(via TheNewswire)
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,
Geology
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
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 northwest. Existing roads on the project go by known occurrences and historical workings which will provide easy access to the property.
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
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NLR geologist,
Key Option Agreement Terms
Northern Lights has executed a definitive agreement to acquire 100% of the
Key terms of the agreement include:
Total cumulative work expenditures on the Project of
US$250,000 by1 September 2028 includingUS$25,000 by31 December 2024 ,US$100,000 by1 September 2026 ;Cash consideration of
US$10,000 to be paid following the completion of NLR’s next equity financing;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 toUS$30,000 per annum for subsequent five years (2035), increasing toUS$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 until31 December 2035 .
The Optionors are unrelated parties to Northern Lights.
Figure 1 – Caldera Project Location
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Figure 2 – Project Caldera Claims and Rock Sample Locations
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Figure 3 – Caldera Project Geology
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Qualified Person Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr.
Email:rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Email:Jason@northernlightsresources.com
Tel: +1 604 608 6163
About
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. 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 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.
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