Skippack, PA, Aug. 06, 2021 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (OTC: NBRI) (“North Bay” or the “Company”) is pleased to announce that the Company is initiating its 2021 exploration season at its 100% owned Tulameen Platinum Project in southeastern British Columbia.
This is a continuation of recent work the Company performed in 2018 that identified an exploration target of an estimated 135 million tonnes of olivine in the PGM mineralized areas of the property. Rock samples collected in our 2018 exploration program resulted in assays up to 0.509 g/t platinum, over 0.12% nickel, 0.01% cobalt, and chromium assays greater than 1%. More significantly, magnesium grades have been shown to consistently average 25% throughout the deposit (approximately 40% magnesium oxide equivalent).
Magnesium demand is high, as it is on the list of 35 strategic metals published in the Federal Register that the US government considers critical to the economic and national security of the United States, due partly to its reputation as a "defense metal". Magnesium is one of the lightest structural metal materials, and is considered an essential structural material for the production of spacecraft, military aircraft, missiles, high-mobility vehicles and ships. It is also widely used in manufacturing flares and incendiary bombs because of its high heat and light when it burns. As well, we note that along with increased demand magnesium prices have been rising, and have averaged over $4,500 US per tonne in FY 2021.
Accordingly, much of the upcoming work is intended to map out a suitable location to extract a 10,000 tonne bulk sample as part of a mining permit application we intend to prepare and file once the current work program has concluded.
The mineral olivine has been well studied and documented for over 30 years to also have CO2 sequestration properties through a natural chemical process known as mineral carbonation. Prior research and testing has demonstrated that as much as 1.25 tonnes of CO2 (S.J.T. Hangx and C.J. Spiers , 2008) can be captured and stored by a single tonne of olivine. Thus, with as much as 135 million tonnes hosted within the Tulameen deposit, it can potentially remove as much as 168 million metric tons of CO2 from the atmosphere if the entire deposit is utilized for carbon removal purposes. This can be accomplished in a variety of ways, both in-situ and ex-situ, and can be combined with other synchronistic technologies such as Direct Air Capture (DAC), enhanced rock weathering (ERW) for agricultural applications, etc. Any CO2 sequestered in this way can then be monetized through the sale of carbon removal credits, not only to government entities, but also to private companies around the world who have recently pledged billions of dollars to the goal of reducing carbon dioxide in the atmosphere as a potential solution to global warming.
Accordingly, the Company is also pleased to announce it has agreed to participate in a collaborative research project with the Environmental Economic Geology Laboratory (EEGL) at the University of Alberta's Department of Earth and Atmospheric Sciences to assess, among other things, the mineral carbonation potential of our Tulameen olivine to sequester CO2. EEGL is led by Dr. Sasha Wilson, an Associate Professor and the Canada Research Chair in Biogeochemistry of Sustainable Mineral Resources. During our work program samples of our Tulameen olivine will be sent to Dr. Wilson’s lab for precision analysis and evaluation of the olivine’s carbon reactivity. We expect to use the analytical results as part of proof-of-concept submissions to participate in the rapidly expanding carbon removal credit market.
We note that as of the date of this report, a provincial state of emergency has been declared by the government of British Columbia due to numerous wildfires currently blazing across the region. We expect the work interruption to be brief, and for conditions to improve by the end of the month, at which point we will resume our planned work schedule. We will update shareholders once the work has been completed and a report is ready for release.
About North Bay Resources Inc.
North Bay Resources Inc. (OTC: NBRI) is a junior mining company with current operations in British Columbia, Canada. The Company holds 100% ownership of several significant mining properties, including the advanced-stage Mt. Washington project on Vancouver Island, and the Tulameen Platinum Project near Princeton, BC.
About EEGL
EEGL is a group of Earth scientists based at the University of Alberta in Edmonton, Canada, with expertise in mineralogy, crystallography, aqueous geochemistry and geomicrobiology. A critical aspect to EEGL's applied research is the study of natural processes that trap CO2 in rocks and soils, and that concentrate critical metals in minerals.
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.
Contact:
Perry Leopold, CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
