JBY hits gold outside of its existing ~1.37M ounce gold resource in Nevada, USA

ASX:JBY

Published 10-JUN-2025 12:39 P.M.

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Our gold Investment James Bay Minerals (ASX: JBY) just put out drill results from its project in Nevada, USA.

JBY’s project is surrounded by Nevada Gold Mines (N.G.M) - owned by Barrick and Newmont.

We were actually on a site visit to JBY’s project last week - here was a shot of us standing at the top of JBY’s project area looking into N.G.M’s Phoenix pit:

JBY’s project has a JORC resource of 1.37M ounces of gold - split across two components:

Shallow oxide resource - ~384k ounces of gold at 0.32-0.4g/t gold. This is the type of ore that can be mined using similar methods from N.G.M’s Phoenix operation. Its also a style of mineralisation that is common in mines all across Nevada where these sorts of grades are still feasible to mine…
Deeper skarn resource - 984k ounces of gold at 6.64g/t.

Right now, JBY is in the middle of a drill program on the shallower section of its resource - looking to find extensions to the west.

At a very high level, JBY is trying to drill and prove out its resource as close to the border it shares with N.G.M as possible.

Here is how it looks on a cross section:

Today JBY put out results from the first three holes of its drill program which showed us:

JBY’s resource DOES extend to the east.
JBY is getting grades at or above its resource from holes outside of its current footprint. drillhole 3 hit 50.3m at 0.4g/t of gold

Here is a before and after - the red worm (mineralisation) is getting bigger to the east:

Both are very important because it shows resource could increase at surface closer to the border with N.G.M.

The next round of drillholes will also be important because it will be drilling the gaps in JBY’s current resource:

What’s next for JBY?

The following slide from JBY’s investor presentation gives a very good overview of what to expect next:

(Source)

Here is what we want to see from these catalysts:

4,000m RC drill program 🔄

With JBY’s remaining drillholes we want to see the company extend gold mineralisation to west to east.

What we want to see are the red worms from the image earlier get wider and extend up toward the east:

Skarn resource metwork tests 🔄

JBY has also flagged it would look to do some metwork testing on its deeper skarn resource.

From that program we are hoping to see recoveries that somewhat resemble the ones from N.G.M’s Fortitude pit which has mined ~2.3M ounces of gold from similar geology.

If the metwork is similar, the look through for us will be that JBY’s resource might also be feasible to mine.

Well understood recoveries could also peak the interest of N.G.M who are likely keeping a close eye on everything JBY is doing given the proximity of its ground to N.G.M’s operations.