North Bay Resources Strikes Joint Venture Deal With MGX Minerals For Fran Gold Project
Date
5/21/2024 2:21:45 PM
(MENAFN- News Direct) --News Direct--
North Bay Resources CEO Jared Lazerson joined Steve Darling from Proactive to unveil the company's latest milestone: a 50/50 joint venture earn-in agreement with MGX Minerals concerning the Fran Gold Project in British Columbia. Positioned just 20 miles from Centerra Gold's Mt. Milligan Copper, gold Mine, the Fran Gold Project holds strategic significance in proximity to established mining operations.
Lazerson elaborated on the project's progress, highlighting the extensive exploration efforts conducted thus far. Over 50,000 feet of diamond drilling has been completed across 104 holes, primarily focused on the Bullion Alley Zone. Through these endeavors, a significant gold deposit has been delineated, spanning 3,700 feet in length, with widths of up to 120 feet, and depths exceeding 700 feet.
Under the terms of the joint venture agreement, North Bay Resources stands to earn a 30% interest upon completing a NI 43-101 Compliant Mineral Resource Estimate and successfully mining and milling 2,500 ounces of gold within 12 months. Subsequently, an additional 20% interest will be earned for the extraction of another 2,500 ounces of gold within 24 months. Moreover, if North Bay Resources invests over $2,500,000 in direct expenditures on the project, it will secure a 50% interest. The timelines for these milestones will commence upon the completion of necessary engineering assessments and the issuance of required permits, with North Bay serving as the project operator.
The joint venture agreement marks a significant step forward for North Bay Resources
Contact Details Proactive North America
+1 604-688-8158
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