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North Bay Resources (NBRI) has announced promising assay results from its Tulameen Platinum Project in British Columbia. The assays indicate significant concentrations of magnesium (up to >25%), nickel (0.1%), copper (0.1%), cobalt (0.01%), and platinum (0.3 ppm). Nine rock samples analyzed in April 2024 at ALS Global Laboratory confirmed the presence of a magnesium-hosted nickel-cobalt deposit with copper and platinum group metals. Historical data estimates 15 million tons of olivine (magnesium) in the property. Key geological zones such as Creek, South, and Ridge zones exhibit promising mineralization. Additionally, the company has increased a promissory note from $35,000 to $85,000 at a 10% annual interest rate.
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.
