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Zeballos Gold
Gold, Silver

>> Zeballos Gold 43-101 Technical Report <<

Overview

The Zeballos Gold Property covers 2,514 contiguous acres (1,017 hectares) approximately three kilometers north of the village of Zeballos on the west coast of Vancouver Island in southwestern British Columbia. The property encompasses five past-producing gold mines with high-grade assays of gold mineralization. Three of these, the Golden Gate, Tagore, and Beano mines, are on open ground unencumbered by crown grants, and one, Gold Field (a/k/a Spud Valley) is on reverted crown grants. These resources will be the primary focus initially.

The Golden Gate mine (MINFILE 092L 005) features a sulphide-rich vein system that is known to be over 168 metres in length. A 0.9 metre channel sample returned 25.4 grams (0.81 ounces) per tonne, and diamond drilling has encountered a 9.8 metre intercept of 9.6 grams per tonne gold, including a 1.5 metre section assaying 135.7 grams (4.36 ounces) per tonne gold and 44.2 grams per tonne silver.

The Tagore mine (MINFILE 092L 006) is situated approximately 1 kilometer due west of the Golden Gate. Limited mining in the past is documented to have averaged 2.86 ounces per tonne gold and 4.64 ounces per tonne silver.

The Beano mine (MINFILE 092E 002) is situated 1.5 kilometers southeast of the Golden Gate mine. Samples of massive pyrrhotite in the area have assayed up to 321.7 grams (10.34 ounces) per tonne gold and 6.8 grams per tonne silver over narrow widths.

The Gold Field Mine (MINFILE 092L 211) is situated 2.5 kilometers due east of the Golden Gate mine. Production from the Gold Field's Spur vein totalling 24,130 tonnes averaging 9.6 grams per tonne gold. The Goldfield vein produced 63,500 tonnes grading 11.7 grams per tonne gold. Recent work on the AT, Linton and Linton North veins returned values up to 109.3 grams per tonne gold over 0.24 metres (Sample G20), 24.8 grams per tonne gold over 0.31 metres (Sample G12) and 223.5 grams per tonne gold over 0.64 metres (Sample G18), respectively. Drifting on the Linton North vein followed it for 61 metres. The average gold content over 59.0 metres was 12.07 grams per tonne over an average width of 1.2 metres. Historical reserves (non-43-101 compliant) in 4 veins (combined with the Roper deposit, 092L 013) are 220,429 tonnes grading 10.7 grams per tonne gold. In view of an unsuccessful 1989 mill test, the reserve figure of 49,890 tonnes in old workings grading 4.6 grams per tonne gold reported in 1942 near the end of the mine life, may be more credible.

A 2003 report by the British Columbia Ministry of Mining (MEMPR) entitled "Gold Opportunities in Southwest BC" states that “9.15 million grams Au were produced from 18 underground Au-quartz deposits in the Zeballos District on northwest Vancouver Island. Three deposits host resources totaling 395,000 tonnes @ 12.83 g/t Au containing 5 million grams Au. The district has potential for very high grade (150 g/t ) Au-skarn deposits evidenced by production grades from Beano (092E002) & Tagore (092L006).” As has been noted above, North Bay now holds a 100% ownership position in both the Beano and Tagore deposits.

In 2004, a report published by the British Columbia Geological Survey states in its introduction that despite its history as an important gold producer in the 1930’s and 1940’s, the Zeballos mining camp remains “in all likelihood significantly underexplored” (Source: Geological Fieldwork 2004, Paper 2005-1; Marshall, D., Close, S., Podstawskyj, N. and Aichmeier, A.; Gold Mineralization and Geology in the Zeballos Area, Nootka Sound, Southwestern British Columbia).

From 1998 to 2007, most of the Zeballos property was owned and explored by Newmex Minerals Inc., with the primary focus on the areas surrounding the crown-granted Privateer mine. Despite the results of a 2005 NI 43-101 report that recommended continued work on the property, Newmex decided to shift its focus from precious metals to oil and gas production (Source: Newmex Minerals press release August 10, 2005). Newmex subsequently changed its name to BlackPearl Resources Inc. in 2006, and in 2007 elected to let the Zeballos property lapse. It has since changed hands between several vendors, and a recent forfeiture allowed North Bay to claim the majority of it.