North Bay Resources Unveils Major Gold Resource Estimation
Navigating New Horizons: North Bay Resources' Gold Endeavors
North Bay Resources, Inc. (OTC: NBRI) is excited to unveil a new resource estimate for the Bullion Alley Zone located in their Fran Gold Project. This estimate indicates a substantial resource of approximately 474,000 ounces of gold, demonstrating the project's promising potential in the mining sector.
Resource Estimate Overview
This resource estimate was derived using advanced modelling software, Leapfrog Geo + Edge 3D, along with extensive diamond drilling data collected over the years. The drilling, which spans from 2001 to 2018, consists of about 18,000 meters of drilling, comprehensively assessing the deposit's valuable mineral resources.
Understanding the Bullion Alley Zone
The findings indicate a total mass of approximately 43,797,234 tonnes within the Bullion Alley Zone, with an average grade of 0.34 grams per tonne, leading to a total of around 474,001 ounces of gold. These results are significant, suggesting that North Bay Resources is tapping into a robust gold resource, raising excitement for upcoming projects and initiatives.
Drilling Highlights and Future Exploration
Recent compilations of drilling data reveal impressive intercepts that reinforce the validity of this promising zone. Significant drill results from various holes include notable lengths and grades that illustrate the presence of high-grade gold, crucial for further exploration and development.
Furthermore, the company is actively compiling additional data to support the formulation of a NI 43-101 compliant mineral resource estimate, aiming to increase the credibility and recognition of its findings within the industry.
Fran Gold Project: A Strategic Location
Strategically positioned near significant mining projects like Centerra Gold's Mt. Milligan and Artemis Gold's Blackwater Mine, the Fran Gold Project stands out. These nearby projects underline the potential of the Fran Gold ore body, which has intercepted significant drill lengths in various zones, further establishing its potential for high-value extraction.
While historical mining efforts focused predominantly on high-grade vein systems, North Bay's current analysis and focus on bulk tonnage and surface material highlight an expanding spectrum of operational strategies. This dual approach not only capitalizes on immediate high-grade material but also sets the stage for long-term resource development.
Current Strategies and Corporate Updates
As part of its ongoing development strategy, North Bay Resources is focusing on mining mid-high grade surface material as feedstock for their existing Bishop Gold Mill. This approach aligns with their goal to maximize production efficiency while adhering to safety and environmental standards.
Corporately, North Bay has undertaken measures to restructure its debts, including converting a significant portion of debt into a secured debenture with warrant coverage. This move underscores the company's commitment to solidifying its financial standing while preparing for future growth initiatives.
Communicating with Stakeholders
The leadership team, spearheaded by CEO Jared Lazerson, remains committed to transparent communication with stakeholders. As North Bay Resources matures, the focus on engaging with existing investors and potential partners will be paramount to ensure long-term sustainability and success.
For questions and further inquiries, stakeholders can reach out via email, and the company continues to promote its social media presence across platforms, ensuring timely updates on projects and corporate developments.
Frequently Asked Questions
What is the significance of the recent resource estimate?
The recent estimate reveals approximately 474,000 ounces of gold, showcasing the Fran Gold Project's potential for robust mineral resources.
How has North Bay Resources structured its corporate finances?
The company has converted a portion of its debt into a 2-year secured debenture and established warrant coverage to bolster its financial position.
What are the future plans for the Fran Gold Project?
North Bay plans to compile further data for a NI 43-101 compliant mineral resource estimate, aiming to enhance the project's valuation and market position.
Are there any notable drilling results?
Yes, recent data shows significant drill intercepts which highlight the potential for high-grade gold and contribute to the project's promising outlook.
How can investors stay informed about North Bay Resources?
Investors can stay updated through the company's official communications, via email, and through social media channels dedicated to providing timely information.
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