JBY Phase 1 drilling complete and new rock chip results

Published 07-JAN-2025 12:07 P.M.

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Today, our US gold-silver Investment, James Bay Minerals (ASX: JBY) announced it has completed six drill holes at its gold project in Nevada.

Assays are expected in Q1 2025, so we should know more about the mineralisation at JBY’s project shortly.

JBY has a pre-existing foreign resource estimate at the project of 1.18Moz gold and 7.6Moz silver.

JBY has now completed one diamond drill hole (deeper drilling) and five RC drill holes in its Phase 1 drilling program, which can be seen below (green diamonds):

(Source)

As can be seen in the image above, JBY’s drilling is surrounded by numerous high grade gold rock chips, which we think bodes well for both this round of drilling and future drilling.

In fact, 77 rock chip samples have returned grades greater than 1g/t Au, with a peak assay

result of 31.7g/t Au, creating more than 1.2 kilometres of strike length.

JBY also shared a picture of the diamond drill core from this round of drilling:

(Source)

In this drill core we see a large amount of pyrite in one section and a breccia matrix in another section.

While pyrite can be known as “fools gold” - in this particular part of the world (Battle Mountain trend, Nevada) it can be associated with gold mineralisation. (Source) (Source)

We take this as a good sign ahead of assays.

And below is where the JBY drillhole went in:

(Source)

JBY’s exploration is taking place in a gold bull market…

With gold prices trading near all-time highs, JBY's exploration activities in Nevada, a top-tier mining jurisdiction, are well-timed.

The project's location, home to some of the world's largest, lowest-cost operating gold mines, adds to its appeal.

The proximity to major players in the industry increases the potential for future partnerships or acquisitions, should JBY continue to demonstrate the project's value.