JBY drilling starts to expand 1.4m ounce gold equivalent JORC resource

Our US gold Investment James Bay Minerals (ASX: JBY) is days away from kicking off it’s first drill program for 2025.

JBY already has a JORC resource of ~1.4M ounces of gold equivalent.

(split ~420k ounces near surface and ~984k ounces at depth)

With this drill program, JBY will be looking to extend the shallow resource.

JBY’s drilling will be chasing up targets along a ~1.3km trend where rock chips were grading above 5/gt gold AND where JBY last hit a 18.3m intercept at 1g/t gold.

That hit was outside of the current JORC resource, so if JBY can replicate it, the resource could increase from where it is today.

JBY also planning holes at the deeper section of its resource

In today’s announcement JBY also detailed its plan for drilling across its deeper JORC resource.

The current program wont be drilling down to those depths but JBY did say it would “release drill plans related to skarn mineralisation once targeting work is completed”.

Based on today’s announcement it looks like the target will be around the hits JBY has ~580m to the north.

Here is what it looks like in visuals:

Trump just signed an EO listed gold specifically in the US.

We think the inherent value of JBY’s project has changed in a big way.

~30 hours ago US President Trump signed an Executive Order invoking “war-time powers” taking immediate measures to increase US domestic mineral production.

This means more funding, faster permits and more support for critical mineral projects in the US.

This new Executive Order includes a broad definition of “critical minerals” that are needed for “transportation, infrastructure, defense capabilities, and the next generation of technology”...

But the first page SPECIFICALLY calls out uranium, copper, potash and... gold?

(You can read the entire Executive Order here)

Here was the gold mention in that EO:

We are used to seeing battery and other niche materials (like ones used in the defence industry), but seeing gold in that executive order was a surprise (even to us as gold bulls…).

Overall, we think that this will bring more market attention to JBY’s project as the effects of that EO start to be felt at the project level.

What’s next for JBY?

Assay results from the deeper diamond drilling 🔄

In the short term we want to see what comes of the deeper diamond drillhole JBY drilled beneath its existing resource:

Next round of drilling (starting this quarter) 🔄

We want to see JBY start drilling and extend its near surface gold resource.