North Bay Resources Celebrates Major Gold Settlement Milestone
Celebrating a Key Milestone in Gold Production
North Bay Resources, Inc. (the Company or North Bay) is excited to share that it has finalized the settlement of its first gold concentrate sale from a test shipment at its Fran Gold Project. This project, located at the Bishop Gold Mill, marks a pivotal moment in the expansion of North Bay's mining operations and its potential profitability.
First Gold Concentrate Shipment Achievements
The initial shipment involved approximately 10 tons of ore processed, and all assay comparisons between the Company's and refinery's analyses were successfully completed. North Bay uses ALS Geochemistry for assays, ensuring reliable and precise measurements of gold, silver, and moisture content. A significant achievement, the concentrate contains a noteworthy amount of gold and silver, essential for the financial performance of the Company.
Overview of Processing Operations
The Bishop Gold Mill has begun introducing optimization strategies to enhance ore recovery. The gravity circuit, currently active, will soon be complemented by a flotation circuit anticipated to further increase recovery rates by as much as 100%. This will allow North Bay to boost its yield to over 90% efficiency, significantly elevating the potential revenue from extracted materials.
Impact of New Logistics on Operations
Transportation expenses have been a concern, with earlier costs reaching approximately $300 per ton for the last shipment. However, following the completion of a new rail siding near the Fran site, these costs are expected to drop to around $200 per ton. This development is part of a broader initiative to streamline logistics for future shipments, enhancing the operational efficiency of the Company.
Stockpile and Processing Plans
As part of its commitment to maximizing output, North Bay currently has 75 tons of ore stockpiled at the Bishop Gold Mill. This stockpiling is a strategic move to facilitate smooth processing during the optimization phase. Additionally, future shipments are planned as the Company continues to ramp up production. There is also an estimated 5,000 tons of ore set aside at the project site, indicating robust ongoing activity in the area.
Significant Geological Discoveries at Fran
Recent studies of the Fran Gold Project have yielded promising data indicating a substantial gold deposit. The Company re-compiled historical data, revealing an expansive area that has yet to be fully explored. The volumetric model created from earlier drilling results hints at a significant bulk tonnage deposit, showing good continuity in grade and potential for further depth exploration.
Geological Continuity and Future Drilling
The modeled area represents only a fraction of the known deposit, yet it highlights the strong potential for additional resources. Notably, the geological features identified suggest continuity both laterally and at depth. The Company is eagerly preparing for future drilling campaigns to test these models further, expecting to yield favorable results.
Looking Ahead: Financial Projections and Optimizations
With a solid production strategy and a commitment to efficiency, North Bay is optimistic about the target economics for the Bishop Gold Mill operations. Current projections suggest revenue could potentially increase to $800 per ton with costs managed down to roughly $300 per ton, underscoring a favorable profit margin.
With the flotation circuit's introduction, North Bay anticipates a dramatic improvement in operational yield and profitability, positioning itself favorably within the competitive mining sector.
Frequently Asked Questions
What is the significance of the first gold concentrate shipment?
The first shipment indicates successful processing at the Bishop Gold Mill and sets a foundation for future sales and increased profitability.
How does the new rail siding impact operations?
The new rail siding lowers transportation costs significantly, expected to improve overall operational efficiency.
What are the company's future plans for the Fran Gold Project?
North Bay aims to conduct further drilling and processing while optimizing operations to enhance recovery rates and financial outcomes.
What financial projections are associated with current operations?
Projected revenues are estimated to reach $800 per ton, with an effort to maintain operating costs around $300 per ton.
How has the Company prepared for future shipments?
North Bay has stockpiled significant ore at the Bishop Gold Mill and implemented various optimization strategies to enhance processing efficiency.
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