419.6koz AuEq Resource Poised for Growth with New Drill Intercepts at Independence

Exploration Momentum Builds at Independence Project

James Bay Minerals Limited (ASX, JBY) has provided a comprehensive update on its Independence Project located in Nevada’s Lander County, a region renowned for its rich gold endowment and supportive mining environment. The company’s latest drilling campaign has unveiled encouraging signs of resource growth potential beyond the existing 419,600-ounce gold-equivalent near-surface Mineral Resource Estimate (MRE).

Recent assay results and the completion of oxidation state categorisation for historic drillholes outside the current MRE have enabled the calculation of gold-equivalent (AuEq) values, revealing significant mineralised intercepts across multiple zones including South Hill, North Hill, Yukon Hill, and the Rebel Trend. These findings suggest the presence of stacked mineralised lodes beneath and beyond the pit-constrained resource, a promising development for the project’s future scale.

Key Drill Highlights and Geological Insights

Notable intercepts include a 39.6-meter interval grading 2.1 g/t AuEq at South Hill, with a higher-grade core of 19.8 meters at 3.8 g/t AuEq, and an 82.3-meter intercept at Yukon Hill averaging 1.2 g/t AuEq. At North Hill, drillholes have intercepted multiple stacked lodes with grades exceeding those in the existing resource, including a 12.2-meter interval at 1.3 g/t AuEq with a high-grade section of 1.5 meters at 7.4 g/t AuEq.

James Bay’s Executive Director, Matthew Hayes, emphasised the significance of these results, noting that the southern portion of the project remains underexplored below the current resource limits. The 520-meter strike length at South Hill, in particular, represents a high-priority target for upcoming drilling to test for additional stacked mineralisation analogous to that found in the northern areas.

Strategic Location and Project Context

The Independence Project benefits from its proximity to major mining operations, including the Nevada Gold Mine’s Phoenix Mine Complex and the SSR-operated Marigold Complex. Situated within a tier-1 mining jurisdiction, the project enjoys robust infrastructure, a stable regulatory framework, and access to exclusive water rights, all of which underpin its development potential.

The geological setting is characterised by a high-level epithermal system with near-surface oxide gold-silver mineralisation hosted in chert, overlaying a deeper gold-rich skarn system. This dual mineralisation style offers multiple avenues for resource expansion and metallurgical processing options, including heap-leach methods commonly employed in Nevada.

Next Steps and Outlook

Looking ahead, James Bay Minerals plans targeted drilling in the southern sector of the Independence Project to explore beneath the existing MRE, aiming to delineate further stacked lodes and extend mineralisation. The company also intends to incorporate the newly identified mineralised zones into a future resource update, potentially enhancing the project’s scale and economic profile.

With the completion of oxidation categorisation and ongoing assay programs, James Bay is well-positioned to refine its geological models and advance the Independence Project towards development milestones. The company’s broader portfolio, including significant lithium assets in Quebec, complements its growth strategy in critical minerals.