Scoping Study Targets 385,000 Ounces Near-Surface Gold at Independence Project

Scoping Study Targets Near-Term Development

James Bay Minerals Limited has taken a significant step forward in advancing its Independence Project in Nevada by engaging Kappes, Cassiday & Associates to conduct a scoping study focused on the near-surface oxide gold Mineral Resource Estimate (MRE). This study aims to evaluate a low-capital expenditure development pathway centred on a simple open-pit heap leach operation, leveraging the project's Indicated Resource of nearly 300,000 ounces of gold at a grade of 0.40 grams per tonne.

The Independence Project’s oxide gold resource presents an attractive entry point for development, given its near-surface location and relatively low grade, which can be economically processed through heap leaching. The study will assess preliminary pit optimisation, mine scheduling, metallurgical assumptions, and capital and operating costs, with results expected by the third quarter of 2025.

Dual-Asset Profile Offers Growth Potential

Beyond the oxide resource, the project hosts a substantial high-grade skarn gold system containing approximately one million ounces at an impressive 6.67 grams per tonne. This skarn mineralisation remains outside the current scoping study but represents a compelling growth opportunity for James Bay Minerals. Future studies will focus on expanding the resource base and extending the mine life by incorporating this high-grade zone and upgrading inferred resources to indicated status.

Recent drilling has also identified a 370-metre strike extension of near-surface oxide mineralisation not yet included in the current resource model, suggesting further upside potential. These factors collectively position the Independence Project as a dual-asset operation with both near-term development prospects and longer-term expansion possibilities.

Strategic Advantages of Nevada Location

Nevada’s reputation as a premier mining jurisdiction underpins the project’s attractiveness. The state offers robust infrastructure, a stable regulatory environment, and proximity to major mining operations such as the Nevada Gold Mine’s Phoenix Project. These factors reduce development risk and operating costs, enhancing the economic viability of even lower-grade resources like the Independence oxide deposit.

James Bay Minerals’ Managing Director, Matthew Hayes, highlighted the strategic benefits of the location, noting the supportive regulatory framework and established mining infrastructure that provide a clear pathway to development. The company’s exclusive water rights on private land within the Battle Mountain Mining District further strengthen its operational foundation.

Broader Portfolio and Future Outlook

While the Independence Project is the immediate focus, James Bay Minerals also holds a significant lithium exploration portfolio in Quebec, positioning the company across multiple critical minerals sectors. The lithium assets cover over 416 square kilometres and are located along a prolific mineral trend, underscoring the company’s diversified growth strategy.

As the scoping study progresses, investors will be watching closely for detailed economic assessments and development timelines. The results will be pivotal in determining the feasibility of advancing the oxide gold resource into production and unlocking the value of the high-grade skarn system.