North Bay Resources Advances Development of Massive Sulphide Zone at Fran Gold Project, British Columbia

Core Viewpoint - North Bay Resources, Inc. has completed initial test mining at the Fran Gold Project in British Columbia, revealing significant gold mineralization and plans for further development [1][6]. Mining Operations - Initial test mining has extracted approximately 10 tons of ore with a gold assay of 0.5 ounces per ton, and previous assays in Trenches B and C have shown grades up to 2.27 ounces per ton [1][4]. - The massive sulphide ore is heavily mineralized with gold, copper, and silver, primarily in the forms of chalcopyrite, marcasite, and galena [1][4]. - The current dimensions of the massive sulphides zone are estimated at 60 meters x 30 meters x 4 meters, with potential depth reaching up to 30 meters [5]. Economic Analysis - The gross value of the extracted ore is estimated at $1,700 per ton based on a gold price of $3,400 per ounce [3]. - Direct operating costs are currently $435 per ton, leading to an estimated gross profit of $599 per ton after accounting for dilution and recovery losses [4]. - As tonnage increases, costs are expected to decline, particularly in transportation and mining, potentially reducing costs by up to 30% [4]. Future Development Plans - The company is in the process of permitting a 10,000-tonne extraction permit to utilize large-scale equipment for extraction rates of 50-100 tons per day [6]. - Based on extraction results, the company may apply for a small mine permit of 50,000 tonnes per year or a large mine permit, depending on the development of the high-grade oxide zone and resource availability [6]. - The core low-grade bulk tonnage gold deposit is estimated at 20 million tonnes, with initial extraction planned at 1 million tonnes per year [6]. Exploration Background - Past exploration has included over 18,000 meters of diamond drilling, revealing large intercepts of mixed vein and disseminated gold [7]. - The Fran Gold Project is located near significant mining operations, including Centerra Gold's Mt. Milligan Project and Artemis Gold's Blackwater Mine, indicating a favorable mining environment [7]. Corporate Update - The company has initiated the uplisting process to become a fully reporting issuer, aiming to move from OTCID to OTCQB or another equivalent international exchange [8].