VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(CMCXF:OTCQB) ("CMC" or the "Company")
CMC is very pleased to announce that on August 22, 2024, North Bay Resources (the "Company" or "North Bay") (OTC: NBRI) announced highly positive results from a preliminary metallurgical/brevity recovery testing of run of mine ore from the Mt. Vernon Gold Mine that they propose to process at the Bishop Mill, California.
CMC Metals Ltd. acquired 1.12 billion common shares, equivalent to a 16.05% interest, in North Bay Resources Inc. (‘NBRI"). The common shares were acquired as a part of the agreement between NBRI and the Company, whereby NBRI acquired 55.5% of CMC's gold processing mill in Bishop California (see Press release April 24, 2024).
The run-of-mine ore was crushed in a ball mill to minus 60 mesh and run over a gravity recovery table resulting in two concentrate streams at approximately 10x concentration of gold with assay results as follows:
Sample I.D C#1MV: returned assays of Gold 11.95 oz/t, Platinum 17.54 0z/t and Silver 7.79
Sample I.D C#2MV: returned assays of Gold 11.38 oz/t, Platinum 2.20 0z/t and Silver 5.59
The testing was completed at Enviro-Chem Analytical Laboratory using run-of-mine ore from the main channel at the Mt. Vernon Gold Mine. While metallurgical testing is ongoing, initial results have confirmed the viability of extraction of gold, platinum, and silver using a basic grind and gravity recovery circuit.
The test circuit is essentially identical to the grind and gravity recovery circuit at the Company's 100 ton per day Bishop Gold Mill. With mine and mill start-up currently underway, and as a result of the successful extraction and concentration of gold, the Company has begun testing of the on-site metals furnace and related equipment at the Mill for the purpose of upgrading concentrate into and pouring Dore bars and producing platinum buttons for shipment to the metals refinery in Reno, Nevada. Platinum This is the first known discovery of platinum at Mt. Vernon. There has been little historical work done on platinum at Mt. Vernon. The region, in general, is not known for platinum. NBRI is planning to complete further work on this aspect of the deposit to further understand the gold-platinum relationship and the potential for increasing the per ton value of the ore by up to 50% in select concentrate streams. Recent results show a recoverable gold to platinum ratio of up to 1:1.5 through basic grind and gravity separation. Gravity recoverable platinum, while rare is not unknown in placer type deposits. The discovery of gravity recoverable platinum represents a significant advancement at the Mt. Vernon Gold Mine.
Kevin Brewer, President and CEO noted "We are very pleased with the significant advancements NBRI have made with regards to advancing the mill commissioning and secure high-grade ore sources. Our company is working closely with NBRI with the aims to advance production at the mill that will be highly beneficial for NBRI shareholders. We also continue to receive regular payments related to the sale of the Bishop mill facility that are helping CMC to support our own operations."
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in British Columbia, Yukon and Newfoundland. Our flagship project is the Silverknife Property in the emerging Rancheria Silver District. Other projects in this District include the Amy project (British Columbia) and the Silver Hart Deposit/Blue Heaven claims (Yukon). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (Newfoundland) and Logjam (Yukon), both of which are available for option.
On behalf of the Board:
"Kevin Brewer"
Kevin Brewer
President, CEO and Director
CMC Metals Ltd.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Cellular: (709) 327 8013
Email: [email protected]
Suite 1000-409 Granville St. Vancouver, BC, V6C 1T2
To be added to CMC's news distribution list, please send an email to [email protected] or contact Mr. Kevin Brewer directly.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosures regarding the use of proceeds from the Private Placement comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
SOURCE: CMC Metals Ltd.