Northern Lights completes conditions re Medicine Springs

Nov 4, 2020

2020-11-04 07:28 ET – News Release

Mr. Albert Timcke reports

MEDICINE SPRINGS OPTION AGREEMENT CONDITIONS COMPLETE

All subsequent conditions to Northern Lights Resources Corp.’s Medicine Springs option and joint venture agreement announced with Reyna Silver Corp. on Oct. 5, 2020, including legal due diligence, have been completed and the agreement is now binding.

The Medicine Springs project comprises 1,189 hectares of federal mineral claims located in Elko county, Nevada, and has the potential to host high-grade silver-zinc-lead carbonate replacement deposit (CRD) mineralization.

The geological team from Northern Lights and Reyna Silver has been at the Medicine Springs project site for the past several days reviewing the project geology and near-term exploration plans.

Dr. Peter Megaw, technical adviser to Reyna, commented: “Medicine Springs ticks the most important boxes we look for in CRD exploration including location on a large regional structure that hosts significant CRDs, situation at the top of a thick section of structurally prepared potentially favourable carbonate host rocks, evidence of high silver grades and widespread, multistage alteration. Some of the historic dump and rock chip samples run well over our 400-gram-per-tonne (12 ounces per ton) silver threshold and it is quite likely that similar grades were diluted by the reverse circulation drilling used historically in the district. We will be drilling core to get a true picture of the clearly structurally controlled mineralization as we trace it towards its source.”

Northern Lights and Reyna Silver intend to update investors about the near-term exploration plans for Medicine Springs in the coming weeks.

Reyna Silver is committed to spending a minimum of $2.4-million (U.S.) in exploration expenditures and paying Northern Lights a $1-million (U.S.) cash payment to earn an 80-per-cent ownership in the Medicine Springs project with Northern Lights retaining a 20-per-cent interest. Northern Lights is not required to make any cash contribution to project expenditures until Reyna Silver has spent a minimum of $4-million (U.S.).

About Northern Lights Resources Corp.

Northern Lights Resources is a growth-oriented exploration and development company that is advancing two projects: the 100-per-cent-owned, Secret Pass gold project located in Arizona; and the Medicine Springs silver-zinc-lead project located in Elko county, Nevada, where Northern Lights is earning 100 per cent in joint venture with Reyna Silver Corp.

We seek Safe Harbor.

https://northernlightsresources.com/