North Bay Resources Inc. (PINKSHEETS: NBRI) (North Bay or the Company) today released a property update regarding some recent developments that provide additional insight on the mineralization potential of several of the Company's properties.
Adjacent to the Company's Gold Hill Project outside of Salmo, BC, Klondike Gold Corp. recently announced that drilling on its Clubine Property (MINFILE 082FSW200) has intersected visible gold and returned assays as high as 148.4 grams (4.77 ounces) per tonne gold and 203 grams (6.52 ounces) per tonne silver across 0.2 meters. A second intercept assayed 79 grams (2.54 ounces) per tonne gold and 110 grams (3.53 ounces) per tonne silver across 0.36 meters. According to a December 9, 2009 press release, Klondike states that mineralization on the Clubine property occurs as a number of quartz and quartz-carbonate precious and base-metal veins in the upper 500 metres of the Hall Formation and lower part of the Elise Formation, in the Keystone Mountain area. As North Bay holds much of the ground on and around Keystone Mountain itself, with claims directly adjacent to the Clubine property extending in a halo from the southwest to the northeast and to within half a mile of the historic Clubine workings, the Company believes the Klondike results significantly increase the potential of extending the scope of the known mineralization within the Gold Hill Project's claim group.
Adjacent to the Fawn property currently under earn-in JV with Silver Quest Resources Ltd (Silver Quest), Silver Quest recently announced additional assay results from its 2009 fall drill program on its Capoose-Silver Trend (Capoose) Project. Shareholders are referred to the Silver Quest website at www.silverquest.ca to review the most recent drilling results announced on December 8, 2009, as well as a full description of the Capoose property. As the Fawn Property is adjacent to the Capoose and shares similar geological stratigraphies, the Company views these results as significant. Plans for the 2010 work program at the Fawn and Buck properties are expected to be announced before the end of Q1 2010.
In the Slocan Silver camp, where North Bay is second to only Klondike Silver Corp. as the largest single stakeholder in the area, Klondike recently announced that it has completed a four hole surface drill program in the Hewitt Van-Roi exploration area, with the final hole intersecting a wide structural zone on strike with the Hewitt vein, and which is believed to be an extension of the lode system. The Hewitt claims are adjacent to North Bay's North Star Silver property, the eastern extension of which comes within half a mile of the Hewitt vein. In addition, recent trenching by Klondike around the historic Jackson mine has returned assays as high as 2895 grams (93 ounces) per tonne silver, 72.42% lead, and 2.41% zinc. The Jackson mine is less than one mile from North Bay's Green Horn claim group (MINFILE 082FNW030), where past-production records indicate yields of 753 grams (24.2 ounces) per tonne silver and 2.2 grams per tonne gold. These properties are along the Main Lode structure of the Silver Ridge, which was described recently by Klondike as the principal source of the Slocan Camp's silver-lead-zinc production. The Company believes that Klondike's work in the area is a testament to the theory that many of the historic mines abandoned years ago have yet to realize their full economic potential, and where new technology and modern mining methods can tap into large deposits of mineralization that were either previously undetected or else discarded due to low metal prices in prior years.
About North Bay Resources Inc.
North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada. 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.