SKIPPACK, PA — North Bay Resources Inc. (OTC: NBRI) has recently acquired a 100% interest in the Copper Island Red-Bed Copper Project, located in British Columbia, Canada. The company made this move in an agreement with Copper Island Mines Ltd. This acquisition comes on the heels of promising geochemical exploration results from Summer 2023, yielding up to 14.7% Cu.
The Copper Island project is well-positioned near the company’s Wolf Lake Project, where recent sampling returned up to 3.12% Cu and up to 22 g/t Au. This strategic location promises to enhance the company’s existing operations.
Historically, Copper Island has seen significant exploration and development work. Modern exploration commenced in 1952-53 by Dodge Copper, which carried out a detailed program of trenching and diamond drilling. More recently, in 2011, Copper Island Mines Ltd. conducted a program of geochemical sampling on the Pomeroy, Beaver, and Colleen Zones.
North Bay Resources’ acquisition includes the historic resources of nine British Columbia Ministry of Mines, Energy, and Carbon Reduction MINFILE occurrences located within Copper Island mineral claims. These occurrences include substantial amounts of copper, further boosting the project’s potential.
As part of these developments, the Board of Directors has appointed Jared Lazerson as CEO and a Director of the Company, replacing Perry Leopold. Mr. Lazerson brings a wealth of experience to the table, having been involved in the mineral exploration and technology industries for 25 years. He has previously accepted the Standard & Poors Global – Platts Metals Award for Leadership in Base and Specialty Metals on behalf of MGX Minerals as its CEO.
In addition to the change in leadership, the majority of the company’s shareholders have approved a share restructuring. This restructuring involves a consolidation of common shares at a rate of 1 new common share for every 500 existing common shares.
Mr. Lazerson’s compensation package includes $180,000 per annum and 496,812,596 share purchase options at $0.0002, representing 10% of the current issued and outstanding shares, for a period of 3 years.
This acquisition and change in leadership represent a significant shift for North Bay Resources Inc., positioning them for potential growth and success in their copper exploration efforts.
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