JBY’s rock chips point east, company surrounded by gold giants
Today, our gold Investment, James Bay Minerals (ASX: JBY) reported high-grade gold results from rock chip sampling at its Independence Gold Project in Nevada, with values up to 31.7 g/t Au and 14 samples exceeding 1.0 g/t Au.
JBY is almost completely surrounded by Nevada Gold Mines’ Phoenix Mine Complex which is operated on a JV basis between $49BN Barrick and $76BN Newmont which is currently producing:
Below are where the rock chip results sit amongst JBY’s project in Nevada:
(Source)
There are some promising rock chips to the east of the existing resource on the map above (near Rebel Peak), while prior exploration had focussed primarily on the south side of the existing foreign resource.
We see these results as improving the likelihood of JBY growing its resource (once it is converted into a JORC resource) and helping with the generation of drill targets.
How does this impact our JBY Investment Memo?
We see today’s results as providing important information to JBY regarding priority drill targets to extend the company’s understanding of the mineralisation present in Nevada, and ultimately, helping upgrade the existing resource:
Objective #3: Upgrade existing resource estimate
We want to see JBY run an extensional drill program to expand its existing resource beyond the 1.18m ounce gold & 7.6m ounce silver resource.
Milestones
🔲 Drilling commenced
🔲 Drilling results
🔲 Resource upgrade
Source: 25 November 2024 JBY Investment Memo
What’s next for JBY?
We’re keen to see JBY provide a JORC compliant mineral resource estimate, and from there, do additional work to firm up drill targets.
Read more about JBY in our first note on the company below:
