North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample

Rhea-AI Summary

North Bay Resources announces a 50/50 joint venture with MGX Minerals for the Fran Gold Project in British Columbia. The project spans 34,360 acres, featuring substantial gold and copper deposits. Historical drilling data reveals high-grade gold intercepts and assays of up to 1.68% copper and 5.1 troy ounces of silver per ton. A 5,000-ton target zone has been flagged for exploration to support a maiden NI 43-101 Resource Estimate and bulk sample. The JV entails two phases: Phase I requires mining and milling 2,500 ounces of gold within 12 months for a 30% interest, and Phase II requires an additional 2,500 ounces within 24 months for a 50% interest. North Bay will be the operator, with equal profit-sharing. Corporate updates include media and corporate development service agreements.

Positive

• 50/50 joint venture with MGX Minerals reduces financial and operational risk.
• Property spans 34,360 acres with substantial gold and copper potential.
• Historical data shows gold intercepts up to 2.6 troy ounces per ton and copper assays up to 1.68%.
• 5,000-ton target zone flagged for NI 43-101 Resource Estimate and bulk sample.
• JV agreement includes both mining and milling 5,000 ounces of gold in two phases.
• Equal profit and resource sharing ensures balanced benefits for both parties.
• North Bay remains the operator, providing control over the exploration and mining activities.

Negative

• The JV agreement is non-arm's length, with North Bay's CEO also being a director and shareholder of the JV partner, posing potential conflict of interest.
• Significant expenditures required: $2.5 million needed to secure a 50% interest.
• Strict timelines for mining and milling 5,000 ounces of gold within 24 months.
• Failure to meet contribution requirements can result in dilution of interest.

BISHOP, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (the “Company” or “North Bay”) (OTC: NBRI) is pleased to announce it has entered a 50/50 joint venture (the “Joint Venture”) earn in agreement with MGX Minerals, Inc. (the “JV Partner”), regarding the Fran Gold Project (the “Property” or “Fran”), British Columbia. The Property is 34,360 acres and is located 20 miles from Centerra Gold’s 60,000 tonne per day Mt. Milligan Copper, Gold Mine (299Mt @ 0.22% Cu, .45 g/t Au). To date there has been in excess of 50,000 feet of diamond drilling in 104 holes at Fran, primarily at the Bullion Alley Zone. A gold deposit, 3700 feet in length, with width of up to 120 feet, and depth of over 700 feet has been delineated. The deposit contains 3 to 4 well defined parallel gold veins grading up to 2.6 troy ounces of gold per ton as well as wide sections of low and mid-grade gold in veins and disseminated in veinlets throughout the deposit. Surface trenching has identified a near surface sub-zone where the gold bearing veins swell and are accessible from surface. In addition, samples have assayed up to 1.68% copper and 5.1 troy ounces per ton silver. There is property wide potential for additional discoveries of gold and copper with numerous showings outside of the Bullion Alley Zone.

Exploration

During the week of May 13-17^th, the Company completed on-site exploration for the purpose of data verification in support of a maiden NI 43-101 Resource Estimate and bulk sample. A target zone of approximately 5,000 tons was delineated, flagged, and check sampled in trenches where prior assays reported up to 1.8 troy ounces per ton (see Picture 1). Surface assays, trench assays and correlated drill results appear to show this area as the primary gold zone. This zone will remain the focus of the bulk sample and related exploration and mining activity.

Picture 1. Geologist Sampling Massive Sulphide Zone in Trench B

Historical Drilling 2001-2019

High grade drill intercepts of greater than 0.3 troy oz. per ton are reported as follows, all assays were completed by prior operators in compliance with NI 43-101:

	Hole #	From (ft.)	To (ft.)	Length (ft.)	Au Troy Oz. per Ton
	FR-01-001	337.1	338.9	1.8	0.4
	FR-01-002	291.0	295.3	4.3	0.4
	FR-02-006	132.2	135.2	3.0	0.5
	FR-02-008	71.4	76.4	5.1	0.5
	FR-02-012	173.1	177.2	4.1	0.3
	FR-02-013	255.9	262.5	6.6	0.9
	FR-02-025	247.7	250.2	2.5	1.2
	FR-02-027	527.9	534.8	6.9	0.5
	FR-02-027	541.3	544.6	3.3	0.5
	FR-05-036	619.8	621.8	2.0	0.9
	FR-05-042	27.0	32.1	5.1	0.3
	FR-05-043	620.6	625.2	4.6	0.5
	FR-05-047	254.6	256.2	1.6	1.6
	FR-05-048	313.3	314.9	1.6	2.1
	FR-06-049	363.3	367.8	4.5	0.7
	FR-06-050A	193.6	195.0	1.5	0.4
	FR-06-053	261.8	263.5	1.6	0.5
	FR-06-055	195.9	199.8	3.9	0.3
	FR-06-055	268.1	269.8	1.7	2.6
	FR-06-055	287.2	290.2	3.0	0.4
	FR-06-056	318.6	321.0	2.5	0.4
	FR-06-058	372.7	376.8	4.1	0.4
	FR-06-059	94.3	98.6	4.2	0.4
	FR-06-059	98.6	105.2	6.7	0.4
	FR-06-061	127.2	128.8	1.6	0.3
	FR-07-064	235.6	240.5	4.9	0.5
	FR-07-068	407.0	408.6	1.6	0.4
	FR-07-070	525.4	527.1	1.6	0.7
	FR-07-070	738.8	740.6	1.8	0.6
	FR-07-071	180.4	181.8	1.3	0.4
	FR-07-071	222.1	226.4	4.3	0.8
	FR-07-074	386.2	391.1	4.9	1.2
	FR-07-074	391.1	393.0	2.0	0.3
	FR-07-075	160.8	162.7	2.0	0.8
	FR-07-076	456.2	458.2	2.0	0.5
	FR-07-076	458.2	460.8	2.6	0.4
	FR-10-082	490.5	492.8	2.3	0.3
	FR-10-082	490.5	492.8	2.3	0.3
	FR-11-086	153.1	156.5	3.4	0.3
	FR-18-094	771.0	775.3	4.3	0.4
	FR-18-095	772.6	780.0	7.3	0.7
	FR-18-096	458.7	460.5	1.8	0.3
	FR-18-096	460.5	462.3	1.8	1.1
	FR-18-096	516.7	518.4	1.6	0.4
	FR-18-096	518.4	521.0	2.6	0.4
	FR-18-100	738.5	741.7	3.3	0.6

Joint Venture Agreement

Terms of the Joint Venture are as follows:

Phase I - 30% initial interest will be earned by the Company by completing a NI 43-101 Compliant Mineral Resource Estimate and mining and milling of 2500 ounces of gold within 12 months;

Phase II - 50% total interest earned by the Company for the mining and milling of an additional 2,500 ounces of gold within 24 months.

The 50% interest will be considered earned when the above terms are met or 5,000 tons mined and milled and 10,000 tons mined and milled in Phase I and Phase II respectively. If at any time, within the time period, the Company expends greater than $2,500,000 in direct expenditures on the project, the 50% interest will be considered earned. The timelines will commence upon completion of any required engineering, assessments, and issuance of required permits related to each phase. Proft and/or physical sharing of gold and other valuable minerals will be on a 50/50 basis, during the earn-in period. Upon completion of the earn-in the project will operate as a joint venture with each party contributing equally to the Joint Venture. Should either party fail to contribute, dilution will be based on total existing contribution to the Joint Venture to date against additional contribution. Should either party fall below 15% interest, their ownership in the Joint Venture will convert to a 10% net profit interest. North Bay will be the operator. This is a non-arms length transaction, the Company CEO, Jared Lazerson, is a director and shareholder of the JV Partner.

Corporate Update

The Company has entered into a 14 month agreement with Proactive Investor North America for media services at a rate of $3,150 per month. The Company has entered into a 1 year agreement with CNC Collective, Inc. for corporate development services at a rate of $2,500 a month.

On behalf of the Board of Directors of

NORTH BAY RESOURCES INC.

Jared Lazerson
CEO

310-584-7278

jared@northbay-resources.com

northbay-resources.com

X: @NorthBayRes

Facebook: North Bay Resources Inc | Facebook

LinkedIn: North Bay Resources Inc | LinkedIn

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74d13688-3ed9-4a7e-bf65-ccc2bcc4074d

FAQ

What is the recent joint venture announced by North Bay Resources?

North Bay Resources has entered a 50/50 joint venture with MGX Minerals for the Fran Gold Project in British Columbia.

What are the terms of the North Bay Resources joint venture?

The JV requires mining and milling 2,500 ounces of gold in Phase I within 12 months for a 30% interest, and an additional 2,500 ounces in Phase II within 24 months for a 50% interest.

What are the significant findings of the Fran Gold Project?

Historical drilling data at Fran Gold Project has shown gold intercepts up to 2.6 troy ounces per ton, copper assays up to 1.68%, and silver assays up to 5.1 troy ounces per ton.

Who will operate the joint venture between North Bay Resources and MGX Minerals?

North Bay Resources will be the operator of the joint venture.

What are the financial requirements for North Bay to secure a 50% interest in the JV?

North Bay needs to mine and mill 5,000 ounces of gold or spend over $2.5 million in direct expenditures within the stipulated timelines to secure a 50% interest.

What corporate updates were announced by North Bay Resources?

North Bay Resources announced media service and corporate development agreements with Proactive Investor North America and CNC Collective, respectively.