North Bay Resources Inc. announced that it has signed a Letter of Intent (“LOI”) with a private Canadian-based company to pursue a joint venture agreement for the prospective exploration and development of the Rainbow Creek Platinum Project.
North Bay’s Rainbow Creek Platinum property is a placer claim located approximately 60 kilometres south of the town of Mackenzie in north-central British Columbia, and close to the historic Mt. Milligan copper/gold porphyry deposit. The property covers 182 acres along a 1.6 kilometre stretch of Rainbow Creek, a tributary of the Nation River, and reportedly contains gold, platinum, and iridium. While no reliable assays have been recorded to date, research shows that a 1986 study (Open File 1986-7, “Occurrence and Distribution of Platinum-Group Elements In British Columbia” compiled by V.J. Rublee for the BC Ministry of Energy and Mines, p. 70) reports that in 1931 the economic value of the platinum and iridium at Rainbow Creek was $96 per tonne, and that the ratio of platinum to gold averaged 1:2. It should be noted that in 1931, the average market price of platinum was $32 an ounce.
The LOI allows for a 90 day due-diligence period during which time a limited work program will be conducted on the Rainbow Creek Platinum property to make a preliminary assessment.
Let us hear your thoughts: North Bay Resources, Inc. Message Board