James Bay Minerals Makes Significant High-Grade Gold Discovery

High-Grade Gold Discovery Boosts James Bay Minerals' Nevada Project

James Bay Minerals (ASX: JBY) has reported promising drill results from its Independence Project in Nevada, with multiple high-grade gold, silver, and copper intercepts extending mineralization beyond the current resource boundary. The James Bay Minerals gold discovery represents a significant development in Nevada's mineral-rich Battle Mountain Gold Trend.

Shallow Gold and Rich Polymetallic Discoveries at North Hill

James Bay Minerals' ongoing drill program has uncovered significant mineralization at the North Hill area, representing a strategic 100-meter step-out from the existing near-surface resource. The standout intercept from hole JBRC007 revealed multiple stacked mineralized zones, including:

• 22.9m @ 0.5g/t Au from 25.9m, including 3.1m @ 1.0g/t Au
• 12.2m @ 1.2g/t Au from 158.5m, including 1.5m @ 6.7g/t Au, 167g/t Ag, and 1.2% Cu
• 6.1m @ 0.4g/t Au from 224m, including 1.5m @ 1.2g/t Au

This discovery is particularly significant as it establishes that the high-grade mineralization continues between the northern and southern portions of the near-surface mineral resource estimate (MRE), an area previously thought to lack prospective host rock units.

"The ongoing drill program at the Independence Project continues to deliver extensions to the near-surface resource across multiple areas," said James Bay Minerals Managing Director Matthew Hayes. "The second batch of results from North Hill has delivered a very promising 100m extension to mineralization with grades up to 6.7g/t Au, 167g/t Ag and 1.2% Cu."

Understanding Nevada's Heap-Leach Advantage

The thick gold intercepts found within the Pumpernickel Chert at Independence are particularly valuable as they're amenable to heap-leach extraction—a cost-effective processing method widely used across Nevada's gold mining industry.

Heap leaching allows mining companies to economically process lower-grade ore by stacking crushed ore on impermeable pads and applying a leaching solution to dissolve the precious metals. This method requires significantly less capital expenditure than conventional milling operations while achieving good recovery rates for oxidized gold deposits.

Nevada Gold Mine's Phoenix Mine Complex, located directly adjacent to the Independence Project, and the nearby SSR-operated Marigold Complex (operating at grades between 0.13-0.36 g/t Au) both successfully employ heap leaching for their operations. The proximity of these major mines highlights the potential economic viability of James Bay Minerals gold discovery.

Strategic Location and Exploration Upside

The Independence Project occupies a premium position in Nevada's Battle Mountain Mining District, just 16km south of Battle Mountain. The project consists of 80 unpatented mining claims and 84 unpatented mill sites, spanning approximately 1,861 acres of Bureau of Land Management lands.

What makes this location particularly valuable is:

1. Adjacent to Major Operations: The project borders Nevada Gold Mines' Phoenix Project, providing potential infrastructure advantages

2. Proven Geological Setting: Located within the prolific Battle Mountain Gold Trend, known for hosting numerous world-class high-grade gold deposits

3. Water Rights: The company holds exclusive water rights to 470 acres of private fee surface land where future production water wells could be located

The project's JORC 2012 Mineral Resource currently stands at:

• Skarn Resource: 4.59 million tonnes at 6.67g/t Au for 984,412 oz gold (Inferred)
• Near-Surface Resource: 31.89 million tonnes at 0.38g/t Au for 385,097 oz gold (Indicated and Inferred)

The Geological Setting of the James Bay Minerals Gold Discovery

The Independence Project hosts two distinct styles of gold mineralization, both offering significant exploration potential. Understanding these geological settings is key to appreciating the value proposition of James Bay Minerals' recent discoveries.

The near-surface mineralization at Independence represents a high-level epithermal system, formed as a leakage halo above the deeper gold skarn. Both mineralization styles are related to the emplacement of Eocene-age granodiorite porphyries and associated fault structures. The shallow oxide gold-silver mineralization occurs primarily within the Pumpernickel Chert and consists of iron oxides and clays derived from primary sulphide stockworks and replacements that have been deeply weathered and oxidized.

Deeper in the system, the high-grade gold skarn has developed within carbonate-rich portions of the Battle Mountain, Antler Peak, and Edna Mountain Formations. This skarn mineralization typically displays higher gold grades than the near-surface resource, as demonstrated by the 984,412 ounces of gold at 6.67g/t in the current inferred resource.

The recent drilling at North Hill is particularly significant as it confirms that prospective host rock units extend through an area previously thought to be structurally barren, potentially adding substantial new mineralized zones to the resource inventory.

Upcoming Catalysts and Development Timeline

James Bay Minerals' exploration momentum continues with several near-term catalysts:

1. Rebel Peak Drilling: The company is currently constructing road access to test the high-grade Rebel Trend, where surface rock chip samples returned values up to 16.6g/t Au. Drilling is scheduled to commence in August.

2. Additional Assay Results: Ten drillholes have been completed with remaining assay results expected in August.

3. Metallurgical Testing: Core samples of the high-grade skarn resource have arrived in Perth for metallurgical testwork, with results also expected in August.

4. South Zone Extensions: Planned drilling will test below the optimized pit in the southern portion of the resource, which is currently completely untested at depth.

Why Nevada Matters to Gold Investors

Nevada consistently ranks as one of the world's premier mining jurisdictions, offering several key advantages:

1. Rich Mineral Deposits: Nevada is the United States' leading gold producer, accounting for about 75% of U.S. gold production.

2. Stable Regulatory Framework: The state offers a predictable permitting process that fosters investor confidence.

3. Infrastructure and Expertise: Well-developed infrastructure and a skilled mining workforce enhance operational efficiency.

4. Pro-Mining Policies: State policies generally favor mining development, with streamlined permitting processes.

The Independence Project's location within this jurisdiction adds significant value to James Bay Minerals' gold discovery, particularly given its position adjacent to Nevada Gold Mines' Phoenix operation.

Investment Case Strengthens with Each Drill Result

James Bay Minerals is rapidly building a compelling investment case with the Independence Project. The latest drill results demonstrate:

1. Resource Growth Potential: The 100m step-out success at North Hill indicates significant potential to expand the existing resource.

2. Multi-Commodity Opportunity: The promising gold-silver veining and copper values enhance the project's economic potential.

3. Heap-Leach Amenability: The oxide gold mineralization appears well-suited to low-cost heap leach processing methods.

4. Strategic Location: Positioned directly adjacent to Nevada Gold Mines' Phoenix operation in one of the world's premier mining jurisdictions.

For investors seeking exposure to gold exploration in a tier-one jurisdiction, James Bay Minerals offers a compelling combination of existing resources, exploration upside, and a promising development pathway in Nevada's prolific Battle Mountain Gold Trend.

The James Bay Minerals gold discovery at Independence represents an emerging opportunity in a region known for producing powerful EM conductor targets and world-class gold deposits, with multiple near-term catalysts that could drive valuation growth as the project advances. Furthermore, the company's strategic focus on gold could complement other explorers in the region who are pursuing high-grade antimony-gold projects as part of their mineral portfolios.

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