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Northern Lights Resources: Medicine Springs JV - Project Expansion and Exploration Update
VANCOUVER, BC / ACCESSWIRE / June 9, 2021 / Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR) (OTCQB:NLRCF) is pleased to announce
About this update from Northern Lights Resources Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 9, 2021 / Northern Lights Resources Corp. (\"Northern Lights\" or the \"Company\") (CSE:NLR) (OTCQB:NLRCF) is pleased to announce a significant expansion to the claim base and the commencement of exploration work at the Medicine Springs Project located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (\"Reyna Silver\"), (TSX.V:RSVL). Under the terms of the Medicine Springs Option and Joint Venture Agreement, announced October 5, 2021, Reyna Silver will earn a 75% interest in the Medicine Springs Project (\"Medicine Springs\" or the \"JV Project\") by fulfilling various commitments including completing exploration work commitments totalling US$2.4 million. Reyna may acquire an additional 5% in Medicine Springs by paying Northern Lights US$1.0 million. Under the terms of the Joint Venture, Reyna Silver is responsible for the first US$4.0 million of exploration expenditures, then both Reyna Silver and Northern Lights will contribute to expenditures on a pro-rata equity basis. In early May, Reyna Silver CEO Jorge Ramiro Monroy, Dr. Peter Megaw and NLR geologist, Dr. Bill Tafuri spent several days at the Medicine Springs site finalizing the 2021 exploration plan for the project. Please see the the link to a presentation by Dr Peter Megaw while on site at Medicine Springs (\"Peter Megaw - Medicine Springs\"). To capture the total limits of the recognized mineralization and alteration system observed at Medicine Springs, Reyna Silver has aggressively staked additional mineral claims contiguous with the original Medicine Springs 1,189 hectare (149 claims) project claim boundaries. A total of 450 new unpatented Federal mineral claims have been added to the JV Project area increasing the total land position to 4,831 hectares (599 claims), an increase of over 300%. (Under the terms of the joint venture with Reyna Silver, any land acquired within a 5-mile radius of the original Medicine Springs mineral claims is included within the JV Project area.) See Figure 1 - Medicine Springs Joint Venture Mineral Claims. The 2021 exploration plan for the JV Project includes: The orientation sampling phase is complete (assays pending) A property wide Lidar-like survey is being flown this week. This will facilitate mapping and identify target areas for sampling. A systemati...