North Bay Resources
Announces Discovery of Mass Tonnage Gold Deposit up to 149m (489
feet) Grading 0.95 g/t Au, Fran Gold Project, British
Columbia
Bishop, CA -- April 1, 2025 --
InvestorsHub NewsWire -- North Bay Resources, Inc. (the
"Company" or
"North
Bay") (OTC:
NBRI) is pleased to announce analyses and compilation of prior
exploration work at the Fran Gold Project has resulted in the
discovery of a mass tonnage gold
deposit. This includes review of diamond
drilling in 2001, 2005, 2006, 2012, and 2018 as well as
geochemical, geophysical and 3D modelling data. Past exploration
and development, including over 18,000m (55,000ft.) of diamond
drilling, has shown very large intercepts of up to 149m (489 feet)
of 0.95 gram per ton gold. The deposit area has been identified
to be in excess of 1000m x 100m x 300m within a known strike length
of 1700m. This represents an exploration potential of 79,500,000
tonnes at a specific gravity of 2.65. At an average grade of 0.8 grams per
tonne the current potential is 2M ounces. There is sufficient data
to immediately proceed with a NI 43-101
Compliant Mineral Resource Estimate. The Fran Gold Project is next to
Centerra Gold's (TSX:CG) Mt. Milligan Project, with Reserves of
264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate
to Artemis Gold's (TSXV:ARTG) Blackwater Mine, with Proven and
Probable Reserves of 334Mt grading 0.8 grams per tonne
gold.
Both Mt. Milligan and the Blackwater
Mine are two of the largest new mines in North America in the
modern era. The Blackwater Mine has a Measured
and Indicated Resource in excess of 10M ounces of
gold.
Historical exploration and
development planning at Fran focused on delineation of mid-high
grade veins with an eye to underground mining of these veins. Very
limited focus was placed on bulk tonnage and disseminated gold,
although discussed in reports from 2006, no follow-up appears to
have occurred. North Bay's recent ongoing focus has
been the development of mid-high grade surface material as
feedstock for its Bishop Gold Mill. This in turn has led to a
re-evaluation of the project potential resulting in what is
currently a dual focus with high grade surface material going to
the Company's mill and further evaluation of the larger potential
of the mass tonnage gold deposit. Data indicates substantial expansion
potential at depth (beyond 300m) and extensions of the disseminated
gold zones to a limited extent to the West and to significant
extent to the East and North-East where copper grades begin to
rise.
Drilling was stopped in these
directions due to the loss of the mid-high grade veins that were
the focus of historical exploration and these areas remain largely
unexplored.
Significant Drill Intercepts from
data compilation to date:
|
Hole ID
|
From (m)
|
To (m)
|
Width (m)
|
Grade g/t
|
|
2005-47
|
35.1
|
81.6
|
46.5
|
1.3
|
|
2006-49
|
104.0
|
133.0
|
29.0
|
1.0
|
|
2006-50A
|
44.3
|
118.1
|
73.8
|
0.4
|
|
2006-51
|
60.4
|
100.7
|
40.2
|
0.8
|
|
2006-53
|
79.8
|
92.9
|
13.1
|
2.3
|
|
2006-55
|
15.9
|
110.3
|
94.5
|
0.3
|
|
2006-56
|
90.5
|
116.5
|
26.1
|
1.2
|
|
2006-58
|
61.4
|
157.4
|
96.0
|
0.3
|
|
2006-59
|
21.8
|
74.1
|
52.3
|
0.6
|
|
2006-60
|
90.5
|
131.5
|
41.0
|
0.7
|
|
2006-61
|
9.1
|
46.8
|
37.6
|
0.8
|
|
2006-62
|
79.9
|
150.3
|
70.5
|
0.4
|
|
2018-91
|
249.4
|
296.0
|
46.6
|
0.4
|
|
2018-94
|
222.0
|
339.2
|
117.2
|
0.6
|
|
2018-95
|
202.7
|
309.0
|
106.3
|
1.0
|
|
2018-96
|
134.7
|
284.0
|
149.3
|
0.9
|
|
2018-103
|
105.7
|
178.6
|
72.9
|
1.4
|
Figure 1. Fran
Gold Diamond Drilling 2001-2012
Fran Gold exploration data and
reports may be found on-line at ARIS BC, as well as the Company's
website.
Corporate
Update
The Company has reached an impasse
with River Resources the Owner/Operator of the Mt. Vernon Mine
whereby River Resources, has refused to operate or otherwise allow
North Bay to operate the mine as per the Purchase Agreement
regardless of payments, planning, permitting, metallurgy, and mine
engineering. The origin of the dispute revolves around River
Resources attempted cancellation of the Purchase Agreement, whereby
River Resources foisted a number of unreasonable last minute
demands on North Bay days before commencement of operations at Mt.
Vernon, including demanding 50% of gold produced and $20M in
General Liability insurance be obtained by North Bay at a cost of
over $1M. The timing of these demands was highly disruptive due to
the time, energy, investment and cooperative work that had gone
into preparation for operations in addition to the valid standing
agreement. As a result, North Bay engaged
counsel and sought to find a mutually beneficial solution to allow
operations to proceed. Despite these efforts River Resources
recently corresponded with counsel indicating this was not likely.
North Bay has retained Hall, Estill Law Firm who, as a result of
the impasse, responded to River Resources that net direct damages
of $390,000 per day for 10 weeks amounting to $19.5M was now due
and damages if not remedied would be ongoing, as well as
reservation of rights to the gold, mine, equipment, and other
valuable minerals.
The Company has reached a mutual
agreement with the lease-holders of the Taber Mine to terminate the
Joint Venture Agreement effective April 1, 2025. The lease-holders
have agreed to refund all payments to date.
On behalf of the Board of Directors
of
NORTH BAY RESOURCES
INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X:
@NorthBayRes
YouTube:
North Bay Resources - YouTube
LinkedIn:
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.
