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North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton.
About this update from North Bay Resources, Inc.
[{"type":"text","content":"\n BISHOP, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (the “Company” or “North Bay”) (OTC: NBRI) is pleased to announce it has entered into an agreement (the “Agreement”) with a private arms-length Company to acquire a 100% interest in the Mt. Vernon Mine located in Sierra County, California. The Mt. Vernon Mine is a largely undeveloped deposit, proximate to some of the richest past producing gold mines in North America. Mt. Vernon is a permitted underground mine with modern portal, tunnel, ventilation. power, and equipment (see Picture 1). The Company plans to commence test mining immediately and initial production of 100 tons per day shortly, pending minor infrastructure and permitting updates. The ore will be shipped to the Company’s Bishop, California Gold Mill for processing. The Company is targeting initial net mine production of 3 truckloads per day utilizing 30 ton triaxle dump trucks for delivery of feedstock to the Bishop Gold Mill with an average target grade of one ounce gold per ton. Production targets are based on prior exploration and currently developed underground access to the gold bearing ore body. The ore body is estimated at 954,000 tons based on the known channel (see Figure 1 – B. Hanford 2023. Picture 1. Mt. Vernon Main Portal Figure 1. Mt. Vernon Known Channel Gold Mineralization The Property is 120 acres, composed of six 20-acre claims. Two types of gold mineralization occur on the Property, a) paleo-placer deposits buried under mudflows and volcanic rocks and b) auriferous quartz veins. The Tertiary placer channels are large cobble conglomerates cemented with a ferruginous sand matrix containing free gold. Gold is recovered as fine flakes and large nuggets (see Picture 2). The channels vary in thickness from 4 feet to as much as 20 feet thick. Typically, the lower 4 feet of the gravels contain the higher grades. A 90-ounce nugget was found on the Property in 1926. The Property is located directly adjacent and upstream from the neighboring Ruby Mine. The Ruby produced what is considered to be the best collection of gold nuggets in the world. The Property is located upstream between the rich lode deposit, the source of the placer gold, and the Ruby Mine and on the same channel as the Ruby Mine. The erosion of the gold-quartz veins du...