North Bay Resources Inc. (NBRI) Releases Initial NI 43-101 Technical Report and Resource Estimate on Ruby Mine
April 04 2013 - 8:31AM
Marketwired
North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to announce that an initial National
Instrument 43-101 Technical Report and Resource Estimate on the
Ruby Mine has been released, and is now available at the Company
website.
As previously announced in a Company press release dated March
25, 2013, Mr. Randy Henkle, P.Geo, of Henkle & Associates, was
engaged over the winter to update the underground resource maps at
the Ruby Mine. In the course of his evaluation, sufficient data has
been compiled to provide a resource estimate that includes a
quantification of indicated (probable) and inferred resources
within the context of a NI 43-101 Technical Report.
In his report, Mr. Henkle characterizes the Ruby Mine property
as having a "bountiful mineral endowment... that presents a target
rich environment to both the developer and the explorationist." The
following are a number of notable facts and excerpts from the
report that are worth highlighting:
- The estimate of ounces of gold produced at the Ruby Mine was
previously understated as 250,000 ounces. Historical records now
indicate that from 340,500 to 390,500 ounces of gold were produced
from the Tertiary channels on and in the near vicinity of the Ruby
property.
- The Alleghany-Downieville Mining District is renowned for its
very high grade, buried paleoplacer channel gold deposits. The Ruby
Mine is the only paleoplacer underground drift mine which is
permitted and being operated at present in the district.
- There are eight known auriferous Tertiary Channels which are
known to be buried beneath volcanic cover on the Ruby
property.
- There are at least five known lode (quartz) vein systems that
are of potential economic interest found in the workings of the
Ruby Mine. Gold quartz veins in the Alleghany-Downieville District
are known to persist with depth to at least 2,000 ft. down the dip.
This has profound implications with respect to the economic
potential of both the district and the Ruby Mine property.
- At the Wolf Vein, the average grade of the ore was 0.35 oz/ton,
and about half of the gold produced was specimen gold. The Company
notes that specimen gold often commands prices considerably higher
than the market spot price of gold.
- The Bald Mountain Extension Channel has not yet been relocated
upstream of where it was cut out by the Black Channel. If the
upstream extension of the Bald Mountain Extension Channel could be
found, the reserve situation at the Ruby Mine would be radically
altered. Additional exploration targeting the upstream extension is
definitely warranted.
- Within the Big Bend area of the Black Channel there are five
large blocks of gravel left due to the mine's closure in 1942 that
should be bulk sampled and mined if the grades warrant.
- 750 ft. of channel mapped as the North Wisconsin Channel and
located north of the Ruby Portal presents an interesting potential
open pit exploration target.
Mr. Henkle's summary, which verifies the analysis done in 2010
by Mr. Gary Clifton, P.Geo, states, "there is a total of 7.34 miles
of buried paleoplacer channels on the Ruby ground. Of this total,
3.03 miles are unmined and 0.95 are only partially mined
(particularly in the Black Channel). Numerous exploration targets
are presented by both the veins and channels that are known to
exist. The Ruby ground is a target rich environment for future
discoveries and eventual mining."
Mr. Henkle concludes his report by stating, "It is the writer's
conclusion that the Ruby Mine prospect in which North Bay Resources
has a 100% royalty free interest is currently a property of merit
under the terms of the National Instrument 43-101."
Readers are invited to visit the Ruby Mine page at the North Bay
website to view the report in its entirety. A direct link to the
report is at
http://www.northbayresources.com/ruby/rubymine43101.pdf.
Mr. Randy Henkle, P. Geo., is the Qualified Person as defined by
National Instrument 43-101 who has reviewed this news release for
technical accuracy.
About The Ruby Gold Project
The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted
underground placer and lode mine located near Downieville in Sierra
County, California that is known to have produced over 350,000
ounces of gold since the 1850's, and which is considered to be part
of the northern extension of the historic Mother Lode system. The
Ruby Property covers approximately 1,755 acres, only a small
portion of which has been explored to date. The property consists
of the subsurface mineral rights of two patented claims totaling
approximately 435 acres and 30 unpatented claims containing
approximately 1,320 acres. The equipment, fixed assets, and
infrastructure in place include a 1,000 yard per day placer wash
plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage,
and related support equipment needed for underground mining
operations. The property also features an excellent system of
roads, is accessible via paved highway from Reno or Sacramento, has
abundant water and timber available for mining purposes, and has
PG&E power available on-site. For further information on the
Ruby Mine, please visit the Ruby page on the North Bay website at
http://www.northbayresources.com/ruby/.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCQB: NBRI) is a fully-reporting
junior mining company with over 150 mineral and placer claims
encompassing approximately 60,000 acres throughout British
Columbia, Canada.
In the US, the Company owns the Ruby Gold Mine in Sierra County,
California, and is presently looking to acquire additional
operating mines in the western US.
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.
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 disclosures 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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