North Bay Resources
Announces Mt. Vernon Gold Mine Startup,
Sierra County,
California
Bishop, CA -- August 5, 2024 --
InvestorsHub NewsWire -- North Bay Resources Inc. (the
"Company" or
"North
Bay") (OTC:
NBRI) is pleased to announce it has completed underground
exploration and has initiated preparations for the commencement of
production at its Mt. Vernon Gold Mine located in Sierra County,
California. The exploration included extensive
vertical and horizontal channel sampling of the 150 feet of
developed mining faces both along and perpendicular to the bedrock
contact (see Picture
1). Sampling, by qualified geologists and
mining engineers, took place above the previously sampled (2023)
high grade bedrock contact, where assays greater than 1 ounce per
ton, and up to 4.8 ounces per ton, were continuously reported over
150 feet (see Press Release
dated July 18, 2024). The modern access tunnel runs across
the known 200 foot wide gold bearing zone and perpendicular to the
channel itself. The channel is up to 500 feet wide
and extends over 2000 feet in length throughout the
property. The channel is the same channel
previously mined at the contiguous Ruby Mine which is known to be
the richest mine in North America. The purpose of the exploration was to
begin delineation of mining blocks, grade control, and to provide
information for future tunnel infrastructure and blast pattern
design. The initial mine plan has been
conceived whereby the high-grade ore at the bedrock contact will be
extracted in what is known as panel
mining. Panel mining allows for extraction of
mining blocks with significant length and width, but limited
vertical extent, resulting in only high-grade material being
shipped for milling. The Company expects assays shortly
which will be used to initiate mining operations and determine
underground drilling locations for the purpose of further
delineating the deposit and development of a long term mine
plan.
Production
The Company's mining contractor has
arrived on site for operational evaluation and planning, review of
infrastructure, equipment, and further delineation of mining
blocks. In addition, the Company's mining
contractor will determine blast patterns, estimations of load size,
traffic control, and production metrics as well as planning for
final details of operational requirements including manpower,
consumables, and underground drilling locations for the purpose of
further resource delineation. Pending final regulatory inspections,
the Company will commence operations. The Company is targeting production
of 100 tons per day of high-grade material for shipment to the
Company's 100 ton per day Bishop Gold Mill, located in Inyo County,
California. The Company is currently targeting
net production of 80 ounces of gold per day from the combined Mt.
Vernon Gold Mine and Bishop Gold Mill Operations.
Picture
1.
Mt. Vernon Gold
Mine
The Mt. Vernon Mine is a largely
undeveloped deposit, proximate to some of the richest past
producing gold mines in North America. Mt. Vernon is a permitted underground
mine with modern portal, tunnel, ventilation. power, and
equipment. The ore body is estimated at 954,000
tons based on the known channel (B. Hanford
2023).
The channel varies in thickness from
4 feet to as much as 20 feet thick. Typically, the lower 4 feet of
the gravels contain the higher grades. A 90-ounce nugget was found
on the Property in 1926. The Property is located directly adjacent
and upstream from the neighboring Ruby Mine. The Ruby produced what
is considered to be the best collection of gold nuggets in the
world. The Property is located upstream between the rich lode
deposit, the source of the gold, and the Ruby Mine and on the same
channel as the Ruby Mine.
Murex Copper-Gold
Exploration
The Company has recently completed
exploration at its Murex Copper-Gold Project located in British
Columbia. The exploration was focussed on known
high-grade gold bearing zones to further understand the
relationship between the gold showings and the large copper
deposit. Extensive sampling and geological
mapping of the known and new gold showings on the property were
completed, assays are now pending.
Fran Gold
Exploration
The Company has received the results
of compound analyses from high grade material of 0.5 ounces per ton
and lower grade 0.1 ounce per tone material from recent exploration
at the Fran Gold Project Joint Venture, British
Columbia. QEMSCAN results indicate no potential
metallurgical issues in recovery as a result of gold combined in a
non-standard or otherwise bound up or refractory compound
structure. The Company is proceeding with
permitting for extraction of high- grade material confirmed at
surface in high grade trenches, averaging 0.5 ounces per ton over
significant widths and known to extend many hundreds of feet in
depth as result of historical drilling. There have been 110 holes drilled at
or near the Bullion Alley Zone on the Fran Property totalling
greater than 55,000 feet. The Company has commenced additional
exploration at Fran for the purposes of further delineation of the
ore body for extraction and examination of other known but under
explored gold and copper bearing zones. Crews are currently on-site and
expected to complete work by mid-August.
Corporate
Update
The Company has issued 360,000,000
restricted shares to CMC Metals, Inc. at a price of $0.0004, the
previous owner of the Bishop Gold Mill, as part of a $144,000
($200,000 CAD) payment representing the second and final tranche of
shares to be issued as part of the share portion of the mill
acquisition agreement. All or part of these shares may be
re-purchased at cost for a period of 90 days and at a 100% premium
for a period of up to 3 years. The Company has issued a total
1,100,000,000 restricted shares to CMC Metals as part of the mill
acquisition of which all shares are subject to a buyback
provision. The Company has issued 73,500,000
restricted shares to ProActive Investor, LLP. at a price of $0.0004
in settlement of $29,400 owing as part of a 14 month agreement, at
a rate of $3,100 per month, previously entered
into.
The Company has increased a
previously issued demand loan bearing 10% per annum interest from
$85,000 to $130,000.
On behalf of the Board of Directors
of
NORTH BAY RESOURCES
INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
Facebook:
North Bay Resources Inc | Facebook
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North Bay Resources Inc | LinkedIn
This news release
may contain certain "Forward-Looking Statements" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities
laws.
