James Bay Minerals’ Independence Acquisition Raises Questions on Resource Conversion and Multi-Metal Potential

Strategic Acquisition in a Tier-1 Mining Jurisdiction

James Bay Minerals (ASX: JBY) has marked a significant milestone by completing the acquisition of 100% of Battle Mountain Resources Pty Ltd (BMR), securing a 51.54% interest in the advanced Independence Gold Project located in Battle Mountain, Nevada. The company also holds the right to earn the remaining 48.46% interest from Americas Gold Exploration Inc (AGEI) over a two-year earn-in period, potentially consolidating full ownership of the project.

This acquisition positions James Bay Minerals with a high-grade, advanced exploration asset in one of the world’s most prolific gold mining districts, adjacent to the Nevada Gold Mine's Phoenix Project. The Independence Project spans approximately 627 acres of Bureau of Land Management land and includes private fee surface land with exclusive water rights, a critical asset for future development.

Robust Mineral Resource and Exploration Upside

The Independence Project hosts a NI 43-101 Inferred Mineral Resource of 3.79 million tonnes at 6.53 grams per tonne gold, equating to approximately 796,200 ounces of gold within a high-grade skarn deposit. Additionally, near-surface mineralisation includes measured, indicated, and inferred resources with significant silver credits, highlighting the polymetallic nature of the project.

Recent rock chip sampling has returned assays up to 31.7g/t gold, with multiple samples exceeding 1g/t gold, confirming the presence of high-grade mineralisation at surface. Historic drilling and recent reviews have identified unassayed intervals and potential new mineralised lodes, particularly within the Lower Pumpernickel Formation, suggesting substantial scope for resource expansion.

Active Drilling and Multi-Commodity Potential

James Bay Minerals has commenced an initial 2,000-metre drilling program combining reverse circulation and diamond drilling to test extensions of mineralisation at depth and along strike. The drilling aims to better understand structural controls on mineralisation and to delineate new zones, with assay results anticipated in the first quarter of 2025.

Historic data review also reveals significant base metal potential, with assays up to 4% copper and exceptionally high silver grades, indicating the project hosts multiple overlapping mineralisation events. This multi-commodity potential could enhance the project's economic profile if further confirmed.

Capital Raising and Financial Position

To support the acquisition and exploration activities, James Bay Minerals completed a strongly supported placement raising A$6 million at A$0.65 per share, representing a discount to recent trading prices but providing essential funding to accelerate drilling and development. The company also received a A$605,000 cash tax credit from Revenue Quebec, bolstering its cash reserves.

At quarter-end, James Bay Minerals reported cash reserves of approximately A$7.34 million, providing a solid financial foundation for ongoing exploration and project advancement. Payments for exploration activities during the quarter totalled A$776,000, reflecting active investment in the Independence Project and other assets.

Ongoing Lithium Exploration in Canada

Alongside its Nevada gold focus, James Bay Minerals completed a summer 2024 field program at its La Grande Lithium Projects in Canada, undertaking extensive sampling across lithium, caesium, tantalum, rare earths, and uranium targets. These projects remain highly prospective and benefit from proximity to other notable lithium developments in the James Bay region.

The company continues to plan future work programs to advance these lithium assets, complementing its gold exploration strategy and diversifying its mineral portfolio.

Outlook and Next Steps

James Bay Minerals is now focused on converting the Independence Project’s NI 43-101 resource estimate into JORC-compliant resources, a critical step for advancing toward development. The ongoing drilling campaign and comprehensive sampling of historic core will provide vital data to unlock further resource growth and define the project’s multi-commodity potential.

With a strong balance sheet and a strategic foothold in a Tier-1 jurisdiction, James Bay Minerals is well positioned to deliver on its exploration and development objectives in 2025, potentially reshaping its profile in the gold and battery metals sectors.