North Bay Resources Inc. (NBRI) Adds to Coronation Gold Property
Jul 20, 2009 8:50:00 AM
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SKIPPACK, PA -- (MARKET WIRE) -- 07/20/09 -- North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has staked additional claims adjacent to the Company's Coronation Gold Property, effectively tripling its size.
Coronation Gold is located near Memphis Creek, 6 kilometres northeast of Slocan in southeastern British Columbia. The property now covers 309 acres over several reverted crown grants and includes four other past-producing mines; the Colorado (MINFILE 082FNW161), the V&M (MINFILE 082FNW191), the Senator (MINFILE 082FNW164), and the Homestake (MINFILE 082FNW213), in addition to the Coronation (MINFILE 082FNW162). Primary mineralization is gold, silver, zinc, and lead. The highest combined historical (post-production) assays are 16.8 grams (0.54 ounces) per tonne gold, 6000 grams (192 ounces) per tonne silver, 10.9% zinc, and 1.2% lead.
According to BC Assessment Report 18603, the Coronation was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead. A more recent sample of tetrahedrite-bearing ore from the portal assayed 2.1 grams per tonne gold and 6000 grams (192 ounces) per tonne silver, and a sample from the Coronation dump assayed 0.4 gram per tonne gold, 2414 grams (77.6 ounces) per tonne silver, 1.2% lead and 10.9% zinc. The same report documents samples from the Senator adit that assayed 6.1 grams per tonne gold and 1080 grams (34.7 ounces) per tonne silver over 0.3 metres on a quartz-pyrite vein, and 16.8 grams (0.54 ounces) per tonne gold and 549 grams (17.65 ounces) per tonne silver over 0.5 metres on a quartz-pyrite vein from the V&M mine adit.
The new claims include the past-producing Homestake mine (MINFILE 082FNW213), which was also previously known as the Hamilton. Significant gold and silver values are reportedly associated with mainly pyrite mineralization, accompanied by minor tetrahedrite, arsenopyrite, and native silver. The principal structure hosting the vein is a shear zone about 3 metres wide that cuts a coarse porphyritic phase of the Nelson granitic batholith. Past-production at the Homestake averaged 23.3 grams (0.75 ounces) per tonne gold, 2611 grams (83.95 ounces) per tonne silver, 1.33% lead and 1.52% zinc.
The Coronation Gold property is approximately 7 kilometres southwest of the Company's partial interest in the Willa mine, where a 2005 NI 43-101 report measured the resource as 3,989,494 tonnes grading 3.23 grams gold, 7.16 grams silver, and 0.53% copper based on a 1.5-gram gold per tonne cutoff. It is also 5 kilometres west of the Company's Silver Leaf property, and 13 kilometres southwest of the Company's North Star Silver property. Combined with other claims in the area, North Bay is now second to only Klondike Silver Corp. as one of the largest claim owners in the Slocan Mining Camp.