Northern Empire Resources Corp. (TSXV: NM) (OTC Pink: PSPGF) (the “Company” or “Northern Empire”) is pleased to summarize the progress of the Company in 2017 and reports plans for H1 2018.
Michael G. Allen, President, CEO and Director, stated, “On behalf of the Board and Management, I would like to thank our shareholders for your support during this transformational year. With the combination of the acquisition of the Sterling Gold Project, successful exploration, and significant financings we have grown the Company, and are well positioned to continue to increase shareholder value in 2018. With $18 million in the treasury we are cashed up and excited to advance the project in 2018 by drilling known targets, expanding resources and exploring for new oxide gold deposits within this high-grade camp.”
- February 15 – Announced LOI to acquire the Sterling Gold Project, a 55-square-kilometer land package, featuring the permitted Sterling Mine.
- April 3 — Announced resource estimate for the Sterling Gold Project — 709,000 Oz Au at 2.23 g/t Au with a 1.0 g/t cut off within 4 deposits: Sterling Mine, Secret Pass, SNA, and Daisy.*
- May 30 — Closed $25 million in financings. Completed acquisition of Sterling Gold Project. Coeur Mining became major shareholder.
- June 22 — Expanded Sterling Gold Project to 95 square kilometers.
- July 10 — Strengthened management with appointment of Douglas J. Hurst as Executive Chairman
- August 1 — Commenced 5,200-meter drill program at Sterling Gold Project
- September 18 — Reported first drill results: 47 meters of 1.47 g/t Au (Daisy Deposit), and 82.30 meters of 1.25 g/t Au (Secret Pass Deposit)
- October 18 — Strengthened Board of Directors with the appointment of Raymond W. Threlkeld
- October 23 — Expanded Sterling Gold Project to 116 square km
- November 2 — Reported drill results: 12.19 meters of 8.37 g/t Au (Sterling Mine)
- November 28 — Completed $15 million bought-deal financing
- December 4 — Reported drill results: 10.00 meters of 14.59 g/t Au (Sterling Mine)
- December 12 — Announced new 15,000-meter drill program
- Approximately $2.2 million of warrants exercised over the course of 2017
*For further details of the resource estimate please see the Company’s April 3, 2017 news release and July 18, 2018 technical report filed on SEDAR.
2018 Plans (H1)
- Complete 15,000-meter drill program
- Initiate baseline environmental studies
- Initiate metallurgical studies on all known deposits
Drilling has commenced using two rigs on the Sterling Gold Project. The 15,000-meter program will be a combination of reverse circulation and core drilling.
The Company has staked an additional 112 claims to capture newly identified targets, bringing the property to a total of approximately 125 square kilometers.