James Bay Minerals Unveils High-Grade Gold Hits and 520m Extension at Independence Project

Phase 1 Drilling Delivers Encouraging Gold Grades

James Bay Minerals (ASX: JBY) has released compelling assay results from its Phase 1 drilling program at the Independence Project in Nevada. The reverse circulation (RC) drilling campaign has confirmed the presence of gold mineralisation beyond the current Mineral Resource Estimate, with grades reaching as high as 9.4 grams per tonne (g/t) gold. Notably, drill hole AGEI-64 intercepted 51.8 metres at 0.9g/t Au, including a high-grade 3.1 metres at 7.9g/t Au, peaking at 9.4g/t Au over 1.5 metres.

These results underscore the project's potential to expand its resource base, particularly given the wide intercepts and the presence of structurally controlled high-grade zones within the mineralised breccias.

Significant 520m Mineralisation Extension at Rebel Peak

One of the standout outcomes is the confirmation of a 520-metre up-dip extension of mineralisation at Rebel Peak, located in the eastern part of the project area. Drill hole AGEI-65, the first to test this zone, returned 18.3 metres at 1.0g/t Au from 36.6 metres depth, including 3.1 metres at 2.7g/t Au. This intercept lies well outside the current resource boundary and is open in all directions, suggesting substantial upside potential.

Rebel Peak has already shown promise through rock chip samples with grades up to 16.6g/t Au, and the upcoming Phase 2 drilling campaign, scheduled for early 2025, aims to systematically test this high-priority target along a 500-metre strike length.

Strategic Location and Resource Context

The Independence Project is strategically located adjacent to the Nevada Gold Mine's Phoenix Project and within the prolific Battle Mountain Mining District, a globally recognised gold-producing region. The project encompasses near-surface oxide mineralisation amenable to heap-leach extraction, a proven processing method in Nevada's epithermal deposits.

James Bay Minerals holds a foreign NI 43-101 Mineral Resource Estimate for the project, with measured, indicated, and inferred resources totaling over 31 million tonnes at grades ranging from 0.3 to 0.45g/t Au. The recent drilling results suggest the potential to materially enhance these estimates.

Next Steps and Outlook

With diamond core assay results from deeper drilling expected imminently, James Bay Minerals is poised to refine its understanding of the deposit's geometry and grade distribution. The company is also advancing plans for a comprehensive Phase 2 drill program targeting both near-surface oxide extensions and deeper polymetallic skarn mineralisation.

Executive Director Andrew Dornan highlighted the significance of the findings, noting that the grades returned are more than double the current near-surface resource and that Rebel Peak represents a compelling growth opportunity heading into 2025.