Northern Empire Commences Exploration Program on Richardson Project, Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 11, 2016) - Northern Empire Resources Corp. (TSX VENTURE:NM) (the "Company" or "Northern Empire") today announced the commencement of an exploration program on the Company's wholly owned Richardson Project, located in the Richardson gold district near Fairbanks, Alaska.
The first phase "Phase 1" of the 2016 exploration program has been budgeted at approximately $500,000 over a period of 6 weeks. Phase 1 will consist of approximately 500 soil samples, 300 meters of trenching, prospecting, 100 line kilometers of ground magnetic surveying, four line kilometers of Induced Polarization surveying, and re-logging of historic core holes, with the goal of delineating drill targets.
Highlights from Northern Empire's 2015 exploration program at Richardson include:
Rock grab samples from outcrop in the Democrat Pit zone assays including:
- 71.2 g/t Au and 48.6 g/t Ag
- 4.6 g/t Au and 111 g/t Ag
- 2.0 g/t Au and 233 g/t Ag
- 5.88 g/t Au and 6.09 g/t Ag
- 1.78 g/t Au and 67.3 g/t Ag
2015 soil sampling discovered anomalies that will be followed up by trenching in this year's program. Additional soil work will be done to expand existing targets and also to define new targets, for potential drill testing.
Richardson Project
The Richardson Project is an exploration stage gold project, held 100% by Northern Empire Resources Corp., located 115 kilometers southeast of Fairbanks and 40 kilometres northwest of Delta Junction in east-central interior Alaska. The 113km2 property has seen significant exploration work in the past with 3,654 rock samples; 3,542 soil samples; 39 core holes; 52 RC holes; trenching; and bulk sampling, completed by previous operators. This work has identified multiple gold targets at Richardson, including the large gold footprint targets at Democrat Pit, Shamrock, and Northwest Camp, which offer multi-million ounce discovery potential within a 'drive-to' proven Alaskan gold province.
Stock Option Grant
The Company has granted an aggregate of 2,825,000 stock options to directors, officers, employees and consultants of the Company. Each stock option entitles the holder to purchase one common share of the Company at a price of $0.18 per common share for a period of three years from the grant date. The options will vest over a period of 24 months.
These stock options are governed by the Stock Option Plan of the Company and are subject to TSX Venture Exchange acceptance.
About Northern Empire
Northern Empire follows the "Project Generator" business model to take advantage of the current market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
The scientific and technical data contained in this news release was reviewed by William J. (Bill) Cronk, P.Geo., a non-independent qualified person to Northern Empire Resources Corp. Mr. Cronk is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a qualified person "QP" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF Northern Empire Resources Corp.
Michael G. Allen, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Northern Empire Resources Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Northern Empire does not assume the obligation to update any forward-looking statement, except as required by applicable law.
