North Bay Resources produces first gold concentrate at Bishop Gold Mill
North Bay Resources Inc. (OTC:NBRI) announced it has successfully produced its first gold concentrate at the Bishop Gold Mill in California. The concentrate, containing striations of gold and other metals, is set for shipment to the company’s refinery partner in Reno, Nevada, this week.
The refinery will process the concentrate and provide payment to North Bay based on a spot price for gold, with a processing fee capped at 5%. In the interim, North Bay is operating with a gravity-only process while awaiting the arrival of flotation reagents. Once received, the company plans to implement flotation with a gravity finish.
Final testing of the flotation cells has already been completed, the company said in a statement. Following the successful gold extraction, North Bay has begun mobilizing additional ore shipments to the Bishop Gold Mill. Surface material, loaded in one-metric-ton sacks, will be transported via rail from the Fran Gold Project in British Columbia to Modesto, California, and then forwarded to the mill.
Logistics agreements have reduced transportation costs to $260 per standard ton. Previous assays of surface material at Fran reported gold grades ranging from 1.2 to 2.3 ounces per ton.
Located near Centerra Gold’s Mt. Milligan mine, the 34,360-acre Fran Gold Project has seen over 50,000 feet of diamond drilling, primarily in the Bullion Alley Zone. The site contains a gold deposit spanning 3,700 feet in length and over 700 feet in depth, with veins grading up to 2.6 ounces per ton of gold.
Additional assays from the property indicate up to 1.68% copper and 5.1 ounces of silver per ton. North Bay highlighted the potential for further gold and copper discoveries across the property, which includes numerous showings outside the Bullion Alley Zone.
Approximately 5,000 tons of surface material are ready for shipment.
Source: https://www.proactiveinvestors.co.uk/