$NBRI..One of MULTIPLE revenue sources!>>>>>March 14, 2012 08:16 ET
North Bay Resources Inc. (NBRI) Reports Concentrate Assays of 114 g/t Gold and 65 g/t Silver at Monte Cristo JV Project
SKIPPACK, PA--(Marketwire - Mar 14, 2012) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to report that samples of black sand concentrate from our Monte Cristo JV project in the Lillooet River Valley near Harrison Lake, British Columbia, have returned concentrate assay values as high as 114 grams (3.66 ounces) per tonne gold and 65 grams (2.09) per tonne silver.
On February 14, 2012, our JV partner, Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") began an exploration and sampling program on the Monte Cristo property under the supervision of Ms. Agathe Bernard, B.Sc.. The initial goal of the work program was to verify the presence of submicron size metals in the sand material along the Lillooet River, which was previously indicated by work conducted in 1970 by G.L. Kirwin, B.Sc., and J.M. Ashton, P.Eng., as documented in BC Assessment Report 2589. Instead, as previously reported on February 22, 2012, the crew unexpectedly found an abundance of visible gold, with some particles as large as one millimeter.
In her initial report from the field, Ms. Bernard stated, "The first round of soil sampling was exceptionally promising, showing visible gold flakes in 10 out of 17 samples collected. Most of the samples consisted of 60-90% fine to medium grained dark gray sand, with 10-30% sub angular light gray fine gravel. Most of the darker fraction correlated with high magnetite concentration, which is a favorable indication for gold accumulation at the site and is almost invariably present in placer gold deposits."
The first seventeen samples of black sand were concentrated on site using a Keen concentrator and reduced in volume by approximately 20 to 1000 times to concentrate the fine part of the sample. The concentration was supervised by Ms. Bernard, and the samples were sent to ALS Labs in Vancouver for analysis. The assay results have now been received, and are reported as follows:
SAMPLE Weight Au Au Ag Ag Pt Pd
DESCRIPTION kg g/t g/t (diluted)** g/t g/t (diluted)** g/t g/t
PS17-120216 0.12 75.30 3.77 20.20 1.01 nil 0.003
PS01-120215 0.04 NSS NSS NSS NSS NSS NSS
PS02-120215 0.06 79.80 3.99 0.06 0.00 nil 0.002
PS03-120215 0.04 71.70 3.59 nil nil nil 0.001
PS04-120215 0.08 5.66 0.28 23.00 1.15 0.012 0.005
PS05-120215 0.16 3.32 0.17 1.84 0.09 nil 0.003
PS06-120215 0.12 27.40 1.37 nil nil nil 0.003
PS07-120215 0.02 65.30 3.27 2.18 0.11 nil 0.006
PS08-120215 0.02 71.30 3.57 nil nil nil 0.004
PS09-120215 0.08 9.47 0.47 4.13 0.21 nil 0.002
PS10-120215 0.06 0.76 0.04 0.09 0.00 nil 0.003
PS11-120215 0.08 1.76 0.09 0.24 0.01 0.005 0.004
PS12-120216 0.14 112.50 5.63 nil nil nil nil
PS13-120516 0.04 60.80 3.04 nil nil nil 0.003
PS14-120216 0.06 8.94 0.45 nil nil 0.067 0.004
PS15-120516 0.1 114.00 5.70 nil nil nil nil
PS16-120216 0.08 74.80 3.74 65.10 3.26 nil nil
* NSS is non-sufficient sample size
** As the samples were concentrated, only the very fine and heavy particulate were analyzed. This magnifies the values from real concentration 20 to 1000 times. The estimated diluted values indicate what would be expected from a raw bank cubic yard of material prior to concentration processing.
The Company notes that metal values in placer deposits often increase substantially with increase in depth towards bedrock, which in the case of the Monte Cristo is expected to be well over 100 feet below the surface. These assay results from near-surface samples are therefore considered quite significant.
The PWC crew returned to the Monte Cristo last week to assess the west bank of the Lillooet River, an area where no previous exploration work has been recorded. Initial indications are that the mineralization on the west bank of the river is virtually identical to the east bank, which gives rise to the potential that the total size of the deposit may be significantly larger than what was previously estimated. Samples were taken from the west bank area, and are being submitted to ALS Labs in Vancouver for analysis. The new assay results are expected back within a few weeks.
About Devlin's Bench Mining Ltd
Devlin's Bench Mining Ltd is based in Barkerville, BC, and operates several placer gold mines throughout the Cariboo Mining District of British Columbia, including Conklin Gulch, Antler Creek, Devlin's Bench, Grouse, and Williams Creek.
About P. Wright Contracting Ltd
P. Wright Contracting Ltd is a Barkerville, BC-based mining contractor, working in the mining sector for 20 years in British Columbia and the Yukon. PWC contracts for Ministry of Mines reclamation projects in the Cariboo Mining District, in addition to work for most other related government agencies. Fully insured and with a Lowbed company in house, PWC is 100% owned by Pete Wright and is a sister company to Devlin's Bench Mining Ltd., also owned 100% owned by Wright..
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
In the US, the Company owns the Ruby Gold Mine in Sierra County, California, and is presently planning to acquire additional operating mines in the western US.
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.