North Bay Resources, Inc. (OTC Pink: NBRI) is engaged as a junior mining company, which currently maintains operates across British Columbia, Canada. The company maintains 100% ownership in several mining projects, including the Mt. Washington project on Vancouver Island and the Tulameen Platinum Project in British Columbia.Shares of the junior mining company are rallying 37.50% through early trading on Wednesday, December 1, 2021. Over the past month, North Bay Resources has seen average daily volume of 137.98 million shares. However, volume of 230.21 million shares or dollar volume of around $276,252, has already exchanged hands through early trading Wednesday.
North Bay Resources saw shares gain after the company reported its findings from recent fieldwork on its 100%-owned Tulameen Platinum Project in British Columbia. Management says they have discovered signs of potentially significant deposits of platinum and gold by-product. Based on calculations made from intersections and their respective sampling grades, the company estimates metal targets of up to 729,000 ounces of Platinum 363.95 million pounds of Nickel, 1.308 billion pounds of Chromite, and 294,000 ounces of gold. Turning to its magnesium deposits, the company says, “the average grade of 25% magnesium previously disclosed remains a virtual certainty given the nature of the deposit, and it is the commercial production of magnesium that remains the Company’s principal focus, as well as the potential for additional revenue streams from CO2 sequestration.”
Management does note that these are just estimates and that extensive metallurgical testing of additional samples would be needed for certainty. Until further testing can be completed, management stresses these estimates are conceptual and are not definitive numbers of proven reserves. On a positive note for shareholders, the geological team from North Bay Resources was able to identify and map an ideal location to extract a 10,000 ton bulk sample, as a part of a mining permit application that the company is working on preparing.
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