JBY hits extensions to 1.37M ounce gold JORC resource in Nevada, USA.

Our 2025 Small Cap Pick of the Year James Bay Minerals (ASX: JBY) just hit more gold below the shallow section of its 1.37M ounce gold JORC resource estimate in Nevada, USA.

JBY’s resource is split:

• Shallow resource 384k ounces gold
• Deep resource 984k ounces gold

Today, JBY hit more gold from drilling beneath the current resource outline - hole 11 hit 25.9m at 0.6g/t gold equivalent (0.5g/t gold and 11g/t silver) from 161.5m.

AND JBY has now opened up the southern part of its shallow resource, which hasn’t really had many drillholes done below the existing resource:

(Source)

Next we want to see JBY start drilling the high grade rock chips in the “priority target area” right on the border of its ground with Nevada Gold Mines.

That’s where JBY has picked up rock chips grading up to 16.6g/t gold…

JBY confirmed today that “Building of the road to Rebel Peak is now complete” - so we could see drilling on those targets start very soon.

(Source)

Over the next 3-6 months, on this project we want to see JBY deliver:

• 🔄 Resource upgrades on the shallow and deeper parts of its resource
• 🔄 Re-assay of historic diamond drillcore
• 🔲 JBY mentioned in the most recent quarterly that it would start drilling its Rebel Peak target which sits right on the border of its tenement boundary with N.G.M. This is where JBY has previously picked up gold grades up to 16.6g/t gold.
• 🔲 Start feasibility studies and permitting on a development scenario

What do we want to see next from JBY?

We recently launched a new JBY Investment Memo which you can read here.

Here are the four objectives we are tracking across JBY’s assets:

Objective #1: Drilling at JBY’s US silver project

We want to see JBY drill out, extend and then define a JORC resource estimate over its silver project in Texas, USA.

Milestones

🔲 Sampling to identify drill targets

🔲 Drilling commenced

🔲 Assay results

Objective #2: Maiden JORC resource estimate at US silver project

We want to see JBY upgrade and convert its 17.5M ounce foreign resource estimate at its US silver project into JORC compliance. We are looking for the resource to get bigger during the conversion process, whilst maintaining a relatively high grade.

Milestones

🔲 Maiden resource estimate

🔲 Increase to the resource size

Objective #3: Resource upgrade on US gold project

We want to see JBY drill out and upgrade the resource at its US gold project in Nevada.

Milestones

✅ Drilling started

🔄 Assay results

🔄 Resource upgrade

Objective #4: Permitting and feasibility studies on both projects

Ultimately, we want to see JBY take both assets through the permitting process and into development. For the US gold project we want to see permitting and economic studies. For the silver project we want to see full permitting and a mine restart study get completed.

Milestones

🔲 Permitting for US silver project

🔲 Permitting for US gold project

🔲 Economic studies on US gold project

🔲 Economic studies on US silver project