North Bay Resources Inc. (OTC:NBRI) has taken a significant step forward in the gold mining sector with the acquisition of 100% ownership of the Mt Vernon Mine in Sierra County, California. This strategic move not only enhances the company's portfolio but also positions it for substantial growth in the industry. The Mt Vernon Mine, located near historically productive gold mines, is an undeveloped site with promising geological features, including well-defined and relatively shallow gold deposits, making it an attractive asset for efficient and cost-effective mining operations.
Historical findings at the Mt Vernon Mine have been remarkable, with reports of high-grade gold nuggets, some as high as 90 ounces, indicating a rich concentration of gold. This acquisition allows North Bay Resources to immediately commence test mining operations, thanks to the mine's existing infrastructure and permits. The company aims to process approximately 100 tons of ore per day, with projections suggesting daily gold production of around 80 ounces. At current gold prices, this could generate gross revenues of about $200,000 per day, highlighting the mine's significant financial potential.
The long-term prospects of the Mt Vernon Mine are equally impressive, with nearly a million tonnes of known high-grade feedstock that could sustain operations for approximately 50 years. This acquisition comes at a time when gold is increasingly viewed as a stable investment amidst global economic uncertainty, positioning North Bay Resources to capitalize on the enduring value of gold. The company plans to process the mine's ore at their Bishop Gold mill, which matches the mine's processing capacity, further streamlining operations.
North Bay Resources' acquisition of the Mt Vernon Mine is a clear indicator of its commitment to growth and confidence in the gold mining sector's future. With the potential to significantly contribute to the gold supply chain and meet global demand, this development marks a pivotal moment for the company and the industry at large. For more information on North Bay Resources Inc., visit https://www.northbayresources.com.
