Stacked lodes point to upside at JBY’s Independence Project
Our US gold Investment James Bay Minerals (ASX: JBY) just showed us how it can grow its 1.37M ounce gold resource…
JBY’s project is in Nevada - next door to N.G.M (owned by Barrick and Newmont).
The project currently has a 1.37M ounce gold resource split:
- Shallow resource 384k ounces gold
- Deep resource 984k ounces gold.
Today’s announcement focused on showing where resource growth on that shallow section could come from - with a focus on the northern/southern extents of the project.
Here were our key takeaways from today’s announcement:
Recent drilling is hitting stacked structures in the northern half of the project - and we note JBY’s next two holes are planned at the very northern edges of its project area so we could see these get bigger with the next few drill hits:
JBY thinks there could be stacked gold structures in the southern half of the project too - here there is ~520m strike untested, below the current mineral resource where holes are ending in mineralisation… At the moment, none of the drilling has tested those structures at depth:
JBY now expects the next round of drilling to focus on those southern targets.
The ideal outcome from an exploration perspective would be to see the holes in the north and south grow the footprint of the resource into something like this:
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:
