SKIPPACK, PA -- (Marketwired) -- 04/04/13 -- North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that an initial National Instrument 43-101 Technical Report and Resource Estimate on the Ruby Mine has been released, and is now available at the Company website.
As previously announced in a Company press release dated March 25, 2013, Mr. Randy Henkle, P.Geo, of Henkle & Associates, was engaged over the winter to update the underground resource maps at the Ruby Mine. In the course of his evaluation, sufficient data has been compiled to provide a resource estimate that includes a quantification of indicated (probable) and inferred resources within the context of a NI 43-101 Technical Report.
In his report, Mr. Henkle characterizes the Ruby Mine property as having a "bountiful mineral endowment... that presents a target rich environment to both the developer and the explorationist." The following are a number of notable facts and excerpts from the report that are worth highlighting:
•The estimate of ounces of gold produced at the Ruby Mine was previously understated as 250,000 ounces. Historical records now indicate that from 340,500 to 390,500 ounces of gold were produced from the Tertiary channels on and in the near vicinity of the Ruby property.
•The Alleghany-Downieville Mining District is renowned for its very high grade, buried paleoplacer channel gold deposits. The Ruby Mine is the only paleoplacer underground drift mine which is permitted and being operated at present in the district.
•There are eight known auriferous Tertiary Channels which are known to be buried beneath volcanic cover on the Ruby property.
•There are at least five known lode (quartz) vein systems that are of potential economic interest found in the workings of the Ruby Mine. Gold quartz veins in the Alleghany-Downieville District are known to persist with depth to at least 2,000 ft. down the dip. This has profound implications with respect to the economic potential of both the district and the Ruby Mine property.
•At the Wolf Vein, the average grade of the ore was 0.35 oz/ton, and about half of the gold produced was specimen gold. The Company notes that specimen gold often commands prices considerably higher than the market spot price of gold.
•The Bald Mountain Extension Channel has not yet been relocated upstream of where it was cut out by the Black Channel. If the upstream extension of the Bald Mountain Extension Channel could be found, the reserve situation at the Ruby Mine would be radically altered. Additional exploration targeting the upstream extension is definitely warranted.
•Within the Big Bend area of the Black Channel there are five large blocks of gravel left due to the mine's closure in 1942 that should be bulk sampled and mined if the grades warrant.
•750 ft. of channel mapped as the North Wisconsin Channel and located north of the Ruby Portal presents an interesting potential open pit exploration target.
Mr. Henkle's summary, which verifies the analysis done in 2010 by Mr. Gary Clifton, P.Geo, states, "there is a total of 7.34 miles of buried paleoplacer channels on the Ruby ground. Of this total, 3.03 miles are unmined and 0.95 are only partially mined (particularly in the Black Channel). Numerous exploration targets are presented by both the veins and channels that are known to exist. The Ruby ground is a target rich environment for future discoveries and eventual mining."
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