing, it will lead to more press releases in the future. For anyone looking for a bottom picker, at less than $0.02 cents and a market cap of less than $500,000, Northern Lights Resources really can be a runner if drill results bring in something enticing.
I mean take a look at Go Metals Corp which was in a similar technical and fundamental predicament. Drill results changed it all and we saw a 1000% plus gain:
And the chart of silver might be getting precious metal bulls excited again.
Major technical levels and indicators have been taken out. It appears as if silver is beginning a new uptrend, but this will be confirmed on the first higher low. We shall see if buyers step in to buy the dip. For more information on the current silver set up, be sure to read my latest article on silver here.
Full Disclosure: Northern Light Resources is a marketing client of Equity Guru.
