North Bay Resources CEO discusses Fran Gold resource update - ICYMI

North Bay Resources Inc. (OTC:NBRI) CEO Jared Lazerson joined Proactive to discuss the company’s internal gold resource estimate for the Fran Gold project, generated using historical drilling data. 

Lazerson explained that while the estimate is not NI 43-101 compliant, the modelling was done using professional-grade software and based on extensive drill data, including over 100 holes and 50,000 feet of drilling.

The resource estimate includes approximately 20 million tons at 0.5 grams per ton in the main zone, and 43 million tons including the East Zone, totalling around 450,000 ounces of gold at an average grade of 0.3 grams per ton.

Proactive: All right, welcome back inside our Proactive newsroom. And joining me now is Jared Lazerson. He is the CEO of North Bay Resources. Jared, it's good to see you again. How are you?

Jared Lazerson: Doing great.

Good stuff. Well, I know that you have released some news out from the company today, talking about putting out a resource. You’ve used some historical data. For those familiar with Canadian reporting, it’s a non-43-101. But your company is American and listed in the U.S., so the rules are a bit different. Maybe you can explain what's going on here?

It really has to do with — even though this is technically major news — the 43-101 process is going to take some time. We also need to decide whether we're doing more work before a combined resource estimate. But until we say something, we really can’t talk about it. The M&A market is hot, we’re looking at financing, and we’ve started working with the auditors. We’re moving towards SEC compliance, which may lead to an uplisting.

It was important to get the news out so we can speak to it. It's an internal resource estimate — not 43-101 compliant — but we used the same software. The main missing piece is the QA/QC from an independent group. We relied on historical data, and we believe the drill logs are accurate. We used Leapfrog 3D plus Edge for the estimation. We created a block model that outlines the gold in the main and East zones.

We split it up where there’s high confidence. If this were 43-101, it would be measured and indicated, not inferred. We're just saying this is the global resource. It’s great because now we can talk about it. Disclosure rules are tight — if I say something to one person, I have to say it to everyone.

Tell me about these non-compliant numbers — what exactly are you putting out?

In the main zone, which is heavily drilled, we’ve got 20 million tons. There are over 100 holes and 50,000 feet of drilling. There’s high confidence. If it were 43-101, it wouldn't be inferred; it would be measured and indicated. Again, not a compliance report — it just shows where we are now. To recap: 20 million tons at 0.5 grams per ton. Including the East zone, 43 million tons total. That translates to about 450,000 ounces at 0.3 grams per ton.

There's also a spot between the main and East zones that we didn’t block due to lack of drilling, which leaves opportunity for upside. Total resource is about 43 million tons and growing.

Are you anticipating more work being done to feed into the 43-101, or are you comfortable with where things are?

Now that we’ve compiled the data, we’ll consider trenching to outline the surface oxide zone, which is high-grade. Then we’ll assess the financing appetite for more drilling or moving to development. That decision is both financing- and strategy-related. There’s a lot of movement in the M&A space. I can’t say how the story ends, but we’re in a good place right now.

It really acts as a notice to the majors and finance groups that we’re moving ahead. We’re serious, given the gold price, and doing the hard work. Industry-wide, there’s a generational shift happening. There are new ways of doing business — M&A, joint ventures, or outright buyouts. The old model still works: “You’ve done good, here’s the cheque.”

The industry is more segmented now. Over the last 5 to 10 years, majors mostly did low-risk projects. But with the gold price where it is, they’re starting to look at more advanced-stage assets. Maybe not grassroots, but definitely earlier than feasibility stage. Projects like this offer leverage. But developing a mine will need a significant partner.

Quotes have been lightly edited for clarity and style