North Bay Acquires Stake in Monument Project
The Monument property covers 900 hectares (2,233 acres) over nine reverted Crown grants and is located approximately 12 km north of Nelson, BC. The property is road accessible and encompasses the Monument prospect (MINFILE 082FNW264), a Silver-Base Metals-Gold-Tungsten-Molybdenum-Copper outcropping mineralized prospect. The Monument prospect is a strong 1.2 m to 2.4 m thick vein system having an estimated 2.0 km to 2.5 km strike length. Mineralization occurs in a suite of settings related to a granitic intrusion and is characterized by a Gold-Bismuth-Tungsten+/-Molybdenum association, and the presence of a superimposed Silver-Lead-Zinc mineralization.
In 1967 the Monument's tungsten mineralization was investigated by Canadian Exploration Ltd (Placer Ltd), a precursor to Placer Dome, which was subsequently acquired by Barrick Gold. Historical assays at the primary Monument target have yielded up to 1,245 grams (40 ounces) per tonne silver, 1.37 grams per tonne gold, 0.97% lead, 0.22% zinc, and 2.2% tungsten trioxide (WO3). Recent Monument surveys generally confirmed these historic results.
Tungsten mineralization occurs within the Monument Vein and in the footwall of the vein as dissemination and stockwork zones in the apical granite, and is possibly amenable to bulk mining methods. The presence of up to 0.38% bismuth in the Monument Vein should be noted as well. Tungsten is valuable as a strategic metal, and bismuth enjoys a wide array of uses due to its unique properties. The annual supply of both tungsten and bismuth are considered to be at risk as most of the production of both metals comes from China.
The CST showing (MINFILE 082FNW265) is a secondary exploration target located on the northern part of the property, and which includes vein swarms in outcrops that assay up to 2,325 grams (74.75 ounces) per tonne silver, 8.1 g/t gold, and 1.7% lead over a strike length of up to 500 metres. Other parts of the property are prospective for hosting structurally controlled gold deposits and buried copper-gold subvolcanic intrusions.
The Company has earned a 12.5% interest in the Monument as a result of funding an exploration program at the Monument during FY 2014. The balance of interest is being held by Dan Oancea, P.Geo., who has actively explored the property over the last 5 years. The Company may elect to acquire up to 100% ownership of the Monument through additional funding of exploration programs. No decision on additional work will be made until a comprehensive funding package is secured to budget for our entire 2015 season.
In other news, the Company reports that our Brett/Bouleau option with Ximen Mining Corp ("Ximen") continues to generate revenue, as evidenced in the Company's Current Report on Form 8-K filed with the SEC on April 2, 2015. An aggregate of $275,000 in cash and stock has been received to date, an additional $25,000 in cash is due this month, and $300,000 in cash and stock in additional revenue is expected to be received by the Company over the course of the next 18 months before the Ximen option can be exercised. Work expenditures by Ximen last season at Brett have extended the good standing date of those claims through December 2019. We also note that as a result of development work in 2013 and 2014, our principal Canadian properties remain in good standing for the foreseeable future, including Fraser River (through February 2022), the Willa (January 2018), Mt. Washington (January 2017), and Tulameen Platinum (July 2016). While market conditions remain difficult at the present time and our persistently low market cap understandably leads to a plethora of false rumors and erroneous conjecture, we continue to work towards closing on a comprehensive non-dilutive funding package in the near-term that will allow us to continue moving all of our projects forward in 2015 and beyond.
Mr. Dan Oancea, P. Geo. 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. (PINKSHEETS: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 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.
Perry Leopold, CEO