Medicine Springs Drill Program

Rhea-AI Summary

Northern Lights Resources Corp. has announced the start of the 2022 exploration program at its Medicine Springs Silver Project in Elko County, Nevada, in joint venture with Reyna Silver Corp. The program includes a 5,000 to 7,000 metre drill program aimed at exploring a large-scale Carbonate Replacement Deposit (CRD) system. Drilling is expected to start in Q3/Q4 2022. The joint venture allows Reyna Silver to earn up to 80% of the project, with Northern Lights not contributing until total exploration expenditures surpass US$4 million.

Positive

• The initiation of a 5,000 to 7,000 metre drill program at Medicine Springs aims to identify a large-scale CRD system.
• The joint venture with Reyna Silver allows for potential earnings of up to 80% of the project, minimizing financial risk for Northern Lights.

Negative

• Northern Lights will not contribute financially until exploration expenses exceed US$4 million, which could delay project development.
• The reliance on a joint venture partner (Reyna Silver) may introduce uncertainties regarding control and decision-making.

VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCD) is pleased to announce start of the 2022 exploration program at the Medicine Springs Silver Project ("Medicine Springs"), located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (Reyna Silver).

The 2022 exploration program at Medicine Springs will include a 5,000 to 7,000 metre drill program targeting the discovery of a large scale Carbonate Replacement Deposit (CRD) system. Drill permitting is underway and work is commencing immediately on additional field studies to further refine drill targets. Drilling is expected to commence in Q3/Q4 2022.

Norhern Lights CEO, Jason Bahnsen commented "We are delighted to have work underway at Medicine Spings leading to the upcoming 5,000 to 7,000 metre drill program. The Medicine Springs Project has the potential to host large scale CRD silver and base metals mineralizaton and we are looking forward to seeing the results of this initial drill program."

Figure 1 - Medicine Springs Project Area Showing Proposed Drilling Area

Under the terms of the Opton/JV agreement between Northern Lights and Reyna Silver, Reyna Silver are earning up to 80% of the Medicine Springs Project. Northern Lights does not contribute to project exploration expenditure until total exploration expenditures have exceeded US$4.0 million. (See the Northern Lights announcement dated October 5, 2020 for full details of the Option/JV agreement with Reyna Silver.)

In 2021, Reyna Silver conducted a Selective Jasperoid Sampling survey focused on the prominent NE trending, multi-stage jasperoids that cut across the property along the inferred principal hydrothermal fluid pathways. The results show zoning of Copper, Lead-Zinc, and Silver and are interpreted to indicate a multi-stage high-level mineralization center at depth. Comparison of the field data to Reyna's CRD continuum exploration model supports the idea that the full CRD spectrum is present within the Medicine Springs project area.

Competent Persons Statement

Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.

For further information, please contact:

Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163

Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163

Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242

About Northern Lights Resources Corp.

Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.

Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCD" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.

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. 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.

SOURCE: Northern Lights Resources Corp.

View source version on accesswire.com:
https://www.accesswire.com/702778/Medicine-Springs-Drill-Program

FAQ

What is the status of the Medicine Springs Silver Project for NLRCD?

Northern Lights Resources Corp. has commenced the 2022 exploration program at the Medicine Springs Project, with drilling expected by Q3/Q4 2022.

What are the goals of the 2022 exploration program at Medicine Springs?

The program aims to explore for a large-scale Carbonate Replacement Deposit (CRD) system through a 5,000 to 7,000 metre drilling initiative.

How does the joint venture with Reyna Silver Corp. affect NLRCD's financial obligations?

Under the joint venture terms, Northern Lights does not incur exploration costs until total expenditures exceed US$4 million.

What potential does the Medicine Springs Project hold according to Northern Lights?

The project is considered to have significant potential for hosting large-scale CRD silver and base metals mineralization.