North Bay Resources Inc. (OTC:NBRI) said that an analysis of prior exploration work has identified a mass tonnage gold deposit at the Fran Gold project in British Columbia.
The analysis included a review of past exploration data, including over 18,000 meters of diamond drilling conducted between 2001 and 2018, geochemical and geophysical surveys, and 3D modeling.
Drill results indicate intercepts reaching up to 149 meters grading 0.95 grams per tonne (g/t) of gold.
The deposit is estimated to extend over an area exceeding 1,000 meters by 100 meters by 300 meters within a known strike length of 1,700 meters.
Exploration data suggests a potential resource of approximately 79.5 million tonnes at an average grade of 0.8 g/t gold, equating to a potential 2 million ounces.
The company said that there is sufficient data is available to proceed with an NI 43-101 compliant mineral resource estimate.
Historical exploration at Fran primarily targeted mid-to-high-grade gold veins with an underground mining focus, leaving the bulk tonnage potential largely unexplored, the company noted.
North Bay emphasized that it has shifted its strategy, evaluating both the high-grade surface material for its Bishop Gold Mill and the larger mass tonnage deposit.
The company sees potential for further expansion at depth beyond 300 meters and towards the east and northeast, where copper grades increase.
Corporate updates
North Bay also provided an update on its legal dispute with River Resources, the owner-operator of the Mt. Vernon Mine.
The company alleges that River Resources has refused to allow mine operations to proceed despite contractual agreements. It has engaged legal counsel and claims $19.5 million in damages due to delays.
Additionally, North Bay announced the termination of its joint venture agreement with the leaseholders of the Taber Mine. The leaseholders have agreed to refund all payments made by North Bay to date.