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April 24, 2024

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Northern Lights (NLR.CN) provides updates, stock pops 50%

Northern Lights Resources (NLR.CN) announced today an update to its 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.

The Secret Pass Gold Project is located in Mohave County in Arizona. Northern Lights acquired 100% interest of the project on July 15th 2019. Secret Pass consisted of 84 unpatented lode mining claims comprising 655.6 hectares (1,620 acres) of claims under the administration of the US Bureau of Land Management and 212.4 hectares (524.9 acres) of State of Arizona mining claims for a total of 868 hectares (2,145 acres).

After a strategic review, Northern Lights has decided to reduce its land position at the project to focus on areas of gold mineralization between the Tin Cup and the FM zone (seen below). Assay results from initial drilling at Tin Cup in 2021 indicated a strong presence of gold mineralization with results up to 29.9 g.t gold.

The Secret Pass Project area now totals approximately 271 hectares comprising one State Mineral License (212 Ha) and 8 Bureau of Land Management mineral claims (65 Ha).

Going forward, Northern Lights is planning to expand its exploration program at Secret Pass to include the drilling of three additional holes at Tin Cup and 2 drill holes at the FM zone for a total of approximately 1,100 meters.

 

 

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. 

On October 4th 2022, Northern Lights Resources announced that drilling is underway at Medicine Springs. In today’s press release, Northern Lights announced that drilling is continuing on its first drill hole at the project with a target depth of 1,000 meters. The key objective of this 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 exploration in 2019. A total of approximately 4,000 meters of drilling is planned to be completed in the next several months.

TradingView Chart

The stock continues to range near its bottom, but upcoming drilling will be a major catalyst for the stock once results come in.

Today’s news caused the stock to pop 50% at time of writing, with over 1,000,000 shares traded.

 

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