Spartan Resources Limited (“Spartan” or the “Company”) (ASX: Spartan) is pleased to announce the Updated Mineral Resource Estimate (“MRE”) for its 100%-owned Dalgaranga Gold Project “DGP”, located in the Murchison region of Western Australia.
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This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
North Bay Resources, Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce a resource estimate ( non-NI 43-101 ) for the Bullion Alley Zone at the Company's Fran Gold Project. The preliminary resource estimate was completed by the Company using Leapfrog Geo + Edge 3D modelling software and diamond drilling data from 2001, 2005, 2006, 2012, and 2018 totaling 18,000 meters (55,000 feet) in 104 holes utilizing block model, with no cut-off:
Diagram 1. Fran Gold Block Model (Smooth)
| Bullion Alley - Main Zone | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 20,035,146 | 0.50 | 10,051,730 | 323,170 |
| Bullion Alley - Main Zone + East Extension | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 43,797,234 | 0.34 | 14,743,070 | 474,001 |
Diagram 2. Fran Gold Au >0.1 g/t cutoff
Recent data compilation has resulted in identification of the following significant drill intercepts.
| Hole ID | From (m) | To (m) | Width (m) | Grade g/t |
| 2001-01 | 46.0 | 234.0 | 188.0 | 0.1 |
| incl. | 102.8 | 127.1 | 24.3 | 0.5 |
| incl. | 220.0 | 234.0 | 14.0 | 0.6 |
| 2001-02 | 39.0 | 214.5 | 175.5 | 0.3 |
| incl. | 44.0 | 91.0 | 47.0 | 0.7 |
| incl. | 179.0 | 214.5 | 35.5 | 0.6 |
| 2001-04 | 66.0 | 180.0 | 114.0 | 0.1 |
| incl. | 75.0 | 95.5 | 20.5 | 0.3 |
| 2001-05 | 76.6 | 129.2 | 52.6 | 0.4 |
| 2001-06 | 19.8 | 74.0 | 54.2 | 0.3 |
| 2001-12 | 52.8 | 154.0 | 101.3 | 0.3 |
| 2002-26 | 40.7 | 82.0 | 41.3 | 1.2 |
| 2002-27 | 44.7 | 172.0 | 127.4 | 0.5 |
| 2002-31 | 167.1 | 185.3 | 18.3 | 0.5 |
| 2002-33 | 39.2 | 186.0 | 146.8 | 0.1 |
| incl. | 53.7 | 80.6 | 26.9 | 0.3 |
| 2002-34 | 16.7 | 195.5 | 178.9 | 0.2 |
| incl. | 154.5 | 195.5 | 41.0 | 0.7 |
| 2002-36 | 88.0 | 235.1 | 147.1 | 0.4 |
| 2002-37 | 118.0 | 229.6 | 111.6 | 0.1 |
| incl. | 118.0 | 133.8 | 15.9 | 0.5 |
| 2006-43 | 153.0 | 193.2 | 40.2 | 0.7 |
| 2006-47 | 35.1 | 81.6 | 46.5 | 1.3 |
| 2006-49 | 104.1 | 119.3 | 15.1 | 2.7 |
| 2006-50A | 44.3 | 118.1 | 73.8 | 0.7 |
| 2006-51 | 66.1 | 85.4 | 19.3 | 0.7 |
| 2006-53 | 79.8 | 92.9 | 13.1 | 1.6 |
| 2006-55 | 27.9 | 100.5 | 72.5 | 1.8 |
| 2006-56 | 90.5 | 116.5 | 26.1 | 1.2 |
| 2006-58 | 61.4 | 157.4 | 96.0 | 0.3 |
| 2006-59 | 21.8 | 74.1 | 52.3 | 0.6 |
| 2006-60 | 90.5 | 131.5 | 41.0 | 0.7 |
| 2006-61 | 9.1 | 58.8 | 49.6 | 0.6 |
| 2006-62 | 79.9 | 150.3 | 70.5 | 0.5 |
| 2007-66 | 72.5 | 102.0 | 29.5 | 0.3 |
| 2007-68 | 127.1 | 147.1 | 20.0 | 0.8 |
| 2007-69 | 171.3 | 197.8 | 26.6 | 0.5 |
| 2007-70 | 131.1 | 246.0 | 114.9 | 0.7 |
| 2007-71 | 32.9 | 116.9 | 84.0 | 0.9 |
| 2007-72 | 78.9 | 106.9 | 28.0 | 0.3 |
| 2007-73 | 180.6 | 194.2 | 13.6 | 0.4 |
| 2007-74 | 111.9 | 269.8 | 157.9 | 0.6 |
| incl. | 111.9 | 188.0 | 76.1 | 1.1 |
| 2007-75 | 49.0 | 124.5 | 75.5 | 0.8 |
| 2007-76 | 133.2 | 169.8 | 36.6 | 0.9 |
| 2018-91 | 249.4 | 296.0 | 46.6 | 0.4 |
| 2018-94 | 222.0 | 339.2 | 117.2 | 0.6 |
| 2018-95 | 202.7 | 309.0 | 106.3 | 1.0 |
| 2018-96 | 134.7 | 284.0 | 149.3 | 0.9 |
| 2018-103 | 105.7 | 178.6 | 72.9 | 1.4 |
* Non-weighted interval length has been used to determine avg. grade
The company continues to compile data in preparation for a NI 43-101 Compliant Mineral Resource Estimate . In particular, the addition of surface trenching data and sampling data for areas that have not been drill tested between the Main and East Zones as well as to the East and North-east where a significant gold in soil anomaly exists and may add to the data set. The deposit remains open in these directions as well as to the South where a parallel vein system exists and most significantly, throughout the main zone, at depth.
Fran Gold Project
The Fran Gold Project is next to Centerra Gold's Mt. Milligan Project, with Reserves of 264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate to Artemis Gold's Blackwater Mine, with Proven and Probable Reserves of 334Mt grading 0.8 grams per tonne gold. Both Mt. Milligan and the Blackwater Mine are two of the largest new mines in North America in the modern era. The Blackwater Mine has a Measured and Indicated Resource in excess of 10M ounces of gold.
Historical exploration and development planning at Fran focused on delineation of mid-high grade veins with an eye to underground mining of these veins. Very limited focus was placed on bulk tonnage and disseminated gold, although discussed in reports from 2006, no follow-up appears to have occurred. North Bay's recent ongoing focus has been the development of mid-high grade surface material as feedstock for its Bishop Gold Mill. This in turn has led to a re-evaluation of the project potential resulting in what is currently a dual focus with high grade surface material going to the Company's mill and further evaluation of the larger potential of the mass tonnage gold deposit. Data indicates substantial expansion potential at depth beyond 300m (984 feet) and extensions of the disseminated gold zones to the East and North-East where copper grades begin to rise. Drilling was stopped in these directions due to the loss of the mid-high grade veins that were the focus of historical exploration and these areas remain largely unexplored.
In addition to the bulk gold deposit, the Company continues to develop the project as mid-high grade feedstock for its 100 ton per day Bishop, California gold mill utilizing existing stockpiles and development of the surface oxide zone where trenching has shown consistent grade of 16 grams (0.5 ounces per ton) over 30m (110 feet) in trenches B+C.
Corporate Update
The Company has settled a demand loan totalling $361,951, and has now converted $350,000 of that debt into a 2 year secured debenture at 10% and issued warrant coverage on a dollar for dollar basis at an exercise price of $0.0007 totalling 500,000,000 warrants with a term of 3 years. Any shares issued (as a result of warrant exercise) are subject to a statutory one-year hold from the date of issuance of the debenture. A balance of $11,951 remains as a demand loan at the end of Q1 2025.
The Company has begun work with the Company's prior auditors for the purpose of returning to SEC reporting status and upon completion may commence the uplisting process.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
Photos accompanying this announcement are available at:
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HIGHLIGHTS
The Pansy Pit MRE is shown in Table 1 on page 3.
Figure 1. Pansy Pit rotated and unclipped longsection view looking north with the optimised pit shell in grey, drill traces as black lines and the block model coloured by classification.
Figure 2. Pansy Pit rotated cross section view looking south at ~6,762,078mN +/- 10m with the optimised pit shell in black, drill traces as black lines and the block model coloured by estimated Au grade.
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This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
