North Bay Resources Inc. Acquires Niobium-Tantalum-REE Property
27.01.2011 | Marketwire
SKIPPACK, PA -- (Marketwire - January 27, 2011) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that the Company has acquired a 100% undivided interest in a niobium, tantalum, and rare earth elements ("REE") resource in southeastern British Columbia known as the Crescent.The Crescent Property covers the former Tantalizing and PEG claims, and comprises 933 contiguous acres located approximately 3 kilometres northwest of Crescent Valley, BC and 24 kilometres west of Nelson, BC. Another REE prospect approximately one mile due east of the Crescent and covering 466 acres formerly known as the JAK claim group was also staked, and is now considered to be part of the Crescent project. The local infrastructure is excellent, as the property is situated near the Slocan River, is road accessible, and close to powerlines. The property was acquired by the direct staking of claims by Company personnel and the payment of statutory registration fees to the Province of British Columbia.
Historical assessment work dating back to 1956 and on file with British Columbia has documented that the Crescent Property contains pegmatites with high grade pockets of niobium and tantalum, grading up to 25.7% niobium and 9.8% tantalum. According to BC MINFILE 082FSW272, "Two of the larger quartzose pegmatite-greisen zones, 300 metres apart, measure 20 by 30 metres and 8 by 30 metres. They consist predominantly of coarse-grained feldspar with minor quartz and muscovite and contain niobium-tantalum oxide minerals. The black radioactive minerals are likely samarskite and ilmenorutile or niobium rutile. They occur as disseminations in reddish feldspar and patches up to 5 centimetres across. A chunk of samarskite assayed 5.8% uranium, 2.5% thorium, 25.7% niobium and 9.8% tantalum (Minister of Mines Annual Report 1956, page 77). In 1967, a sample from the area assayed 2.2% niobium, 0.14% uranium and 0.32% yttrium (Metcalfe, 1967). A more recent grab sample from 1985 assayed 1.25% Nb2O5 and 0.14% Ta2O5 (Assessment Report 14652)."
In 2002, a work program was conducted to assess the presence of rare earth elements ("REE"). Eight rock geochemical samples and one silt sample were collected and analyzed by Acme Laboratories using an ultratrace ICPMS and by Actlabs using neutron activation. BC Assessment Report 26855 documents anomalous indications of almost all known REEs. The table below shows the best composite REE results from the geochemical sample analysis performed in 2002, including several minerals often associated with REE deposits.
Name Symbol PPM Type*
Lanthanum La 99.00 LREE
Cerium Ce 206.40 LREE
Praseodymium Pr 29.58 LREE
Neodymium Nd 109.57 LREE
Samarium Sm 45.21 LREE
Europium Eu 0.75 HREE
Gadolinium Gd 42.48 HREE
Terbium Tb 5.80 HREE
Dysprosium Dy 28.16 HREE
Holmium Ho 3.71 HREE
Erbium Er 10.40 HREE
Thulium Tm 1.76 HREE
Ytterbium Yb 14.04 HREE
Lutetium Lu 1.72 HREE
Yttrium Y 148.88 HREE
Strontium Sr 29.60
Titanium Ti 1490.00
Gallium Ga 6.40
Cesium Cs 1.07
Rubidium Rb 53.90
Beryllium Be 3.40
Lithium Li 15.10
* LREE stands for light rare earth elements (La-Sm); HREE stands for heavy rare earth elements (Eu-Lu + Y)
The Company intends to seek a joint-venture partner to help develop the resource.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada. In the US, the Company holds an option to acquire the Ruby Gold Mine in Sierra County, California, and is presently looking to acquire additional operating mines in the western US. The Company's mission is to build a portfolio of viable mining prospects throughout the world and developing them through subsidiaries and JV partners to their full economic potential. North Bay's business plan is based on the Generative Business Model, which is designed to leverage its properties into near-term revenue streams even during the earliest stages of exploration and development. This provides shareholders with multiple opportunities to profit from discoveries while preserving capital and minimizing the risk involved in exploration and development.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although North Bay Resources Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by North Bay Resources Inc. or any other person that the objective and plans of North Bay Resources Inc. will be achieved.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website (or press releases), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form S-1 and subsequent Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com