North Bay Resources Inc. (OTC:NBRI) announced it has entered into a 50/50 joint venture with Toiyabe Kona Exploration covering the Silver Strike Concessions in Lander County, Nevada.
The property includes the past-producing X-Ray, OK, and Dudley-B mines, historically noted for exceptionally high silver grades, including reports of up to 1,072 ounces per ton at the X-Ray Mine.
The company said the partnership will prioritize modern exploration and development across the concessions.
Initial work will include geochemical sampling, geological mapping, infrastructure assessments, and a property-wide geophysical survey.
Crews are expected on-site as early as next week.
North Bay’s exploration strategy will focus on locating remaining high-grade material at depth, identifying new veins, and assessing bulk-tonnage potential, including evaluation of historical mine dumps and stockpiles.
Any ore recovered will be processed at the company’s Bishop Mill in California.
Under the joint venture terms, North Bay can earn its 50% interest by completing phased mining and processing milestones or by investing $300,000 in exploration and development.
Upon completion, the project will operate as a joint venture with shared costs and production on a 50/50 basis.
The company also reported progress at its Fran Gold Project in British Columbia.
Crews are scheduled to mobilize to the site around September 15 to begin ore shipments to its Bishop, California gold mill, building on successful test mining completed earlier this summer.
North Bay noted that development will continue in areas where drilling and bulk sampling have identified both high-grade oxide and vein material as well as lower-grade bulk tonnage potential.
In addition, the company outlined steps toward an uplisting to the OTCQB or a comparable exchange.
Management confirmed it has initiated a 1-for-100 reverse share split as part of this process and re-engaged its prior auditor to complete a PCAOB-compliant audit.
According to the company, these measures are intended to strengthen the investment profile of its shares while aligning with long-term growth plans across its US and Canadian project portfolio.