The Willa Property, of which North Bay holds a 10% interest, is a gold-copper-silver deposit located in the Slocan Valley near
the village of Silverton in southeastern
British Columbia, approximately 2 km east of Slocan Lake. It has had approximately $16 million dollars (CDN) spent to develop
it to its present status, which includes an extensive underground network of workings to access the mineralization.
According to an August 2005 feasibility study authored by John A. Chapman, P.Eng., and David K. Makepeace, P.Eng., the Willa
Property’s mineral resource estimate within the measured and indicated categories, as specified by National Instrument 43-101
and based on a 3.5-gram gold per tonne cutoff, is reported as follows:
Category metric tones gold (g/t) silver (g/t) copper (%)
----------------------------------------------------------------------------------
Measured 495,784 7.18 12.16 0.94
Indicated 262,415 5.71 13.26 0.67
These numbers substantially confirm a previous report (The Northern Miner, April 21, 2005) that total resources, including
inferred, are pegged at 996,623 tonnes grading 6.3 grams gold, 0.79 per cent copper, and 10.77 grams silver per tonne, at a
3.5-gram gold cutoff. The raw data used for both reports was compiled in March 2003 by David Makepeace that uses cutoff
grades scenarios of 3.5, 2.5, and 1.5 grams gold per tonne, as follows:
Cutoff - 3.5 g/t gold
Category Tonnes Gold (g/t) Copper (%) Silver (g/t)
----------------------------------------------------------------------------
Measured 487,989 6.77 0.97 11.59
Indicated 292,457 5.31 0.65 11.94
Inferred 216,177 6.55 0.57 7.32
Total 996,623 6.30 0.79 10.77
Cutoff - 2.5 g/t gold
Category Tonnes Gold (g/t) Copper (%) Silver (g/t)
----------------------------------------------------------------------------
Measured 792,744 5.30 0.83 9.95
Indicated 590,765 4.11 0.62 9.79
Inferred 447,157 4.71 0.49 7.14
Total 1,830,666 4.77 0.68 9.21
Cutoff - 1.5 g/t gold
Category Tonnes Gold (g/t) Copper (%) Silver (g/t)
----------------------------------------------------------------------------
Measured 1,364,879 3.89 0.68 8.80
Indicated 1,316,763 2.91 0.51 7.05
Inferred 1,307,852 2.86 0.39 5.56
Total 3,989,494 3.23 0.53 7.16
These estimates are based upon a database including data from 556 core holes totaling 50,890 metres, 2,570 metres of
underground workings and 17,150 laboratory analyses for gold, silver, and copper.
Source:
