James Bay Reports 984,000 oz High-Grade Skarn Resource at 6.67 g/t Au

Maiden Resource Marks a Major Milestone

James Bay Minerals Limited (ASX: JBY) has delivered a significant update for its Independence Gold Project in Nevada, USA, announcing a maiden JORC-compliant Mineral Resource Estimate (MRE) totaling approximately 1.7 million ounces gold equivalent (AuEq). This includes a standout high-grade skarn inferred resource of 984,412 ounces of gold at an impressive grade of 6.67 g/t Au, complemented by near-surface epithermal resources with indicated and inferred components.

The Independence Project, strategically located adjacent to the Nevada Gold Mines’ Phoenix Mine complex, represents a promising gold exploration asset with substantial upside potential. The maiden resource consolidates previous drilling and exploration efforts, providing a robust foundation for advancing the project towards development.

Focused Drilling and Exploration Strategy

During the March quarter, James Bay Minerals mobilised its exploration team and commenced a 4,000-metre reverse circulation (RC) drilling program. This campaign targets extensions along the newly identified Rebel Trend, a high-priority zone that has seen limited historical drilling but has yielded encouraging high-grade rock chip samples up to 16.6 g/t Au.

The drilling aims to expand the near-surface epithermal resource base and test structural controls on mineralisation, particularly where recent intercepts such as 18.3 metres at 1.0 g/t Au from 36.6 metres depth suggest open-ended mineralisation beyond the current resource envelope. This aggressive exploration approach underscores the company’s commitment to resource growth and upgrading confidence levels.

Metallurgical Testing to Unlock Skarn Potential

In a first for the Independence Project, metallurgical testwork has commenced on the high-grade skarn mineralisation. Previous metallurgical studies focused solely on the near-surface epithermal oxide material, which demonstrated heap leach amenability with gold recoveries up to 79%. However, the skarn mineralisation, which is predominantly sulphide-hosted, has not yet undergone processing optimisation.

The new metallurgical program seeks to determine the most effective processing methods, potentially including flotation or pressure oxidation, to maximise gold recovery from this valuable high-grade component. The results will be critical in shaping future development plans and could materially enhance project economics.

Management Strengthening and Financial Position

James Bay Minerals also announced key management changes during the quarter. Andrew Dornan transitioned from Executive Director to Executive Chair, while Matthew Hayes, the company’s founder and major shareholder, was appointed Executive Director. Additionally, the company welcomed Keith Wood, former Chief Geologist at Nevada Gold Mines’ Phoenix Mine, as a Strategic Advisor, and Jay Ward, an experienced exploration geologist, as Exploration Manager.

Financially, the company reported cash reserves of approximately AUD 6.27 million at quarter-end, bolstered by CAD 434,000 received from refundable tax credits in Quebec for 2024 exploration activities. No mining or production activities occurred during the quarter, consistent with the company’s focus on exploration and resource definition.

Outlook and Next Steps

With a maiden resource now established, ongoing drilling targeting resource expansion, and metallurgical testing underway, James Bay Minerals is positioning the Independence Gold Project for a potential transition from exploration to development. The company’s strengthened management team and solid financial footing provide a platform to advance technical studies and unlock value.

Investors and analysts will be watching closely for assay results from the current drilling program and metallurgical test outcomes, which will be pivotal in refining the project’s development pathway and assessing its commercial viability.