North Bay Acquires North Star Silver Propertyadmin
North Bay Resources Inc. announce that it has acquired a 100% undivided interest in the North Star Silver Property in southeastern British Columbia, Canada.
The North Star Silver Property is situated in the historic Slocan Silver mining camp, and is located 1.5 kilometres east of Slocan Lake and approximately 4 kilomtres south of the village of Silverton. It covers almost 1,000 acres, and encompasses 3 past-producing mines; the Metallic, Noonday, and Buster.
The Metallic mine (MINFILE 082FNW066) is located on the north side of Hasty Creek. The ground surrounding the Metallic consists of the former Metallic claim group, composed of the Metallic, Midnight, Mary Florence and North Star claims. Government records document that past-production yielded an average of 2101 g/t silver, 0.40 g/t gold, 11% lead and 9.9 % zinc.
The nearby Noonday mine (MINFILE 082FNW068) is situated on reverted crown grants west of Hasty Creek, where past-production yielded an average of 2655 g/t silver, 0.16 g/t gold, 18% lead, 2.4% zinc. The Buster mine (MINFILE 082FNW188) is located one mile north of the Noonday, and has yielded an average of 1182 g/t silver, 15.5 g/t gold, 8.65% zinc and 7.5% lead.
The North Star Silver Property is also situated in close proximity to two other important Company assets. It is located 7 miles north-northwest of the Company’s recently-announced Silver Leaf joint-venture with Hidalgo Mining International Inc. It is also approximately 3 miles north of the Company’s minority interest at the Willa Mine. The Willa is a gold-copper-silver deposit that has had approximately $16 million dollars (CDN) spent to develop it to its present status, which includes an extensive underground network of workings to access the mineralization. The Company’s ground has been determined to be immediately adjacent to and partially covering the southeastern portion of the underground workings. The Willa’s total mineral resource estimate within the measured, indicated, and inferred categories, as specified by National Instrument 43-101 and based on a 1.5-gram gold per tonne cutoff, is reported as 3,989,494 tonnes grading 3.23 grams gold, 7.16 grams silver, and 0.53% copper. This equates to a total resource of 414,343 ounces of gold, 918,482 ounces of silver, and 46,602,077 pounds of copper.