North Bay Resources Joins Forces for Silver Mining Venture
Exploring New Horizons in Silver Mining
North Bay Resources, Inc. (OTC: NBRI) is excited to announce a significant milestone in its mining endeavors. The company has entered into a 50/50 Joint Venture with Toiyabe Kona Exploration, LLC, aimed at exploring the Silver Strike Concessions. These concessions comprise several historic mines in Lander County, promising a rich potential for silver extraction, particularly from the renowned X-Ray Mine.
A Look at Historic Production
The X-Ray Mine, along with the OK Mine and the Dudley-B Shaft, has a rich history of production that dates back to the 19th century. According to historical records, the Reese River District, where these mines are located, produced over 21 million ounces of silver between 1865 and 1891. This impressive yield, equating to substantial economic value, speaks volumes about the mineral wealth of the area.
Glimpse Into the X-Ray Mine
At the heart of the venture is the X-Ray Mine, which boasts past production grades of around 1,072 ounces of silver per ton—an astonishing figure that underscores its potential. The mine features extensive workings with numerous drifts and crosscuts that delve deep beneath the surface, following conspicuous veins. Despite historical production ceasing due to a decline in silver prices, the low-grade material left behind offers promising opportunities for re-evaluation and extraction.
Ongoing Development and Focus
With the formation of this Joint Venture, North Bay Resources is committed to revitalizing the region's mining operations. The immediate plans involve identifying high-grade material while also exploring for new veins that may have remained undiscovered. Modern exploration techniques, including geological mapping and geochemical sampling, will be utilized extensively. The excitement surrounding these efforts is palpable, as the company anticipates significant findings that could bolster its reserves.
Mining Phases and Future Goals
The Joint Venture outlines several strategic phases for mineral extraction. Phase I aims to complete mining, milling, and processing of 10,000 ounces of silver within a year. Following that, Phase II will focus on another 10,000 ounces over the subsequent two years. This structured approach highlights North Bay's commitment to systematic exploration and effective resource management.
Fran Gold Project Synergies
As part of its broader ambitions, North Bay is also actively mobilizing for its Fran Gold Project, which promises to complement its silver exploration efforts. Crews are set to be on-site soon, enabling ore shipments to be processed at its California mill. The synergy between these projects could enhance operational efficiencies and significantly boost North Bay's overall productivity.
A Bright Future Ahead
North Bay Resources is positioning itself for an exciting future with its recent initiatives. The potential to extract high-value minerals, along with proactive exploration in historically rich districts, provides a robust platform for growth. Additionally, plans for a reverse share split are underway, aiming to meet OTCQB uplisting requirements, signaling a strategic move to augment shareholder value.
Frequently Asked Questions
What is the significance of the joint venture with Toiyabe Kona Exploration?
The joint venture signifies a collaborative approach to silver mining, combining resources and expertise to maximize potential from the Silver Strike Concessions.
What are the expected outcomes of the Silver Strike Concessions?
The outcomes are anticipated to include substantial yields of silver through systematic exploration and development, focusing on both high-grade and bulk tonnage material.
How does the Fran Gold Project relate to this venture?
The Fran Gold Project complements the silver venture by potentially increasing overall production capabilities and optimizing operations through shared resources.
What historical production figures are associated with the X-Ray Mine?
The X-Ray Mine has reported historical grades of 1,072 ounces of silver per ton, indicating its significant past contribution to the mining landscape.
How will the reverse share split affect shareholders?
The reverse share split is designed to consolidate shares, potentially enhancing value and improving market perception as part of moving towards an OTCQB uplisting.
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