North Bay Resources Inc. (NBRI) Reports on Significant PGM and Gold By-Product Potential at Tulameen Platinum ProjectPress Release | 12/01/2021
Skippack, PA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (OTC: NBRI) (“North Bay” or the “Company”) is pleased to report that recent fieldwork at the Company’s 100% owned Tulameen Platinum Project in southeastern British Columbia has resulted in an estimation of potential by-product metal targets of up to 729,000 ounces Platinum, 363.95 million pounds Nickel, 1.308 billion pounds Chromite, and 294,000 ounces Gold. These numbers are the result of correlations between metals that have been calculated from the intersection of average sampling grades to reach conclusions supporting an in-situ metal exploration target of 135 to 145 million metric tons of dunite rock hosted olivine.
It should be noted that the potential quantity and grade of by-product PGM gold and base metals exploration targets disclosed in the report considered a 100% recovery, and the final recovery percentage would be known only after extensive metallurgical testing of additional rock samples are collected from the Project area and completed at accredited laboratories. These PGM/Gold estimates are thus conceptual in nature, and as a result it remains uncertain if these by-product numbers can be achieved. Nevertheless, the average grade of 25% magnesium previously disclosed remains a virtual certainty given the nature of the deposit, and it is the commercial production of magnesium that remains the Company’s principal focus, as well as the potential for additional revenue streams from CO2 sequestration.
As previously disclosed in a Company press release dated November 4, 2021, during the recent fieldwork our geological team successfully identified and mapped a suitable location to extract a 10,000 tonne bulk sample as part of a mining permit application the Company intends to prepare and file in the near future. Planning for this is now underway, and the Company will update shareholders when the application has been submitted to the BC Ministry of Energy, Mines and Low Carbon Innovation (EMLI).
The full assessment report of our 2021 fieldwork is now available to shareholders at the Company’s website: www.northbayresources.com/Tulameen_2021.pdf
