North Bay Resources Inc. (OTC:NBRI) has announced the acquisition of 100% of the Mt Vernon Mine in Sierra County, California. The mine, located near historically rich North American gold mines, is an undeveloped yet promising site characterized as a paleoplacer deposit. This type of deposit was once a riverbed, making the gold deposits well-defined and relatively shallow. Historical findings at the site include high-grade nuggets, with some reportedly grading at 90 ounces.
CEO Jared Lazerson highlighted that 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. Initial exploration data suggests this could yield significant gold quantities. The ore will be processed at the company's Bishop Gold mill, which has a capacity of 100 tons per day.
Projections estimate the mine could produce approximately 80 ounces of gold daily. This translates to gross revenues of about $200,000 per day, with net revenues potentially exceeding $100,000 after accounting for 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 emphasized 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.
