North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to announce that the Company has initiated
fieldwork on its 100% owned Mount Washington Project on Vancouver
Island, British Columbia. The work program is being conducted by
Mr. Jacques Houle, P.Eng. In addition, the Company has
significantly increased the size and scope of several target areas
contained within the property.
Property Overview
The Mount Washington Project (formerly known as the Mt.
Washington/Connie Hill Property) is located on east-central
Vancouver Island, approximately 15 kilometres northwest of
Courtenay BC, and extends for 10 kilometres from Constitution Hill
and Wolf Lake west to Mount Washington. The property presently
covers 2,796 contiguous hectares (6,907 acres). Access to the
property is by a network of well-maintained paved and gravel mining
and logging roads. Electric power and ample water for drilling is
available nearby. Port facilities and year-round accommodations,
construction supplies, services and labor are also readily
available in the Campbell River-Courtenay area.
Murex Breccia Zone
The primary target area on the property is currently the Murex
Breccia Zone, located approximately 3 km due east of Mount
Washington. As summarized in BC MINFILE 092F 206, "the Murex zone
represents an area of roughly 700 by 700 metres. The mineralization
is thought to be the result of replacement but also has
characteristics in common with porphyry-type deposits. The zone has
been tested by a number of diamond-drill holes. One hole drilled in
1989 cut strong breccias with pyrrhotite-chalcopyrite
mineralization about 30 metres below the surface. A 4 metre section
of core assayed 4.08 per cent copper, 32.91 grams per tonne silver
and 6.31 grams per tonne gold (George Cross News Letter #5, January
8, 1990)."
A National Instrument 43-101 Technical Report (AR 30010) filed
with the Ministry of Mines in 2008 and authored by Mr. Houle
documents extensive drilling and development on the Mt. Washington
project over the course of several decades until 1992, when the
bottom fell out of the metals market and mine development in the
area came to virtual halt. Included in the report is an exhaustive
history of development at the Murex Breccia Zone, delineated by
outcrop. trench mapping, sampling, and as many as 45 drill holes. A
total of five sub-zones have been identified within the Murex
deposit, labeled Zones A, B, C, D, and E. Noteworthy examples from
the report show diamond drilling on the Murex by Noranda in 1988
yielded significant intercepts, as follows:
- NMX-88-17 yielded 0.25m. @ 3.7 g/t gold, 46 g/t silver and 9.7%
copper from 196.5 to 197.21 m. from a massive sulphide vein in Zone
A
Later drilling yielded two significant intercepts 100 metres
apart stepping out 100-200 metres east of a 1986 drill hole cluster
in the D Zone, as follows:
- NMX-89-25 yielded 4.0 m. @ 6.5 g/t gold, 30 g/t silver and 4.1%
copper from 29 to 33m., including: 1.0 m. @ 21 g/t gold, 71 g/t
silver and 9.3% copper from 29 to 30 m. in a massive sulphide vein
in basalt with pyrrhotite, chalcopyrite and pyrite
- NMX-89-26 yielded 6.5 m. @ 0.23 g/t gold, 7.3 g/t silver and
1.1% copper from 16.2 to 22.7 m. in a siliceous basaltic breccia
with pyrrhotite and chalcopyrite
Upon review of historical aeromagnetic surveys of the Murex
Breccia area, the Company has staked additional ground to the south
and east of the Murex where several additional breccia bodies have
been discovered over a broad area, and where a large aeromagnetic
high has been determined to be centered on the property. The newly
staked ground now covers the entire magnetic anomaly, which is
approximately 1.5 kilometers in length and 1 kilometer in width.
All known copper-gold-silver mineralization at the Murex contains
pyrrhotite and is magnetic, suggesting that the magnetic anomaly
may indicate the presence of additional mineralization. A map of
the magnetic anomaly discussed can be seen at
http://www.northbayresources.com/images/MurexAeromag.png.
Oyster Breccia Zone
Another target on the property is the Oyster (MINFILE 092F 365)
Breccia Zone located approximately 3 km north of Mount Washington.
It has been mapped to be approximately 400 metres in diameter, and
is estimated to be at least 184 metres deep. The MINFILE summary
and AR 17193 reports that a grab sample of silicified fault breccia
assayed 14.50 grams per tonne gold, 31.88 grams per tonne silver,
1.04% lead and 0.05% zinc. A 43 centimetre section of core assayed
2.78 grams per tonne gold, 6.86 grams per tonne silver, and 0.07%
copper. A more recent report from 2008 (Assessment Report 30010)
discusses the Oyster Breccia Zone at length, and documents that it
has been delineated by outcrop and trench mapping and sampling, and
9 drill holes.
Wolf Lake Zones
The Company has recently consolidated its claim area around Wolf
Lake in the Connie Hill section of the property northeast of Mount
Washington to now include two gold-bearing sulphide vein showings
known as the Road Zone and the Bluff Zone. As documented in BC
Assessment Report 27824 published in 2005 and authored by Mr. James
Laird and Mr. Greg Thomson, P. Geo., these gold-bearing sulphide
veins are hosted within shallow east-dipping fracture zones or
detachment faults in basalt flows of the Karmutsen Formation, and
are proximal to northwest trending fault zones and Tertiary
intrusives. It is believed that there is a good potential for
discovering more high-grade gold zones and of extending the known
zones. The Road Zone yielded grab sample assays of 21.94 grams per
tonne gold, 30.86 grams per tonne silver, and 0.66 per cent copper
from quartz-sulphide vein rubble, documented in BC Assessment
Report 15034 by Carl Verley and C.J. Westerman in 1986. The Bluff
Zone yielded grab sample assays up to 76 grams (2.44 ounces) per
tonne gold in outcrop grab samples from a quartz-sulphide vein,
documented in BC Assessment Report 27430 by W. Geiger in 2004.
Domineer Vein
The Company's claim area covers a significant portion of the
adjacent Domineer gold vein deposit (MINFILE 092F 116), including
the Lakeview-Domineer portal excavated by the previous operator in
1987-88 on western slope of Mount Washington. The historical
resource estimate (not NI 43-101 compliant) of the Domineer has
previously been reported as 550,298 tonnes @ 6.75 g/t gold, 32.23
g/t silver and 0.57% copper.
In July 2010, a 168 metric ton bulk sample was extracted near
the Domineer portal by the previous operator from an area entirely
within the Company's present claim area. The average grade of this
168 tonne bulk sample assayed 51.53 grams (1.65 ounces) per tonne
gold, 88.02 grams (2.83 ounces) per tonne silver, and over 1%
copper (BC Assessment Report 32514). The bulk sample was taken from
within the area of the Domineer historical resource estimate.
Mt. Washington Copper Mine Tailings
As the direct result of staking additional claims to the east of
the Murex deposit, the Company has gained control of a tailings
pond formerly used and abandoned by the Mt. Washington Copper Mine
when it was in operation in the 1960s. In 2011, Mr. Houle assessed
these tailings in BC Assessment Report 32514 and reported that,
"Overall the values are relatively consistent throughout the
tailings dam, and show good correlation amongst gold, silver,
arsenic, copper, molybdenum, tellurium, iron and sulphur. The
metals of potential economic interest in the tailings dam include
gold, silver, copper and possibly tellurium, which could have
combined in-situ value of $5 to $10 million using current metal
prices. Although this should not be considered a mineral resource
estimate, the data collected in the 2011 program could be used for
that purpose. Density measurements of the tailings dam are required
to estimate tonnages. Mineralogical and metallurgical studies of
the tailings are required to determine potential processing
methods, metal recovery factors, waste product characteristics and
ultimately, project economics."
The Company plans to study the economic feasibility of
processing the tailings to recover these metals as a source of
near-term revenue.
A link to the aforementioned NI 43-101 Technical Report (AR
30010) and the other reports referenced in this press release are
available on the Mount Washington page at our website, at
http://www.northbayresources.com/conniehill.html.
Mr. Jacques Houle, P.Eng., is the Qualified Person as defined by
National Instrument 43-101 who has reviewed this news release for
technical accuracy.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCQB: NBRI) is a fully-reporting
junior mining company with current operations in the US and
Canada.
In the US, the Company's 100% owned and royalty-free Ruby Mine
is a fully-permitted underground placer and lode mine located in
the northern extension of the historic Mother Lode system in Sierra
County, California. The Ruby is known to have produced over 350,000
ounces of gold since the 1850s, including some of the most
spectacular gold nuggets on record. The Ruby Property covers
approximately 1,755 acres, only a small portion of which has been
explored to date. The Company is presently rehabilitating the Ruby
Tunnel, and expects to begin mining operations upon its
completion.
In British Columbia, the Company holds 100% ownership of a
multitude of significant mining properties. These include two
gold-platinum placers, the Fraser River Project and the Monte
Cristo, and lode projects such as the advanced-stage Mount
Washington Project on Vancouver Island, the Brett West/Bouleau
Creek Gold project near Vernon BC, the Coronation Gold project in
the historic Slocan Mining district, and the Tulameen Platinum
Project near Princeton, BC. In addition to its many precious metal
projects, the Company also owns additional prospective projects
that host strategic mineral resources such as Vanadium, Crystalline
Flake Graphite, Olivine, and Rare Earth Elements (REE).
The Company's mission is to build a portfolio of viable mining
prospects throughout the world and developing them through
subsidiaries and JV partners to their full economic potential.
North Bay's business plan is based on the Generative Business
Model, which is designed to leverage its properties into near-term
revenue streams even during the earliest stages of exploration and
development. This provides shareholders with multiple opportunities
to profit from discoveries while preserving capital and minimizing
the risk involved in exploration and development.
Additional information on the Company's many properties and
ongoing projects is available at the Company website at
http://www.northbayresources.com.
SAFE HARBOR FOR FORWARD LOOKING
STATEMENTS
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities and
Exchange Act of 1933, as amended, and Section 21E of the Securities
and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties. Although North Bay Resources Inc. believes that the
assumptions underlying the forward-looking statements contained
herein are reasonable, any assumption could be inaccurate, and
therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion should
not be regarded as a representation by North Bay Resources Inc. or
any other person that the objective and plans of North Bay
Resources Inc. will be achieved.
Cautionary Note to U.S. Investors - The
United States Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms on our website (or press
releases), such as "measured," "indicated," and "inferred"
"resources," which the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our
Form S-1 and Form 10-K which may be secured from us, or from our
website at http://www.sec.gov/edgar.shtml
Contact: Perry Leopold CEO North Bay Resources Inc. 215-661-1100
http://www.northbayresources.com
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