North Bay Resources Inc. Generates Gold from Fran Project in British Columbia

Strategic Insights -

North Bay Resources Inc., a US-based mineral exploration company, has started generating gold from its Fran project in British Columbia, Canada. The company has found high-grade surface assays in initial trenching, with mineralization expanding in multiple directions and increasing with depth. CEO Jared Lazerson described the ore as "highly mineralized" and easily traceable, with significant amounts of chalcopyrite, galena, and silver.

Key Takeaways:

  • North Bay Resources Inc. has begun generating gold from its Fran project in British Columbia, Canada, with early cash flow expected as shipments ramp up through the company's Bishop Gold Mill.
  • Initial trenching has returned high-grade surface assays, with mineralization expanding across multiple directions and increasing with depth.
  • The ore includes chalcopyrite, galena, and silver, and is described as "highly mineralized" and easily traceable by CEO Jared Lazerson.
  • The company aims to start truckloads at the end of the month, with a target of 66 tonnes a week, generating approximately $75,000 in gross revenue weekly.
  • In the bigger picture, North Bay Resources Inc. plans to move to a 10,000-tonne test permit, which would allow the company to extract more high-grade ore, and potentially become a mid-tier producer.
  • The company estimates potential profits of $50 million to $100 million, though hard numbers have not been provided.

Statistics:

  • 60 metres: the distance between trenches B and C, where high-grade assay results were obtained.
  • 20%: the recovery loss in the initial test mining.
  • 20%: the dilution in the initial test mining.
  • $1,100 per tonne: the revenue generated from the gold sold.
  • $600 per tonne: the profit made after refining costs.
  • Tractor loads: the aim is to start with two, though it could be three, at the end of the month.
  • 66 tonnes: the target weekly truckload volume.
  • $75,000: the estimated weekly gross revenue.
  • 20 million tonnes: the core main zone resource.
  • 40 million tonnes: the east zone resource.
  • 1 million to 2 million tonnes: the proposed processing capacity.
  • $50 million to $100 million: the estimated potential profits.

Sources:

  • North Bay Resources Inc. investor alert, dated no specific date.
  • (Author not specified) in Proactive.