North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to issue the following progress report of the work ongoing at the Ruby Mine in Sierra County, California, where visible gold has been found and confirmed in the newly-discovered South Terrace.
As previously announced in a Company press release dated July 17, 2014, the recent underground drilling program at the Ruby Mine intersected buried river gravels in 3 vertical drill holes spaced approximately 150 feet apart, for a total expanse of at least 300 feet. The gravels are located approximately 60 feet above the adit level and 25 feet above the base of the White Channel, which is located about 100 feet away. The gravels are interpreted to be on a terrace or bench on the south rim of the White Channel. In the 1880's, a terrace on the north side of the White Channel, at the same elevation as the recently discovered terrace, was successfully mined for gold. The two terraces are interpreted to be of the same age, and have been designated the North and South Terraces, with the South Terrace being previously unknown and unmined. A raise to access the South Terrace is currently under construction.
Concurrent with the start of the raise construction, a successful attempt was made to reenter drill hole C-2, which penetrated the South Terrace at the lowest elevation and remains open. The goal was to collect a larger sample of the terrace gravels than was collected during drilling. Using a string of one-inch diameter PVC pipe fitted with a 90-degree nozzle at the top and a water fitting at the bottom, the pipe was fed into the drill hole length by length until the top of the basement rocks was reached. Water was then pumped through the pipe, washing sand and gravel back down the hole where 5 pounds of material was collected and recovered. The coarser material was found to include rounded quartz and chert cobbles to 2 inches in diameter, the largest material that could fit in the drill hole and pass by the PVC pipe. The recovered sand and gravel was then carefully panned, and several small pieces of visible gold were found. The gold was elongated and little rounded, indicating that it has not traveled far from its source. Arsenopyrite and small quartz crystals were also abundant in heavy fraction.
The clear evidence of visible gold in the 5-pound sample demonstrates that gold is indeed present in the South Terrace, similar to the records for the North Terrace. While bulk sampling will need to be done once the raise is completed before the South Terrace can be determined to contain an economically recoverable resource, this is encouraging news that provides additional justification to complete the new exploratory raise at C-2 into the South Terrace and allow these previously unknown and unmined gravels to be bulk sampled.
In other news, exploration work in the southern extent of the Black Channel began in early July, and approximately 2 ounces of specimen gold have been recovered from approximately 3 tons of loose material aggregated from various locations. Several of the larger nuggets have been appraised as jewelers grade and are expected to be sold for a substantial premium over spot prices. As well, exploration and bulk sampling in the White Channel has resumed, and approximately 2 additional ounces of gold has been recovered thus far.
We also report that the Big Bend Raise is presently undergoing additional engineering work that is deemed necessary to secure the accessway. Work in the northern extent of the Black Channel is on hold until this work is completed and the raise is fully operational.
At the end of July we expect to make our first shipment of gold to our refiner, Metalor USA. This will consist of 3.2 ounces of fine gold recovered from both the White Channel and the Black Channel, which will allow us to determine an initial baseline average purity of the fine gold produced from the Ruby. Another 3.08 ounces of specimen gold recovered thus far has been set aside to build inventory for sale at premium prices to local jewelers and collectors.
Mr. C. Gary Clifton, P.Geo., is the Company's independent consulting geologist for the Ruby Gold Project. Mr. Clifton is a Qualified Person as defined by National Instrument 43-101, and has reviewed this press release for technical accuracy.
About The Ruby Gold Project
The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 350,000 ounces of gold since the 1850's, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 2,312 contiguous acres, only a small portion of which has been explored to date. The property consists of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 59 unpatented claims containing approximately 1,877 acres. The equipment, fixed assets, and infrastructure in place include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. For further information on the Ruby Mine, please visit the Ruby page on the North Bay website at http://www.northbayresources.com/ruby/.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCQB: NBRI) is a fully-reporting junior mining company with current operations in the US and Canada.
In the US, the Company's subsidiary, Ruby Gold, Inc., owns and operates the Ruby Mine in Sierra County, California. The Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system. The Ruby is known to have produced over 350,000 ounces of gold since the 1850's, including some of the most spectacular gold nuggets on record. The Ruby Property covers approximately 2,312 acres, only a small portion of which has been explored to date.
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
North Bay Resources Inc.
SOURCE: North Bay Resources Inc.