North Bay Resources
Reports Assays up to >25% Mg, 0.1% Ni, 0.1% Cu, 0.01% Co, 0.3
ppm Pt at Tulameen Platinum Project, British Columbia
Bishop, CA -- May 29, 2024 --
InvestorsHub NewsWire -- North Bay Resources Inc. (the
"Company" or
"North
Bay") (OTC:
NBRI) is pleased to announce it has received assays from recent
exploration conducted at it's wholly owned Tulameen Platinum
Project, British Columbia (the
"Property"). Nine rock samples, analyzed using
Aqua Regia - ICP whole rock analyses (ME-ICP41) at ALS Global
Laboratory, North Vancouver, BC from exploration conducted in April
of 2024, confirmed a magnesium hosted nickel-cobalt deposit with
copper and platinum group metals. The property is known to host a large
magnesium deposit consisting of olivine within a dunite core, a
common host rock and indicator for nickel and other metals and
gems. A historic resource by Diamet in the 1980's estimated
15,000,000 tons of dunite in a single zone, primarily in the form
of olivine (magnesium). There have been 4 additional zones
identified.
April 2024 Exploration
Assays:
|
|
Mg
|
Ni
|
Cu
|
Co
|
Ag
|
Pt
|
|
|
%
|
ppm
|
ppm
|
ppm
|
ppm
|
ppm
|
|
24TL-1
|
16.8
|
922
|
643
|
83
|
0.9
|
0.045
|
|
24TL-2
|
19.6
|
1110
|
1055
|
89
|
1.7
|
<0.005
|
|
24TL-3
|
19.4
|
1130
|
896
|
86
|
1.4
|
<0.005
|
|
24TL-4
|
23.4
|
1230
|
94
|
102
|
<0.2
|
0.009
|
|
24TL-5
|
1.91
|
93
|
584
|
41
|
0.7
|
0.017
|
|
24TL-6
|
22.5
|
922
|
25
|
110
|
<0.2
|
0.265
|
|
24TL-7
|
1.57
|
27
|
223
|
19
|
<0.2
|
0.005
|
|
24TL-8
|
2.49
|
38
|
321
|
39
|
0.2
|
0.008
|
|
24TL-9
|
>25.0
|
1335
|
116
|
111
|
<0.2
|
0.038
|
Tulameen
Geology
The dunite rock is principally made
of forsteritic (magnesium rich) olivine, accessory chromite, and
rare diopside. The rock is medium to dark grey, buff weathering and
well jointed. The serpentinized (altered) dunite rocks contain
serpentine, carbonates, magnetite, and talc. Concentrations of
chrome spinel and massive chromitite appear to be distributed
randomly throughout the dunite as discrete layers, nodular masses
and schlieren. Chromitite schlieren are commonly distinguished in
outcrop by a pale alteration halo. Associated with chromite are
microscopic grains of platinum minerals (platinum -iron alloys,
sperrylite), nickel iron sulphides (pentlandite, violarite,
bravoite), chalcopyrite and pyrite (St. Louis et al.
1986).
Three main zones have been identified
as follows:
Creek Zone
The Creek Zone (Minfile 092HNE128)
platinum-chromite showing occurs at the confluence of Britton
(Eagle) Creek with the Tulameen River. This occurrence is hosted in the
dunite-rich core of the Early Jurassic Tulameen Ultramafic Complex,
a zoned Alaskan-type intrusive complex. Mineralization occurs in a
serpentine breccia zone containing fragments of dunite / peridotite
cemented by a matrix of serpentine. The zone is 560 ft. long, up to
480 ft. wide and lies mostly north of the river, on either side of
the creek. Further work, considers it as being 1,860 ft. in length
(AR 17170). Chromite occurs in the breccia and the surrounding
dunite in areas of stronger magnesium alteration, mostly along
Britton Creek.
Platinum occurs in elevated values in
the breccia and in the surrounding dunite / peridotite. Two samples
from the breccia assayed 0.08 ounces per ton and 0.14 ounces per
ton platinum (AR 17170). Values of up to 0.02 ounces per ton
platinum occur west and south of the breccia zone, in peridotite
with little visible chromite (AR17170). The breccia zone is noted
to be practically free of sulphides, yet earlier reports suggest
the presence of chalcopyrite and millerite. Magnetite, sperrylite
and asbestos have also been reported in the past. A 2013 survey of
the zone returned assays of up to 0.195% copper, while the 2018
assays returned 0.024% copper, 0.124% nickel, 0.25% chromium
(sulphides including pentlandite present).
The showing was mapped and sampled by
Imperial Metals Corporation, Newmont Exploration of Canada, and
Tiffany Resources between 1984 and 1987.
South Zone
The South Zone occurs immediately
south of the Creek Zone on the other/southern side of the Tulameen
River. It lies at an elevation of 2,835 ft. to 3,310 ft.
on the northern slopes of the Olivine
Mountain. The highest platinum value is 0.04
ounces per ton and the average of the 30 rock samples which make up
the zone is 0.01 ounces per ton. The zone appears to be 3,100 ft in
length.
Ridge Zone
The Ridge Zone (BC MINFILE 092HNE207)
platinum-chromite showing outcrops along a northwest-trending ridge
on the southern slopes of Grasshopper
Mountain. The ridge is underlain by dunite and
peridotite of the Early Jurassic Tulameen Ultramafic Complex, a
zoned Alaskan-type intrusive complex. The dunite contains
relatively abundant chromite in a zone trending northwest for 930
feet and varying up to 310 feet in width. Chromite comprises up to
20% of the dunite in this zone (AR 17170).
Corporate
Update
The Company has increased a
previously issued promissory note from $35,000 to
$85,000. The note is a demand loan paying 10%
interest per annum.
On behalf of the Board of Directors
of
NORTH BAY RESOURCES
INC.
Jared Lazerson
CEO
310-584-7278
jared@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
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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.