North Bay Resources Commences Gold Shipments, Fran Gold Project, British Columbia; Enters Taber Gold Mine JV, Sierra County, California

Rhea-AI Summary

North Bay Resources Inc. (OTC: NBRI) has announced two significant developments:

1. Commencement of gold ore shipments from the Fran Gold Project to the Company's Bishop Gold Mill. Initial shipment of 44 tons of surface material grading 1.2 to 2.3 ounces gold per ton.

2. Joint venture agreement to acquire a 50% interest in the Taber Mine in Sierra County, California. The mine is contiguous with the Union-Keystone Mine, which has produced over 1.1 million ounces of gold.

Additionally, the company has issued shares for debt conversion and entered into a digital marketing agreement.

Positive

• Commencement of gold ore shipments from Fran Gold Project
• High-grade initial shipment of 1.2 to 2.3 ounces gold per ton
• Identified approximately 5000 tons of target material at Fran Gold Project
• Acquired 50% interest in the permitted Taber Mine with existing processing capacity
• Taber Mine located on the same channel as the highly productive Union-Keystone Mine

Negative

• Issued 136,223,913 shares for debt conversion, potentially diluting existing shareholders
• Agreed to issue 133,000,000 restricted shares for digital marketing services

News Market Reaction

%

1 alert

% News Effect

On the day this news was published, NBRI declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BISHOP, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (the “Company” or “North Bay”) (OTC: NBRI) is pleased to announce the commencement of gold ore shipments from the Fran Gold Project to the Company’s Bishop Gold Mill. A four-man crew has mobilized to site and the first tractor trailers are schedule to arrive next week. The initial shipment will consist of 44 tons of surface material, manually loaded into one metric tonne (2200 lbs.) super-sacks and placed on flat-bed tractor trailers. The target material was recently assayed and graded 1.2 to 2.3 ounces gold per ton (see Press Release dated August 26, 2024). Upon successful completion of optimization and processing, additional shipping will ramp up and continue through-out the Fall, weather permitting. The Company has identified approximately 5000 tons of target material (see Photo 1) and a substantially larger amount of near surface material in trenches and defined by prior diamond drilling.

Photo 1 – Fran Gold

Fran Gold Property

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 Gold, primarily at the Bullion Alley Zone. The Fran Contact Zone is defined by 100 degree striking, steeply dipping monzodiorite porphyry/volcaniclastic-hornfels lithology contact where quartz-carbonate-sulphide zones occur along shear zones, as veins, breccia and extension fractures, as infilling, primarily defined by 3 parallel veins varying from 2 feet to 30 feet width over 3000 feet of strike length and 700 feet of depth.

Taber Mine Joint Venture

The Company is pleased to announce it has entered into an agreement (the “Agreement”) with a private arms-length Company to acquire a 50% interest in the Taber Mine located in Sierra County, California by extracting 5,000 tons of material or spending $1,500,000 within 30 months. The Taber Mine is a largely undeveloped deposit, contiguous and on the same channel as the Union-Keystone Mine, the largest and most prolific producer in the area. The Taber Mine is a permitted underground mine with existing on-site gravity processing and sorting in excess of 100 tons per day. The property has two known mineralized channels, the Front and Back Channel respectively. These channels converge at the North end of the property into a single channel, the Bellevue Channel, which crosses into the Union-Keystone Mine property. This channel is one of the most productive deposits in the region with over 1.1 million ounces of gold produced at Union-Keystone alone. Both the Front Channel and, the largely untouched, Back Channel at the Taber Mine are estimated at up to 250 feet total width and run the entire length of the property approximately 6000 feet with a mineralized height of up to 6 feet.

Taber Mine Development

A mining crew arrived on-site last week, entered the mine and began rehabilitation work to provide access to the Wild Boar Zone approximately 700 feet inside the mine. The primary work consisted of steel and timber reinforcement of the tunnel and will expand to the historic Wild Boar shaft itself shortly. Once access is secured, the Company will complete sampling of the three known mining faces where mining as recent as the 1990’s is reported. The Company plans to commence test mining upon confirmation of assay via rehabilitation of mine gauge rail, ore cars and electric locomotive. Additionally, rehabilitation and development of the entire existing 4000 foot tunnel extending to the largely unmined Back Channel will follow-on, after development of the Wild Boar Zone in the Front Channel.

Corporate Update
The Company has received a notice of conversion in the amount of $62,663 from Caesar Capital Group, LLC and will issue 136,223,913 non-restricted shares at a rate of $0.00046 as required under the conversion terms. The Company has entered into an agreement with NexGenAI Solutions Group, Inc. for digital marketing and related software services at a rate of $22,166 per month for 6 months. The Company has agreed to settle this obligation for shares at a price of $0.0008 for 133,000,000 restricted shares. The shares will have a statutory hold of one year.

On behalf of the Board of Directors of

NORTH BAY RESOURCES INC.

Jared Lazerson
CEO

info@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/fcadd16e-4e03-4f1b-9dee-169f4d66fc9f

FAQ

What is the initial gold shipment grade from North Bay Resources' Fran Gold Project?

The initial shipment from the Fran Gold Project grades 1.2 to 2.3 ounces gold per ton.

How much target material has North Bay Resources (NBRI) identified at the Fran Gold Project?

North Bay Resources has identified approximately 5000 tons of target material at the Fran Gold Project.

What is the terms of North Bay Resources' (NBRI) joint venture agreement for the Taber Mine?

North Bay Resources can acquire a 50% interest in the Taber Mine by extracting 5,000 tons of material or spending $1,500,000 within 30 months.

How many shares did North Bay Resources (NBRI) issue for debt conversion in September 2024?

North Bay Resources issued 136,223,913 non-restricted shares at a rate of $0.00046 for a debt conversion of $62,663.