North Bay Resources Acquires Mt Vernon Mine, Eyes Long-Term Gold Production
TL;DR
North Bay Resources Inc. aims for significant gold production at Mt. Vernon Mine, potentially yielding high revenues and long-term success.
The Mt. Vernon Mine acquisition in Sierra County, California provides a promising site with well-defined, shallow gold deposits and existing infrastructure for immediate test mining.
The acquisition of Mt. Vernon Mine has the potential to create long-term employment opportunities and economic growth in Sierra County, California, contributing to the local community and economy.
The Mt. Vernon Mine, a paleoplacer deposit with high-grade nuggets, has a fascinating history as a riverbed, making it an interesting and valuable site for gold exploration.
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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 described the Mt Vernon Mine as an undeveloped yet promising site, located near historically rich North American gold mines. The mine is characterised as a paleoplacer deposit, which was once a riverbed, making the gold deposits well-defined and relatively shallow. Historical findings have included high-grade nuggets, some reportedly grading at 90 ounces.
The mine is permitted and has existing infrastructure, which allows for the immediate commencement of test mining. North Bay Resources plans to scale up operations to process around 100 tons per day, with expectations of yielding significant quantities of gold based on initial exploration data.
Lazerson noted that the ore from the mine would be processed at the company’s Bishop Gold mill, which has a capacity of 100 tons per day. Projections estimate that the mine could produce approximately 80 ounces of gold daily, translating to gross revenues of about $200,000 per day. After costs and partnerships, net revenues could potentially exceed $100,000 daily.
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, especially in the current geopolitical and economic climate. The company aims for continued development and potential expansion of its processing capabilities in the future.
The acquisition of the Mt Vernon Mine not only signifies a strategic expansion for North Bay Resources but also highlights the enduring appeal and economic viability of gold mining in today's market. As the company embarks on this new venture, it underscores the importance of gold as a steady investment and a key player in the mining industry.
Curated from News Direct
