North Bay Resources Inc. (OTC: NBRI) has announced the identification of a significant mass tonnage gold deposit at its Fran Gold Project in British Columbia. This discovery stems from an extensive analysis of historical exploration data, including over 18,000 meters of diamond drilling conducted between 2001 and 2018, geochemical and geophysical surveys, and advanced 3D modeling.
The Fran Gold deposit is estimated to span an area of approximately 1,000 meters by 100 meters by 300 meters within a known strike length of 1,700 meters. Drill results revealed intercepts as long as 149 meters grading 0.95 grams per tonne (g/t) of gold. Exploration data suggests a potential resource of about 79.5 million tonnes at an average grade of 0.8 g/t gold, equating to approximately 2 million ounces of gold. The company stated that sufficient data is available to proceed with a NI 43-101 compliant mineral resource estimate.
Historically, exploration at the Fran Gold Project prioritized mid-to-high-grade gold veins for underground mining. However, North Bay Resources has shifted its strategy to evaluate both high-grade surface material for processing at its Bishop Gold Mill and the larger mass tonnage deposit. The company also sees potential for further expansion at depth beyond 300 meters and towards the east and northeast, where copper grades increase.
The Fran Gold Project is strategically located near Centerra Gold’s Mt. Milligan Copper-Gold Mine and Artemis Gold’s Blackwater Mine, both major mining operations in North America and underscoring its significance in the region.
North Bay has provided updates on two significant corporate developments. The company is currently engaged in a legal dispute with River Resources, the owner-operator of the Mt. Vernon Mine. North Bay alleges that River Resources failed to honor contractual agreements by refusing to allow mining operations to proceed. This impasse stems from last-minute demands by River Resources, including a 50% share of gold production and $20 million in liability insurance, which North Bay claims were unreasonable. As a result, the company has filed a claim for $19.5 million in damages, citing operational delays and ongoing losses.
Additionally, North Bay has announced the termination of its joint venture agreement for the Taber Mine, effective April 1, 2025. The leaseholders of the Taber Mine have agreed to refund all payments made by North Bay under the agreement. This decision marks a strategic shift for the company as it resolves its involvement with the Taber Mine project.
North Bay Resources’ recent discoveries at Fran Gold highlight its strategic positioning in British Columbia’s mining sector. With plans to pursue a NI 43-101 compliant resource estimate and opportunities for further exploration expansion, the company aims to unlock significant value from this promising project.
