Amidst a marketplace that favours assets of the more advanced variety, any opportunity to leapfrog beyond the grassroots phase en route to production is enticing to the financial community. For Northern Vertex Mining Corp. (formerly known as “Northern Vertex Capital Corp.”) (TSX-V:NEE) (NHVCF.PK), tapping into that mentality has landed them a pair of near-term projects in a relatively short amount of time, and at a $10 per ounce-in-the-ground cost that's far below the industry average.
Over a span of 7 months, the NEE team managed to raise $16 million in order to fund the acquisition of its two flagship properties in Idaho and Arizona. The business model is to negotiate the acquisition of historic gold resources at a discount, prove them up to 43-101 compliance through confirmation drilling, initiating baseline studies and in turn adding value over a short period of time. By seeking non-compliant resources, the Northern Vertex team managed to acquire ounces in the ground at a rate of less than $10/ounce, among a field that is paying on average more than $100/ounce.
