North Bay Resources Inc. (OTC:NBRI) has announced positive assay results that indicate the Tulameen project's potential for significant mineral deposits.
Conducted in April 2024, the exploration involved nine rock samples that, when analyzed, confirmed a magnesium-hosted nickel-cobalt deposit with copper and platinum group metals.
The property, known for its large magnesium deposit within a dunite core, was historically estimated by Diamet in the 1980s to contain 15 million tons of dunite, primarily in the form of olivine.
The April 2024 assays revealed significant findings of over 25% magnesium, 1,335 parts per million (ppm) nickel, 116 ppm copper, and 111 ppm cobalt.
Other notable samples included 19.6% magnesium, 1,110 ppm nickel, and 1,055 ppm copper, and another at 19.4% magnesium and 1,130 ppm nickel.
The mineralization within the dunite-rich core includes a variety of minerals formed both originally in the rock (like forsteritic olivine, chromite, and diopside) and through later geological processes such as serpentinization (producing serpentine, carbonates, magnetite, and talc). This complex mineral assemblage suggests a dynamic geological history involving significant chemical alteration.
Three primary zones were identified: the Creek Zone, South Zone, and Ridge Zone.
The Creek Zone features a platinum-chromite showing with a breccia zone hosting fragments of dunite/peridotite cemented by serpentine. Historic assays in this zone include up to 0.14 ounces per ton of platinum.
The South Zone, located south of the Creek Zone, shows platinum values averaging 0.01 ounces per ton over 3,100 feet.
The Ridge Zone contains abundant chromite within dunite, trending northwest for 930 feet.