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North Bay Resources Inc. (NBRI) Issues Update on Tulameen Platinum Project
North Bay Resources Inc. (NBRI) Issues Update on Tulameen Platinum Project.
About this update from North Bay Resources, Inc.
[{"type":"text","content":"\n Skippack, PA, Aug. 06, 2021 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (OTC: NBRI) (“North Bay” or the “Company”) is pleased to announce that the Company is initiating its 2021 exploration season at its 100% owned Tulameen Platinum Project in southeastern British Columbia. This is a continuation of recent work the Company performed in 2018 that identified an exploration target of an estimated 135 million tonnes of olivine in the PGM mineralized areas of the property. Rock samples collected in our 2018 exploration program resulted in assays up to 0.509 g/t platinum, over 0.12% nickel, 0.01% cobalt, and chromium assays greater than 1%. More significantly, magnesium grades have been shown to consistently average 25% throughout the deposit (approximately 40% magnesium oxide equivalent). Magnesium demand is high, as it is on the list of 35 strategic metals published in the Federal Register that the US government considers critical to the economic and national security of the United States, due partly to its reputation as a \"defense metal\". Magnesium is one of the lightest structural metal materials, and is considered an essential structural material for the production of spacecraft, military aircraft, missiles, high-mobility vehicles and ships. It is also widely used in manufacturing flares and incendiary bombs because of its high heat and light when it burns. As well, we note that along with increased demand magnesium prices have been rising, and have averaged over $4,500 US per tonne in FY 2021. Accordingly, much of the upcoming work is intended to map out a suitable location to extract a 10,000 tonne bulk sample as part of a mining permit application we intend to prepare and file once the current work program has concluded. The mineral olivine has been well studied and documented for over 30 years to also have CO2 sequestration properties through a natural chemical process known as mineral carbonation. Prior research and testing has demonstrated that as much as 1.25 tonnes of CO2 (S.J.T. Hangx and C.J. Spiers , 2008) can be captured and stored by a single tonne of olivine. Thus, with as much as 135 million tonnes hosted within the Tulameen deposit, it can potentially remove as much as 168 million metric tons of CO2 from the atmosphere if the entire deposit is utilized for carbon removal purposes. Thi...