North Bay Resources Inc. (NBRI) Releases Update on Tulameen Platinum Project
Announces Collaborative Agreement with University of Alberta for CO2 Sequestration Research
Skippack, PA, August 06, 2021 (GLOBE NEWSWIRE) – North Bay Resources Inc. (OTC: NBRI) (âNorth Bayâ or the âCompanyâ) is pleased to announce that the Company is entering its 2021 exploration season to its 100% owned Tulameen Platinum project in southeastern British Columbia.
This is a continuation of recent work the Company carried out in 2018 which identified an exploration target of approximately 135 million tonnes of olivine in the PGM mineralized zones of the property. Rock samples collected during our 2018 exploration program returned grades up to 0.509 g / t platinum, over 0.12% nickel, 0.01% cobalt and higher chromium grades at 1%. More importantly, the magnesium contents were shown to reach a constant average of 25% throughout the deposit (about 40% magnesium oxide equivalent).
Demand for magnesium is high because it is on the Federal Register’s list of 35 strategic metals that the US government considers critical to the economic and national security of the United States, in part because of its reputation as a “metal. defense â. Magnesium is one of the lightest structural metallic 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 making flares and firebombs due to its high heat and light when burning. Additionally, we note that along with increasing demand, magnesium prices have increased and averaged over US $ 4,500 per tonne in FY2021.
As a result, much of the work ahead is aimed at tracing a suitable location to extract a 10,000 ton bulk sample as part of a mining permit application that we intend to prepare and file once the current work program completed.
The mineral olivine has been well studied and documented for over 30 years to also have CO2 sequestering properties through a natural chemical process called mineral carbonation. Previous research and testing has shown that up to 1.25 tonnes of CO2 (SJT Hangx and CJ Spiers, 2008) can be captured and stored by a single tonne of olivine. Thus, with up to 135 million tonnes hosted in the Tulameen deposit, it can potentially eliminate up to 168 million metric tonnes of CO.2 from the atmosphere if the entire deposit is used for carbon removal. 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.2 sequestered in this way can then be monetized through the sale of carbon elimination credits, not only to government entities, but also to private companies around the world that have recently pledged billions of dollars to reduce carbon dioxide in the atmosphere as a potential solution to global warming.
Therefore, the Company is also pleased to announce that it has agreed to participate in a research project in collaboration with the Laboratory of Environmental Economic Geology (EEGL) of the Department of Earth and Atmospheric Sciences. from the University of Alberta to assess, among other things, the mineral carbonation potential of our Tulameen olivine to sequester CO2. EEGL is led by Dr. Sasha Wilson, Associate Professor and 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 olivine carbon reactivity. We plan to use the analytical results as part of proof-of-concept submissions to participate in the growing carbon elimination credits 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 forest fires currently raging in the region. We expect the work disruption to be brief and conditions to improve by the end of the month, when we will resume our planned work schedule. We will notify shareholders once the work is completed and a report is ready for publication.
About North Bay Resources Inc.
North Bay Resources Inc. (OTC: NBRI) is a junior mining company currently operating in British Columbia, Canada. The Company owns 100% of the ownership of several significant mining properties, including the late stage Mount. the Washington Project on Vancouver Island; and the Tulameen Platinum Project near Princeton, British Columbia.
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. An essential aspect of EEGL’s applied research is the study of the natural processes that trap CO2 in rocks and soils, and which concentrate critical metals in minerals.
PORT SR 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 havens thus created. 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 in this document are reasonable, any assumption could be incorrect and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove successful. be exact. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion should not be construed 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.
Perry LÃ©opold, CEO
North Bay Resources Inc.