North Bay Resources Inc. (OTC:NBRI) has announced a preliminary, non-NI 43-101 compliant resource estimate for the Bullion Alley Zone at its Fran Gold project in British Columbia.
The estimate, based on over 18,000 meters of drilling across 104 holes completed between 2001 and 2018, is for 474,001 ounces of gold contained within 43.8 million tons grading 0.34 grams per ton (g/t) across the Main Zone and the East Extension.
The Main Zone alone contains 323,170 ounces in 20 million tons with an average grade of 0.50 g/t.
The model was constructed by the company using Leapfrog Geo + Edge software.
North Bay said it continues compiling trenching and sampling data, particularly between the Main and East Zones and to the east, northeast, and south.
These areas are open for expansion and remain underexplored, especially where a parallel vein system and soil anomalies suggest additional potential.
Originally explored for underground mining of mid- to high-grade veins, the Fran Gold Project is now being reevaluated by the company as both a bulk-tonnage disseminated gold deposit and a source of high-grade surface material for North Bay’s 100 ton per day Bishop Gold Mill in California.
Corporate updates
As part of its corporate strategy, North Bay also announced the restructuring of a demand loan totaling $361,951.
Of this, $350,000 has been converted into a two-year secured debenture bearing 10% interest and backed by 500 million warrants exercisable at $0.0007 over three years.
The shares issued under this arrangement will be subject to a one-year statutory hold. The remaining $11,951 remains as a demand loan.
Further, the company has initiated work with its previous auditors to regain SEC reporting status, with a potential uplisting under consideration.