ENP Newswire -
Release date- 30072014 -
As previously announced in a Company press release dated
The gravels are interpreted to be on a terrace or bench on the south rim of the White Channel. In the 1880's, a terrace on the north side of the White Channel, at the same elevation as the recently discovered terrace, was successfully mined for gold. The two terraces are interpreted to be of the same age, and have been designated the North and South Terraces, with the
Concurrent with the start of the raise construction, a successful attempt was made to reenter drill hole C-2, which penetrated the
Water was then pumped through the pipe, washing sand and gravel back down the hole where 5 pounds of material was collected and recovered. The coarser material was found to include rounded quartz and chert cobbles to 2 inches in diameter, the largest material that could fit in the drill hole and pass by the PVC pipe.
The recovered sand and gravel was then carefully panned, and several small pieces of visible gold were found. The gold was elongated and little rounded, indicating that it has not traveled far from its source. Arsenopyrite and small quartz crystals were also abundant in heavy fraction.
The clear evidence of visible gold in the 5-pound sample demonstrates that gold is indeed present in the
In other news, exploration work in the southern extent of the Black Channel began in early July, and approximately 2 ounces of specimen gold have been recovered from approximately 3 tons of loose material aggregated from various locations. Several of the larger nuggets have been appraised as jewelers grade and are expected to be sold for a substantial premium over spot prices. As well, exploration and bulk sampling in the White Channel has resumed, and approximately 2 additional ounces of gold has been recovered thus far.
We also report that the Big Bend Raise is presently undergoing additional engineering work that is deemed necessary to secure the access way. Work in the northern extent of the Black Channel is on hold until this work is completed and the raise is fully operational.
At the end of July we expect to make our first shipment of gold to our refiner,
The property consists of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 59 unpatented claims containing approximately 1,877 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
In the US, the Company's subsidiary,
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.
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.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by
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