SKIPPACK, PA -- (Marketwired) -- 07/16/13 -- North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that the Company has recently completed initial fieldwork on its 100% owned Tulameen Platinum Project in southeastern British Columbia. The work was conducted under the auspices of Mr. Dan Oancea, P.Geo. As will be detailed below, the potential for a large deposit of commercial-grade olivine has also been identified.
The Tulameen Platinum Project is located below Grasshopper Mountain along a 4.5 km stretch of the Tulameen River and Britton Creek, near the village of Tulameen and approximately 22 km west-northwest on a straight line from Princeton, BC. Including a large block of claims 10 km to the south of the river along Newton Creek, the property covers a total of 1,258 hectares (3,110 acres). During the late 1800's, the Tulameen District was the most important producer of platinum in North America.
The Tulameen Platinum Project covers a sizeable part of the dunite core of the ultramafic unit (Alaskan-type) that hosts platinum, iridium, rhodium and osmium mineralization, and which is often accompanied by chromite and magnetite. It is this part of the dunite core that has been eroded by the Tulameen River over time and resulted in the release of most of the 20,000 ounces platinum that had been historically mined by placer operations along the Tulameen River and its tributaries. It is thus our belief that the Company's Tulameen Platinum Project property hosts the source of most of the historical placer platinum production in the Tulameen District.
Northern Claim Group - Tulameen River
Previous drilling and assays of drill core and chip samples in the area of the Company's "D" claims are documented to have returned consistently significant platinum values. BC Assessment Report 27009 filed with British Columbia in 2002 describes a channel sample that returned an assay of 7.78 grams per tonne platinum over 3.5 metres, including 10.17 grams per tonne platinum across 2.0 metres in chromitiferous dunite. Assay results for chromium were reported to be very high, ranging from 8.67% to 24.97% chromium. In two other zones, the best samples ran 15 grams per tonne platinum in one zone, while results from diamond drill core analysis in the second zone returned platinum values of 30.89 grams per tonne over 3.05 metres. In addition, sampling of two historic quarries obtained values ranging from 8 to 64 grams (2.06 ounces) per tonne platinum (BC Assessment Report 27009, pages 19-25).
The northern portion of the property features several other known platinum-bearing zones. The Ridge Zone (MINFILE 092HNE207) is a platinum-chromite showing that outcrops along a northwest-trending ridge on the southern slopes of Grasshopper Mountain.
According to BC Assessment Report 17170, samples from the Ridge Zone has assayed up to 1.45 grams per tonne platinum. This zone has a strike length of 150 metres and a width of 50 metres, with an average assay of 0.55 grams per tonne platinum. The Ridge Zone connects with two adjacent platinum-chromite occurrences known as the Creek Zone and the South Zone. Samples collected from the South Zone, which has a strike length of approximately one kilometer, assayed up to 1.4 grams per tonne platinum. In between the Ridge Zone and the South Zone, the Creek Zone assayed up to 4.4 grams per tonne platinum (Newmont Exploration). The Creek Zone has a strike length measuring 600 metres (0.37 miles) long and a width of 60 metres.
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