JBY hits more gold in step out drillholes at US gold project

Our US gold Investment James Bay Minerals (ASX: JBY) just released more drill results from its drill program at its project in Nevada.

JBY’s project has a JORC resource of 1.37M ounces of gold.

JBY is currently drilling to try and upgrade the shallow portion of the project which makes up ~384k ounces of the total resource figure.

JBY’s shallow resource has an average grade of ~0.32-0.4g/t gold

Today, JBY hit gold intercepts up to ~27.4m thickness with grades of ~1g/t gold - extending the resource in step out drillholes ~100m to the north of the existing resource.

(We circled the new hits in orange in the image below):

Right now, JBY is in the middle of a drill program trying to extend its resource out towards its tenement boundary.

We noticed in today’s announcement that JBY was currently in the middle of building out the road access to the top of the hill closest to that tenement boundary.

(Source)

Once the road access is built, JBY can drill right near the boundary:

We were on site at JBY’s project earlier this year and we hiked up to the top of the hill that JBY is building the road access up to - here is a view from the top looking down at JBY’s project area:

We also got a really good look at the other side of the hill - which is where N.G.M’s project sits (the joint venture between $60BN Barrick and $116BN Newmont:

The top of that hill is where JBY’s highest grade rock chips on its project come from - so we are looking forward to seeing the company drill those areas.

Check out our deep dive on those targets and our site visit write up here: JBY is surrounded by the one of the world’s biggest gold mines - here’s what we saw on site

What’s next for JBY?

The following slide from JBY’s most recent investor presentation gave a good overview of what to expect next from JBY:

More drilling across JBY’s shallow resource 🔄

We have already seen JBY prove mineralisation outside of its current resource (FROM SURFACE) with its most recent set of assay results.

Here are the extension to the north (in red) - the image on the left is before the drill results, the image on the right is AFTER the drill results and the black outline is where the current resource sits:

With the next round of drilling we are hoping to see the following:

Ultimately, we are hoping that translates into a bigger shallow resource that JBY can add to its scoping study

Metwork testing on the deeper Skarn resource 🔄

JBY has also flagged it would look to do some metwork testing on it’s 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.

Re-assaying old cores 🔄

JBY has flagged potential assay results from old deep diamond drillcores that were never tested for gold.

These should give us some more information on whether or not there is gold in between JBY’s shallow and deep resources: