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Northern Lights Completes Cash Payments for 100% Acquisition of the Secret Pass Gold Project
Vancouver, British Columbia - TheNewswire - November 7, 2019 - Northern Lights Resources Corp. (CNSX:NLR.CN) (the "Company" or "Northern Lights") is pleased to
About this update from Northern Lights Resources Corp
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - November 7, 2019 - Northern Lights Resources Corp. (CNSX:NLR.CN) (the \"Company\" or \"Northern Lights\") is pleased to announce that it has completed the cash consideration payments required to complete the 100% acquisition of the Secret Pass Gold Project (\"Project\") located in Mohave County, northwestern Arizona (the \"Transaction\") as shown on Figure 1. Figure 1: Location Map Secret Pass Gold Project Northern Lights has completed cash payments to the Project vendors totaling US$350,000 as defined under the definitive purchase agreement for the Transaction announced by the Company on July 15, 2019. Within 30 days, the Company will issue 2,000,000 common shares to the Project vendors and complete other administrative arrangements required to complete the Transaction. Upon completion of the Transaction, Northern Lights will own 100% of the Secret Pass Gold Project. There are no third party royalties payable on future production from the Project. The Secret Pass Gold Project 1) The Oatman-Katherine Gold District - A Prolific Historic Gold Mining District As illustrated on Figure 2, the Secret Pass Project is located in the famous historic Oatman-Katherine Gold District of northwestern Arizona, close to the Nevada and California State borders. The Oatman-Katherine Gold District was established in 1863 and historically is Arizona's third largest gold producing area. Between 1863 and 1940 it is estimated the district produced over two million ounces of gold and one million ounces of silver. The district includes many historic mines and workings with over 80 separate mines reporting production. Figure 2: Oatman-Katherine Gold District, Arizona More recently, there has been a significant increase in exploration and mining activity in the Oatman - Katherine District. Current operating mines in the area include the Moss mine owned by Northern Vertex Corp., an open pit heap leach operation that reached commercial production in September 2018, and Para Resources Inc. that reported starting underground production at its Gold Roads Project in February 2019. Secret Pass consists 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 (\"BLM\") and 212.4 hectares (524.9 acres) for a total of 868 hectares (2...