North Bay Resources Inc. announced on Wednesday that the Company has acquired a 100% undivided interest in two rare earth properties in southeastern British Columbia.
The Perry River Carbonatite (BC MINFILE 082M 253) property covers 505 hectares (1,247 acres) and is located approximately 42 kilometres northwest of Revelstoke, BC. The property is known to host niobium, lanthanum, cerium, neodymium, and other REEs.
The carbonatite mineralization is documented to trend northwest for 3 kilometres, varies from 20 to 200 metres in width, and averages 10 to 30 percent apatite, which is known to often be associated with REE deposits.
The Cerium Mountain property is located 50 kilometres southwest of Revelstoke, BC, and covers 1,540 hectares (3,804 acres). Recent stream sediment samples as high as 2.5% REEs have been reported on the Cerium Mountain property. The source of the REE-bearing stream sediment samples remains unknown, and will be the focus of additional exploration.
Both properties are situated within an area known as the Rocky Mountain Rare Metal Belt, which runs from southeast to northwest British Columbia, and is known to host deposits of rare earth elements and strategic metals.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
In the US, the Company owns the Ruby Gold Mine in Sierra County, California, and is presently looking to acquire additional operating mines in the western US.
The Company’s mission is to build a portfolio of viable mining prospects throughout the world and developing them through subsidiaries and JV partners to their full economic potential. North Bay’s business plan is based on the Generative Business Model, which is designed to leverage its properties into near-term revenue streams even during the earliest stages of exploration and development. This provides shareholders with multiple opportunities to profit from discoveries while preserving capital and minimizing the risk involved in exploration and development.
