SKIPPACK, PA--(Marketwired - Jul 22, 2013) - North Bay Resources Inc. (
Property Overview
The Mount Washington Project (formerly known as the Mt. Washington/Connie Hill Property) is located on east-central Vancouver Island, approximately 15 kilometres northwest of Courtenay BC, and extends for 10 kilometres from Constitution Hill and Wolf Lake west to Mount Washington. The property presently covers 2,796 contiguous hectares (6,907 acres). Access to the property is by a network of well-maintained paved and gravel mining and logging roads. Electric power and ample water for drilling is available nearby. Port facilities and year-round accommodations, construction supplies, services and labor are also readily available in the Campbell River-Courtenay area.
Murex Breccia Zone
The primary target area on the property is currently the Murex Breccia Zone, located approximately 3 km due east of Mount Washington. As summarized in BC MINFILE 092F 206, " the Murex zone represents an area of roughly 700 by 700 metres. The mineralization is thought to be the result of replacement but also has characteristics in common with porphyry-type deposits. The zone has been tested by a number of diamond-drill holes. One hole drilled in 1989 cut strong breccias with pyrrhotite-chalcopyrite mineralization about 30 metres below the surface. A 4 metre section of core assayed 4.08 per cent copper, 32.91 grams per tonne silver and 6.31 grams per tonne gold (George Cross News Letter #5, January 8, 1990). "
A National Instrument 43-101 Technical Report (AR 30010) filed with the Ministry of Mines in 2008 and authored by Mr. Houle documents extensive drilling and development on the Mt. Washington project over the course of several decades until 1992, when the bottom fell out of the metals market and mine development in the area came to virtual halt. Included in the report is an exhaustive history of development at the Murex Breccia Zone, delineated by outcrop. trench mapping, sampling, and as many as 45 drill holes. A total of five sub-zones have been identified within the Murex deposit, labeled Zones A, B, C, D, and E. Noteworthy examples from the report show diamond drilling on the Murex by Noranda in 1988 yielded significant intercepts, as follows:
- NMX-88-17 yielded 0.25m. @ 3.7 g/t gold, 46 g/t silver and 9.7% copper from 196.5 to 197.21 m. from a massive sulphide vein in Zone A
Later drilling yielded two significant intercepts 100 metres apart stepping out 100-200 metres east of a 1986 drill hole cluster in the D Zone, as follows:
- NMX-89-25 yielded 4.0 m. @ 6.5 g/t gold, 30 g/t silver and 4.1% copper from 29 to 33m., including: 1.0 m. @ 21 g/t gold, 71 g/t silver and 9.3% copper from 29 to 30 m. in a massive sulphide vein in basalt with pyrrhotite, chalcopyrite and pyrite
- NMX-89-26 yielded 6.5 m. @ 0.23 g/t gold, 7.3 g/t silver and 1.1% copper from 16.2 to 22.7 m. in a siliceous basaltic breccia with pyrrhotite and chalcopyrite
Upon review of historical aeromagnetic surveys of the Murex Breccia area, the Company has staked additional ground to the south and east of the Murex where several additional breccia bodies have been discovered over a broad area, and where a large aeromagnetic high has been determined to be centered on the property. The newly staked ground now covers the entire magnetic anomaly, which is approximately 1.5 kilometers in length and 1 kilometer in width. All known copper-gold-silver mineralization at the Murex contains pyrrhotite and is magnetic, suggesting that the magnetic anomaly may indicate the presence of additional mineralization. A map of the magnetic anomaly discussed can be seen at http://www.northbayresources.com/images/MurexAeromag.png .
Oyster Breccia Zone
Another target on the property is the Oyster (MINFILE 092F 365) Breccia Zone located approximately 3 km north of Mount Washington. It has been mapped to be approximately 400 metres in diameter, and is estimated to be at least 184 metres deep. The MINFILE summary and AR 17193 reports that a grab sample of silicified fault breccia assayed 14.50 grams per tonne gold, 31.88 grams per tonne silver, 1.04% lead and 0.05% zinc. A 43 centimetre section of core assayed 2.78 grams per tonne gold, 6.86 grams per tonne silver, and 0.07% copper. A more recent report from 2008 (Assessment Report 30010) discusses the Oyster Breccia Zone at length, and documents that it has been delineated by outcrop and trench mapping and sampling, and 9 drill holes.
Wolf Lake Zones
The Company has recently consolidated its claim area around Wolf Lake in the Connie Hill section of the property northeast of Mount Washington to now include two gold-bearing sulphide vein showings known as the Road Zone and the Bluff Zone. As documented in BC Assessment Report 27824 published in 2005 and authored by Mr. James Laird and Mr. Greg Thomson, P. Geo., these gold-bearing sulphide veins are hosted within shallow east-dipping fracture zones or detachment faults in basalt flows of the Karmutsen Formation, and are proximal to northwest trending fault zones and Tertiary intrusives. It is believed that there is a good potential for discovering more high-grade gold zones and of extending the known zones. The Road Zone yielded grab sample assays of 21.94 grams per tonne gold, 30.86 grams per tonne silver, and 0.66 per cent copper from quartz-sulphide vein rubble, documented in BC Assessment Report 15034 by Carl Verley and C.J. Westerman in 1986. The Bluff Zone yielded grab sample assays up to 76 grams (2.44 ounces) per tonne gold in outcrop grab samples from a quartz-sulphide vein, documented in BC Assessment Report 27430 by W. Geiger in 2004.
Domineer Vein
The Company's claim area covers a significant portion of the adjacent Domineer gold vein deposit (MINFILE 092F 116), including the Lakeview-Domineer portal excavated by the previous operator in 1987-88 on western slope of Mount Washington. The historical resource estimate (not NI 43-101 compliant) of the Domineer has previously been reported as 550,298 tonnes @ 6.75 g/t gold, 32.23 g/t silver and 0.57% copper.
In July 2010, a 168 metric ton bulk sample was extracted near the Domineer portal by the previous operator from an area entirely within the Company's present claim area. The average grade of this 168 tonne bulk sample assayed 51.53 grams (1.65 ounces) per tonne gold, 88.02 grams (2.83 ounces) per tonne silver, and over 1% copper (BC Assessment Report 32514). The bulk sample was taken from within the area of the Domineer historical resource estimate.
Mt. Washington Copper Mine Tailings
As the direct result of staking additional claims to the east of the Murex deposit, the Company has gained control of a tailings pond formerly used and abandoned by the Mt. Washington Copper Mine when it was in operation in the 1960s. In 2011, Mr. Houle assessed these tailings in BC Assessment Report 32514 and reported that, " Overall the values are relatively consistent throughout the tailings dam, and show good correlation amongst gold, silver, arsenic, copper, molybdenum, tellurium, iron and sulphur. The metals of potential economic interest in the tailings dam include gold, silver, copper and possibly tellurium, which could have combined in-situ value of $5 to $10 million using current metal prices. Although this should not be considered a mineral resource estimate, the data collected in the 2011 program could be used for that purpose. Density measurements of the tailings dam are required to estimate tonnages. Mineralogical and metallurgical studies of the tailings are required to determine potential processing methods, metal recovery factors, waste product characteristics and ultimately, project economics."
The Company plans to study the economic feasibility of processing the tailings to recover these metals as a source of near-term revenue.
A link to the aforementioned NI 43-101 Technical Report (AR 30010) and the other reports referenced in this press release are available on the Mount Washington page at our website, at http://www.northbayresources.com/conniehill.html .
Mr. Jacques Houle, P.Eng., is the Qualified Person as defined by National Instrument 43-101 who has reviewed this news release for technical accuracy.
About North Bay Resources Inc .
North Bay Resources Inc. (
In the US, the Company's 100% owned and royalty-free Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system in Sierra County, California. The Ruby is known to have produced over 350,000 ounces of gold since the 1850s, 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. The Company is presently rehabilitating the Ruby Tunnel, and expects to begin mining operations upon its completion.
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
