Can James Bay Minerals’ New Drill Hits and Land Grab Propel Independence Project to Production?

• High-grade gold intercepts up to 15.3g/t Au in 2025 drilling program
• Wide mineralised zones extending beyond current Mineral Resource Estimate
• 184% expansion of land holdings adjacent to Independence Project
• Scoping Study underway targeting low-capex open-pit heap leach operation
• Cash reserves of A$4.45 million with A$1.179 million spent on exploration

Strong Drill Results Signal Resource Growth Potential

James Bay Minerals Limited (ASX – JBY) has delivered a promising update from its June 2025 quarter, highlighting significant progress at its Independence Gold Project in Nevada. The company’s 2025 reverse circulation drilling program has yielded high-grade gold intercepts, including standout results of 15.3 grams per tonne (g/t) gold over 1.5 meters and wide mineralised zones such as 68.6 meters at 1.2 g/t gold. These results extend mineralisation well beyond the current near-surface Mineral Resource Estimate (MRE), suggesting substantial upside potential.

Notably, the Rebel Trend area, previously outside the existing resource boundary, has shown stacked lodes of gold mineralisation, with intercepts like 50.3 meters at 0.4 g/t gold from shallow depths. The discovery of intrusion-related breccias hosting polymetallic mineralisation further enhances the project's exploration appeal, offering new high-grade targets for future drilling campaigns.

Strategic Land Acquisition Expands Project Footprint

In a strategic move, James Bay Minerals has increased its land holdings by 184%, adding 1,206 acres of new claims adjacent to the Independence Project. This expansion, now totaling approximately 1,861 acres, provides enhanced flexibility for future exploration and potential millsite development. The newly acquired Modoc Claims are situated in the prolific Battle Mountain district, a region renowned for its rich gold deposits and mining infrastructure.

The proximity of these claims to existing project areas and major mining operations, such as the Nevada Gold Mine’s Phoenix Project, positions James Bay Minerals well to leverage regional infrastructure and expertise as it advances its development plans.

Scoping Study to Define Near-Term Development Pathway

To assess the economic viability of near-surface oxide gold mineralisation, the company has engaged Kappes, Cassiday & Associates to lead a Scoping Study. This study focuses on a low-capital expenditure development scenario involving a simple open-pit, heap leach operation targeting an Indicated Resource of approximately 294,000 ounces of gold at 0.40 g/t. Results from this study are anticipated in the third quarter of 2025 and will provide critical insights into potential mine scheduling, processing, and cost structures.

James Bay Minerals emphasizes that the current MRE is expected to grow as ongoing drilling converts Inferred Resources to Indicated status and incorporates newly identified mineralised zones, including a 370-meter extension recently defined by drilling.

Financial Position and Outlook

Financially, the company reported cash reserves of approximately A$4.45 million at quarter-end, with exploration expenditure totaling A$1.179 million during the period. No mining production or development activities took place this quarter, consistent with the company’s focus on exploration and resource definition.

James Bay Minerals also maintains 100% ownership of its Quebec lithium assets, although no substantive activity was reported there during the quarter. The company’s prudent cash management and strategic investments position it well to continue advancing its flagship Independence Gold Project.

Bottom Line?

With high-grade drill results and a major land expansion underpinning its growth strategy, James Bay Minerals is poised for a pivotal phase as the upcoming Scoping Study could unlock the path to development.

Questions in the middle?

• Will the Scoping Study confirm the economic viability of a low-capex heap leach operation?
• How quickly can James Bay Minerals convert Inferred Resources to Indicated and expand the MRE?
• What are the next steps for exploration on the newly acquired Modoc Claims and their potential impact?