North Bay Resources Receives Approval for Phase II Work Program at Fraser River Platinum JV Propertyadmin
North Bay Resources Inc., a junior mining company with over 100 mineral and placer claims encompassing approximately 40,000 acres throughout British Columbia, Canada announce that written approval of its Plan of Operations has been received from the Ministry of Mines (MEMPR) in British Columbia, and work permits have been issued to allow mechanized excavation work to begin at the Fraser River Platinum JV project, effective immediately. As required by BC regulations, a reclamation bond has also been posted.
The Fraser River Platinum Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. The general matrix of the bench placer is described as having fine gold and platinum disbursed throughout the deposit. Higher grade pay streaks within the general deposit are distributed in bands throughout the orebody, and are much more concentrated, especially closer to the original erosion channel.
A Phase I test program was conducted in February to sample the deposit within 2 feet of the surface to determine the background concentration levels of the general deposit and to establish a baseline. Initial assays from the Phase I program were released in April to show an average of 520 grams per tonne gold from concentrate, for an effective yield of 0.26 grams of gold per yard of in-place background placer material. Platinum assays came in as high as 5.38 grams per tonne platinum and .04 grams per tonne palladium from the same samples of concentrate.
The Phase II work program will now proceed to excavate Zone 1 to a depth of at least 25 to 30 feet. The object of Phase II is to take samples at regular intervals vertically from the pit walls in an attempt to intersect the pay streaks and gain further insight as to the geometry and average grade of the deposit. The Phase II work program is expected to extend through the end of July.
While the true depth of the deposit has not yet been determined, preliminary measurements of the mineralized black sands within Zone 1 estimates the volume to be approximately 250,000 tonnes. It is also estimated that there are at least several other similar zones adjacent to the test pit, which if borne out should significantly increase the volume estimates.
Results of the Phase II program will be announced once the work has been completed.