North Bay Resources Announces Resource Estimate of 474,000 ounces at Fran Gold Project, British Columbia

Rhea-AI Summary

North Bay Resources (OTC: NBRI) has announced a preliminary resource estimate for its Fran Gold Project's Bullion Alley Zone in British Columbia. The non-NI 43-101 estimate reveals 474,000 ounces of gold from 43.8 million tonnes at 0.34 g/t for the Main Zone plus East Extension. The estimate utilized 18,000 meters of diamond drilling data from 2001-2018 across 104 holes. The Fran Gold Project is strategically located next to Centerra Gold's Mt. Milligan Project and near Artemis Gold's Blackwater Mine. The company is pursuing a dual strategy: developing high-grade surface material for its Bishop Gold Mill while evaluating the larger potential of the mass tonnage gold deposit. Additionally, NBRI has restructured debt by converting $350,000 into a 2-year secured debenture and issuing 500 million warrants.

Positive

• Resource estimate shows significant gold presence with 474,000 ounces from 43.8M tonnes
• Strategic location next to major mines including Centerra's Mt. Milligan and Artemis Gold's Blackwater Mine
• Deposit remains open for expansion in multiple directions and at depth
• Company owns a 100-ton per day gold mill in Bishop, California for processing
• Successful debt restructuring with $350,000 converted to 2-year secured debenture

Negative

• Resource estimate is not NI 43-101 compliant, reducing its credibility
• Relatively low average gold grade of 0.34 g/t in the Main Zone + East Extension
• Significant warrant dilution with 500 million warrants issued at $0.0007
• Outstanding demand loan of $11,951 remains

BISHOP, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- North Bay Resources, Inc. (the “Company” or “North Bay”) (OTC: NBRI) is pleased to announce a resource estimate (non-NI 43-101) for the Bullion Alley Zone at the Company’s Fran Gold Project. The preliminary resource estimate was completed by the Company using Leapfrog Geo + Edge 3D modelling software and diamond drilling data from 2001, 2005, 2006, 2012, and 2018 totaling 18,000 meters (55,000 feet) in 104 holes utilizing block model, with no cut-off:

Diagram 1. Fran Gold Block Model (Smooth)

Bullion Alley - Main Zone
Mass (tonnes)	Average (g/t)	Total (grams)	Total (tr. ounces)
20,035,146	0.50	10,051,730	323,170
Bullion Alley - Main Zone + East Extension
Mass (tonnes)	Average (g/t)	Total (grams)	Total (tr. ounces)
43,797,234	0.34	14,743,070	474,001

Diagram 2. Fran Gold Au >0.1 g/t cutoff

Recent data compilation has resulted in identification of the following significant drill intercepts.

Hole ID	From (m)	To (m)	Width (m)	Grade g/t
2001-01	46.0	234.0	188.0	0.1
incl.	102.8	127.1	24.3	0.5
incl.	220.0	234.0	14.0	0.6
2001-02	39.0	214.5	175.5	0.3
incl.	44.0	91.0	47.0	0.7
incl.	179.0	214.5	35.5	0.6
2001-04	66.0	180.0	114.0	0.1
incl.	75.0	95.5	20.5	0.3
2001-05	76.6	129.2	52.6	0.4
2001-06	19.8	74.0	54.2	0.3
2001-12	52.8	154.0	101.3	0.3
2002-26	40.7	82.0	41.3	1.2
2002-27	44.7	172.0	127.4	0.5
2002-31	167.1	185.3	18.3	0.5
2002-33	39.2	186.0	146.8	0.1
incl.	53.7	80.6	26.9	0.3
2002-34	16.7	195.5	178.9	0.2
incl.	154.5	195.5	41.0	0.7
2002-36	88.0	235.1	147.1	0.4
2002-37	118.0	229.6	111.6	0.1
incl.	118.0	133.8	15.9	0.5
2006-43	153.0	193.2	40.2	0.7
2006-47	35.1	81.6	46.5	1.3
2006-49	104.1	119.3	15.1	2.7
2006-50A	44.3	118.1	73.8	0.7
2006-51	66.1	85.4	19.3	0.7
2006-53	79.8	92.9	13.1	1.6
2006-55	27.9	100.5	72.5	1.8
2006-56	90.5	116.5	26.1	1.2
2006-58	61.4	157.4	96.0	0.3
2006-59	21.8	74.1	52.3	0.6
2006-60	90.5	131.5	41.0	0.7
2006-61	9.1	58.8	49.6	0.6
2006-62	79.9	150.3	70.5	0.5
2007-66	72.5	102.0	29.5	0.3
2007-68	127.1	147.1	20.0	0.8
2007-69	171.3	197.8	26.6	0.5
2007-70	131.1	246.0	114.9	0.7
2007-71	32.9	116.9	84.0	0.9
2007-72	78.9	106.9	28.0	0.3
2007-73	180.6	194.2	13.6	0.4
2007-74	111.9	269.8	157.9	0.6
incl.	111.9	188.0	76.1	1.1
2007-75	49.0	124.5	75.5	0.8
2007-76	133.2	169.8	36.6	0.9
2018-91	249.4	296.0	46.6	0.4
2018-94	222.0	339.2	117.2	0.6
2018-95	202.7	309.0	106.3	1.0
2018-96	134.7	284.0	149.3	0.9
2018-103	105.7	178.6	72.9	1.4

*Non-weighted interval length has been used to determine avg. grade

The company continues to compile data in preparation for a NI 43-101 Compliant Mineral Resource Estimate. In particular, the addition of surface trenching data and sampling data for areas that have not been drill tested between the Main and East Zones as well as to the East and North-east where a significant gold in soil anomaly exists and may add to the data set. The deposit remains open in these directions as well as to the South where a parallel vein system exists and most significantly, throughout the main zone, at depth.

Fran Gold Project

The Fran Gold Project is next to Centerra Gold’s Mt. Milligan Project, with Reserves of 264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate to Artemis Gold’s Blackwater Mine, with Proven and Probable Reserves of 334Mt grading 0.8 grams per tonne gold. Both Mt. Milligan and the Blackwater Mine are two of the largest new mines in North America in the modern era. The Blackwater Mine has a Measured and Indicated Resource in excess of 10M ounces of gold.

Historical exploration and development planning at Fran focused on delineation of mid-high grade veins with an eye to underground mining of these veins. Very limited focus was placed on bulk tonnage and disseminated gold, although discussed in reports from 2006, no follow-up appears to have occurred. North Bay’s recent ongoing focus has been the development of mid-high grade surface material as feedstock for its Bishop Gold Mill. This in turn has led to a re-evaluation of the project potential resulting in what is currently a dual focus with high grade surface material going to the Company’s mill and further evaluation of the larger potential of the mass tonnage gold deposit. Data indicates substantial expansion potential at depth beyond 300m (984 feet) and extensions of the disseminated gold zones to the East and North-East where copper grades begin to rise. Drilling was stopped in these directions due to the loss of the mid-high grade veins that were the focus of historical exploration and these areas remain largely unexplored.

In addition to the bulk gold deposit, the Company continues to develop the project as mid-high grade feedstock for its 100 ton per day Bishop, California gold mill utilizing existing stockpiles and development of the surface oxide zone where trenching has shown consistent grade of 16 grams (0.5 ounces per ton) over 30m (110 feet) in trenches B+C.

Corporate Update

The Company has settled a demand loan totalling $361,951, and has now converted $350,000 of that debt into a 2 year secured debenture at 10% and issued warrant coverage on a dollar for dollar basis at an exercise price of $0.0007 totalling 500,000,000 warrants with a term of 3 years. Any shares issued (as a result of warrant exercise) are subject to a statutory one-year hold from the date of issuance of the debenture. A balance of $11,951 remains as a demand loan at the end of Q1 2025.

The Company has begun work with the Company’s prior auditors for the purpose of returning to SEC reporting status and upon completion may commence the uplisting process.

On behalf of the Board of Directors of

NORTH BAY RESOURCES INC.

Jared Lazerson
CEO

info@northbay-resources.com

northbay-resources.com

X: @NorthBayRes

YouTube: North Bay Resources - YouTube

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.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/3185942d-335c-4522-84fe-7253039eb433

https://www.globenewswire.com/NewsRoom/AttachmentNg/9550097c-8782-40b7-abb3-af5a6f03939a

FAQ

What is the total resource estimate for North Bay Resources' (NBRI) Fran Gold Project?

The preliminary non-NI 43-101 resource estimate for NBRI's Fran Gold Project shows 474,001 ounces of gold from 43.8 million tonnes at an average grade of 0.34 g/t in the Bullion Alley Main Zone plus East Extension.

Where is NBRI's Fran Gold Project located and what are its neighboring mines?

The Fran Gold Project is located in British Columbia, adjacent to Centerra Gold's Mt. Milligan Project (264Mt @ 0.3 g/t gold) and near Artemis Gold's Blackwater Mine (334Mt @ 0.8 g/t gold).

What debt restructuring did North Bay Resources (NBRI) complete in May 2025?

NBRI converted $350,000 of debt into a 2-year secured debenture at 10% interest and issued 500 million warrants at $0.0007 exercise price with a 3-year term.

What is North Bay Resources' (NBRI) development strategy for the Fran Gold Project?

NBRI is pursuing a dual strategy: developing high-grade surface material as feedstock for its Bishop Gold Mill while evaluating the larger potential of the mass tonnage gold deposit.

How much drilling data was used in NBRI's Fran Gold Project resource estimate?

The resource estimate used diamond drilling data from 2001-2018, totaling 18,000 meters (55,000 feet) across 104 holes.