North Bay Resources acquires Mt Vernon Mine, expects long-term gold production
London, UK
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July 18, 2024 01:29 PM Eastern Daylight Time
North Bay Resources Inc. (OTC:NBRI) has announced an agreement to acquire 100% of the Mt Vernon Mine in Sierra County, California.
CEO Jared Lazerson told Proactive's Stephen Gunnion that the Mt Vernon Mine, located near historically rich North American gold mines, is an undeveloped yet promising site. The mine, characterised as a paleoplacer deposit, was once a riverbed, making the gold deposits well-defined and relatively shallow. Significant historical findings include high-grade nuggets, with some reportedly grading at 90 ounces.
The mine is permitted and has existing infrastructure, allowing for the immediate commencement of test mining. North Bay plans to scale up operations to process around 100 tons per day, with expectations of yielding significant gold quantities based on initial exploration data.
Lazerson noted that the mine’s ore would be processed at the company’s Bishop Gold mill, which can handle 100 tons per day. Projections estimate the mine could produce approximately 80 ounces of gold daily, translating to gross revenues of about $200,000 per day, with net revenues potentially exceeding $100,000 after costs and partnerships.
With nearly a million tonnes of known high-grade feedstock, the mine's operations could sustain for about 50 years at the current processing rate. Lazerson emphasised the company's rapid growth and the stability of gold as a valuable investment, particularly in the current geopolitical and economic climate. The company aims for continued development and potential expansion of its processing capabilities in the future.
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