SKIPPACK, PA — North Bay Resources Inc. (OTC: NBRI) announced its 100% interest acquisition in the 1056-hectare Copper Island Red-Bed Copper Project in British Columbia, Canada. The acquisition, agreed upon on February 14th, 2023, involves share and cash payments totaling $550,000 from North Bay to the project’s previous owners, Copper Island Mines Ltd.
It comes after the discovery of a lucrative 14.7% Copper deposit burial during a 2023 summer geochemist’s exploration on the property. The project is remarkably close to the Wolf Lake Project, where a recent sampling revealed copper values up to 3.12% and gold values of 22 g/t.
The Copper Island project, approximately 15 kilometers north of Campbell River, showcases a rich mine of relatively small to medium copper and silver-bearing mineral occurrences, solidifying the area as a region of high-grade copper resources. The property is in the Lower-Upper Triassic Karmutsen Formation, specifically within volcanic-hosted Cu-redbed deposit-type rocks.
Historically, the project has seen extensive exploration and development work. The first mining operation in the area dates back to 1906-1907. Modern exploration kicked off in the early 1950s with Dodge Copper Limited’s detailed exploration program comprising trenching and diamond drilling. The property has experienced significant exploration and development under various owners, most notably by the Quadra Mining Company since 1968.
However, in 2011, Copper Island Mines Ltd. took over and embarked on an extensive geochemical sampling campaign. As a result, they were able to identify several zones of high-grade copper with remarkable values ranging from 5.64% to 7.64%. Additionally, rock chip samples revealed significant silver values of 19.8 g/t to 29.4 g/t, further bolstering the potential for a bright and promising future ahead.
Historic estimates suggest substantial copper reserves. Notable findings include 5,000 short tons @ 2.70% Cu, proven in POMEROY 2, and 972,400 short tons @ 1.22% Cu listed as proven in POMEROY 3 + 4.
The historic estimates, despite the non-compliance with the NI 43-101 regulations, were conducted by highly competent geologists and/or engineers of their time. These estimations significantly contribute to the credibility of the resource potential associated with the Copper Island project.
Under the agreement’s terms, North Bay Resources Inc. will complete a series of cash payments, securities issuances, and exploration expenditures. This includes an offering of 1,250,000,000 shares at a deemed price of $0.0002 on signing, valued at $250,000, and another similar offering on the one-year anniversary, additionally featuring a cash payment of $50,000.
Furthermore, the Company is obliged to complete a work program on the Project amounting to $50,000 within two years of signing, covering any and all costs associated with the project’s exploration. On completion of the final payment and requisite exploration work, the Project will be formally assigned to North Bay Resources Inc., subject to a 2% net smelter royalty.
The acquisition is a strategic move for North Bay Resources Inc., expanding its portfolio and reinforcing its commitment to securing valuable resources in the global marketplace.
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