North Bay Resources Inc. (NBRI): Ruby Mine Drilling Program
Underway
SKIPPACK, PA--(Marketwired - Mar 27, 2014) - Ruby Channels Seen
as a Labyrinth of Many Individual Potential Gold Mines
North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to confirm that the previously announced
drilling program on newly identified targets at the Ruby Mine is
now underway.
Seven new exploration drilling targets have initially been
identified from geological mapping and the recently completed
gravity survey. The following targets are all accessible with
short drill holes from the Ruby Adit and 109 Crosscut, and include
four suspected paleochannels and three terraces associated with
known channels which can be viewed at
http://www.northbayresources.com/ruby/DrillingTargets.jpg:
- Daylight Channel. This is our initial drilling target, due to
its close proximity to the Ruby portal. This target is estimated to
be 40 feet above the Ruby Adit and could be rich if white (quartz)
gravels are encountered.
- Raise Channel. This occurrence is also very close to the Ruby
Portal.
- Bald Mountain Channel Terrace Gravels. This target is over 100
feet above the Ruby Adit and is considered very important. These
were the first very rich gravels mined when the Ruby Mine was first
opened, and were reported as containing visible gold. Even a
relatively small area of unmined gravel could be valuable, and
discovery of unmined gravel above the Daylight Turn would prove
that the high terrace gravels may extend for many hundreds of feet
along the west side of the Bald Mountain Channel to the north of
the adit.
- Deep Channel Terrace Gravels. This target is a short distance
from the previous target and is only 20 to 30 feet above the adit
level. The gravels are expected to be volcanic mixed with quartz.
The workings in the Deep Channel are very substantial, indicating
the gravels contained significant concentrations of gold over a
wide area. Their close proximity to the Ruby Adit makes them a
logical target.
- Cincinnati Channel. This is an intervolcanic channel believed
to cross the Ruby Adit, based on surface workings and recent
gravity survey profiles. The width of the channel and its depth
will be determining factors if a raise is to be put in to test the
material.
- New Black Channel. This area contains the most obvious evidence
of a new overlying channel: water and iron stalactites. Secondary
evidence is the reported cut-off of the Black Channel at a location
that would be downstream. Based on the extent of the rock in the
back of the tunnel that is wet, this channel may be several hundred
feet wide and require many additional holes to fully
characterize.
- Black Channel Terrace Gravels. These targets are speculative.
If gravels are encountered, the true extent of the deposits will be
difficult to determine without raising up to them for bulk sampling
(similar to the Bald Mountain and Deep Channel Terrace targets). It
is important to note that the Ruby Adit is an ideal haulage tunnel,
providing the infrastructure to access and mine overlying gravels
relatively efficiently.
These new targets will be evaluated with drill holes from an
air-driven long-hole drill located at specific underground
locations in the Ruby Adit. Cuttings will be collected continuously
during drilling, and if gravels are encountered, closely examined
for gold. The goal of the program is to discover a channel or
terrace that contains gold-bearing gravel and to then raise up to
the channel for bulk sampling. The close proximity of these targets
above the Ruby Adit makes them all compelling targets for near-term
production, as any one of these targets that proves out can be
placed into production relatively quickly.
Mr. C. Gary Clifton, P.Geo., is the Company's independent
consulting geologist for the Ruby Gold Project. Mr. Clifton is
a Qualified Person as defined by National Instrument 43-101, and
has reviewed the information presented above for technical
accuracy.
North Bay CEO Perry Leopold commented, "It has been only a
little more than six months since the Ruby Tunnel rehab project
successfully reopened the tunnel to provide natural air flow to the
mine's underground workings, which then allowed the geological
mapping project to begin last September. The mapping work over
the past six months, combined with the recently completed gravity
survey, has paid great dividends in the identification of new
mining targets that were previously unknown, any of which can be
brought into production quickly if drilling confirms their economic
potential."
Mr. Leopold continued, "What might not be apparent to some
observers is that the Ruby, from where I sit, is not simply a mine;
it is a virtual labyrinth of many individual potential mines, at
least a dozen and likely many more that may be proven out over the
course of our work. These mines consist of the ancient river
channels we speak of, each of which was buried long ago during
different periods and epochs of the earth's geological evolution
and underneath what is now known as the Sierra Nevada Mountains.
Each one of these channels can be seen to be a separate mine in and
unto itself, each with its own unique characteristics and quality
of gold, be it coarse, fine, or specimen grade. Nor do these
channels necessarily intersect, but rather are overlaid over the
course of millions of years like a fine golden tapestry woven by
some invisible hand. The grade and quantity of gold in any one
channel is not predictive of what may lie in the next channel, such
that each should be seen as a separate resource, the sum total of
which is what we now call the Ruby Mine.
"It has taken over two years of rehab work to get to this stage,
but we are now poised on the brink of proving out the Ruby
resource, one channel at a time. We understand that some
shareholders are impatient to see production and concerned about
dilution, but this is the reason we came, this is the reason we
continue to invest our share capital to move forward, and this is
why we will succeed if we are steadfast in our determination and
patient enough to allow the Ruby to reveal her treasures before our
eyes."
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 current operations in the US and
Canada.
In the US, the Company's subsidiary, Ruby Gold, Inc., owns and
operates the Ruby Mine in Sierra County, California. The Ruby Mine
is a fully-permitted underground placer and lode mine located in
the northern extension of the historic Mother Lode system. 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.
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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