SKIPPACK, PA--(Marketwired - Mar 27, 2014) - Ruby Channels Seen as a Labyrinth of Many Individual Potential Gold Mines
North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to confirm that the previously announced drilling program on newly identified targets at the Ruby Mine is now underway.
Seven new exploration drilling targets have initially been identified from geological mapping and the recently completed gravity survey. The following targets are all accessible with short drill holes from the Ruby Adit and 109 Crosscut, and include four suspected paleochannels and three terraces associated with known channels which can be viewed at http://www.northbayresources.com/ruby/DrillingTargets.jpg:
- Daylight Channel. This is our initial drilling target, due to its close proximity to the Ruby portal. This target is estimated to be 40 feet above the Ruby Adit and could be rich if white (quartz) gravels are encountered.
- Raise Channel. This occurrence is also very close to the Ruby Portal.
- Bald Mountain Channel Terrace Gravels. This target is over 100 feet above the Ruby Adit and is considered very important. These were the first very rich gravels mined when the Ruby Mine was first opened, and were reported as containing visible gold. Even a relatively small area of unmined gravel could be valuable, and discovery of unmined gravel above the Daylight Turn would prove that the high terrace gravels may extend for many hundreds of feet along the west side of the Bald Mountain Channel to the north of the adit.
- Deep Channel Terrace Gravels. This target is a short distance from the previous target and is only 20 to 30 feet above the adit level. The gravels are expected to be volcanic mixed with quartz. The workings in the Deep Channel are very substantial, indicating the gravels contained significant concentrations of gold over a wide area. Their close proximity to the Ruby Adit makes them a logical target.
- Cincinnati Channel. This is an intervolcanic channel believed to cross the Ruby Adit, based on surface workings and recent gravity survey profiles. The width of the channel and its depth will be determining factors if a raise is to be put in to test the material.
- New Black Channel. This area contains the most obvious evidence of a new overlying channel: water and iron stalactites. Secondary evidence is the reported cut-off of the Black Channel at a location that would be downstream. Based on the extent of the rock in the back of the tunnel that is wet, this channel may be several hundred feet wide and require many additional holes to fully characterize.
- Black Channel Terrace Gravels. These targets are speculative. If gravels are encountered, the true extent of the deposits will be difficult to determine without raising up to them for bulk sampling (similar to the Bald Mountain and Deep Channel Terrace targets). It is important to note that the Ruby Adit is an ideal haulage tunnel, providing the infrastructure to access and mine overlying gravels relatively efficiently.
These new targets will be evaluated with drill holes from an air-driven long-hole drill located at specific underground locations in the Ruby Adit. Cuttings will be collected continuously during drilling, and if gravels are encountered, closely examined for gold. The goal of the program is to discover a channel or terrace that contains gold-bearing gravel and to then raise up to the channel for bulk sampling. The close proximity of these targets above the Ruby Adit makes them all compelling targets for near-term production, as any one of these targets that proves out can be placed into production relatively quickly.
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 the information presented above for technical accuracy.
North Bay CEO Perry Leopold commented, "It has been only a little more than six months since the Ruby Tunnel rehab project successfully reopened the tunnel to provide natural air flow to the mine's underground workings, which then allowed the geological mapping project to begin last September. The mapping work over the past six months, combined with the recently completed gravity survey, has paid great dividends in the identification of new mining targets that were previously unknown, any of which can be brought into production quickly if drilling confirms their economic potential."
Mr. Leopold continued, "What might not be apparent to some observers is that the Ruby, from where I sit, is not simply a mine; it is a virtual labyrinth of many individual potential mines, at least a dozen and likely many more that may be proven out over the course of our work. These mines consist of the ancient river channels we speak of, each of which was buried long ago during different periods and epochs of the earth's geological evolution and underneath what is now known as the Sierra Nevada Mountains. Each one of these channels can be seen to be a separate mine in and unto itself, each with its own unique characteristics and quality of gold, be it coarse, fine, or specimen grade. Nor do these channels necessarily intersect, but rather are overlaid over the course of millions of years like a fine golden tapestry woven by some invisible hand. The grade and quantity of gold in any one channel is not predictive of what may lie in the next channel, such that each should be seen as a separate resource, the sum total of which is what we now call the Ruby Mine.
"It has taken over two years of rehab work to get to this stage, but we are now poised on the brink of proving out the Ruby resource, one channel at a time. We understand that some shareholders are impatient to see production and concerned about dilution, but this is the reason we came, this is the reason we continue to invest our share capital to move forward, and this is why we will succeed if we are steadfast in our determination and patient enough to allow the Ruby to reveal her treasures before our eyes."
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 1,755 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 30 unpatented claims containing approximately 1,320 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 1,755 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