North Bay Resources Inc. has announced an agreement to acquire 100% of the Mt Vernon Mine in Sierra County, California.
CEO Jared Lazerson told Proactive's Stephen Gunnion that the Mt Vernon Mine, located near historically rich North American gold mines, is an undeveloped yet promising site. The mine, characterised as a paleoplacer deposit, was once a riverbed, making the gold deposits well-defined and relatively shallow. Significant historical findings include high-grade nuggets, with some reportedly grading at 90 ounces.
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, with expectations of yielding significant gold quantities based on init...