North Bay Resources Inc. (NBRI) Releases NI 43-101 Technical Report on Mount Washington Project and Initial Results of 2013 F...
August 13 2013 - 8:00AM
Marketwired
North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to announce that a NI 43-101 Technical Report
on the Company's 100% owned Mount Washington Project on Vancouver
Island, British Columbia, has been released on the Company website.
The report is authored by Mr. Jacques Houle, P.Eng.
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. An overview of the
historical assessment work from the various mineralized zones on
the property is available at the Company website as well as a
recent Company press release dated July 22, 2013.
Fieldwork thus far in 2013 includes select outcrop grab sampling
with highlights achieved at the following locations:
- Oyster Breccia Area - 3 samples taken from three separate known
mineralized sites documented in ARIS report 17193 yielded up to
1.39 g/t gold.
- Wolf Lake Area - 2 samples taken from three separate known
mineralized sites documented in ARIS reports 27430 and 28405
yielded up to 16.4 g/t gold and 1.18% copper in 2 different
samples.
- Murex Breccia Area - 4 samples taken from four separate known
mineralized sites documented in ARIS report 18391 and 7 select
outcrop grab samples taken from areas of recently exposed or
previously undocumented mineralized sites yielded up to 3.55 g/t
gold, 0.749% copper and 0.026% molybdenum in 2 different
samples.
The new NI 43-101 Technical Report released today features an
extensive compendium of the known historical drilling, sampling,
and assessment work from 1940 to the present, with compelling
evidence of the rich mineralization contained from a multitude of
locations at the Mount Washington property. Highlights from the
conclusions of the NI 43-101 report include:
- The Mount Washington Property is worthy of further exploration,
building on past successful work, new mineral exploration and
processing technology, and excellent local infrastructure. The
potential exists both on and near the property to establish
economically viable mineral resources of gold, silver, copper,
molybdenum and/or tellurium that could be permitted, mined and
processed.
- At least 24 distinct mineral occurrences containing varying
combinations of gold, silver, copper, molybdenum and/or tellurium
in clusters over an area of 10 km. by 4 km have been identified.
Hundreds of ore-grade intercepts at current metal prices were
achieved in natural and trenched outcrop samples or diamond drill
holes by numerous operators on most of the 24 mineral occurrences
on or adjacent to the Property.
- The Subvolcanic Cu-Au-Ag (As-Sb) - (L01) mineral deposit
profile category created by the BC Geological Survey in 1995 to
capture the Equity Silver Past Producer (MINFILE 093L001) in
central B.C. appropriately describes all the metallic mineral
occurrences in the Mount Washington Property area. This target
exploration model was not published or well known at the time most
of the exploration work was done in the area, and so is a new model
to test. The older and more common Epithermal and Porphyry mineral
deposit profiles and their sub-types can be genetically and
spatially related to sub-volcanic types within a district, and are
also appropriate and have been successfully used in the Mount
Washington Property area.
- With current metal prices, the Mount Washington Property
warrants modern data compilation, and systematic multi-year
exploration programs.
- Using today's and projected future estimates of metal prices
for gold, silver, copper, molybdenum and tellurium, reasonable
exploration target models should be established for the Mount
Washington Property. An investigation should be made of current
mining and processing techniques and costs at operations exploiting
similar deposits worldwide, including both open pit and underground
operations. In the author's opinion, the following combined
exploration target models could be used as a starting point:
- Underground, flat-dipping, discontinuous but clustered narrow
vein deposits totaling 1 million tonnes @ 10 g/t gold, 100 g/t
silver, 0.50% copper, 10 g/t tellurium and 5% arsenic, requiring
complex processing for optimal recovery of gold, silver, copper and
tellurium while suppressing arsenic.
- Underground, steeply-dipping, bulk mineable, clustered, breccia
deposits totaling 100 million tonnes @ 1 g/t gold, 5 g/t silver,
0.50% copper, 0.01% molybdenum, 5 g/t tellurium and 0.5% arsenic,
with similar processing requirements as above plus molybdenum
recovery.
- A phased, systematic exploration program is warranted on the
property to achieve the following primary exploration objectives,
in the author's opinion:
- Discover new economic mineral deposits of any type on the
property through systematic, phased exploration probably commencing
with airborne geophysics
- Establish new, bulk-mineable indicated resources of sufficient
grades to be mined by underground methods in one or more of the
breccia zones by diamond drilling
- Establish measured resources in the Lakeview-Domineer Zone by
re-opening the portal, re-mapping the adit, definition drilling and
detailed interpretation
- Further evaluate the metal resources in and metallurgical
characteristics of the existing tailings pond from the historic
mining operations at Mt. Washington
The Company notes that there are two known areas on the property
with the potential of producing revenue in the near-term,
including:
- a portion of the Lakeview-Domineer Zone which has been
partially developed with an adit for which the entire zone has been
estimated to contain 550,298 tonnes @ 6.75 g/t gold, 32.23 g/t
silver and 0.57% copper (not NI 43-101 compliant - by C.C. Rennie,
P.Eng. for Better Resources Ltd., 1989), and which is adjacent to a
168 tonne bulk sample on the property taken in 2009 that assayed an
average grade of 51.53 grams (1.65 ounces) per tonne gold, 88.02
grams (2.83 ounces) per tonne silver, and over 1% copper (by F.
Bakker, P.Geo. for Clibetre Explorations Ltd.).
- a large tailings pond from the historic Mt. Washington Copper
operation in the 1960's that has been estimated to contain 325,400
tonnes @ 0.124 g/t gold, 5.83 g/t silver, 0.102% copper, and 8.54
g/t tellurium (not NI 43-101 compliant - by J. Houle, P.Eng. for
Clibetre Explorations Ltd, 2011)
The Company also notes that notwithstanding the near-term
revenue potential from the two targets described herein, the
Company's primary long-term focus is the development of the Murex
Breccia prospect.
A link to the new NI 43-101 Technical Report is available on the
Mount Washington page at our website, at
http://www.northbayresources.com/mw.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 1850's, 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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