James Bay Minerals (ASX:JBY) has delivered a maiden resource estimate, totalling 4.59 million tonnes @ 6.67 grams per tonne for 984,412 ounces of gold at the Independence Gold Project in Nevada, US.
The near-surface resource in the indicated category totals 23.17 million tonnes @ 0.40g/t gold for 294,395 ounces of gold.
Meanwhile, in the inferred category the project’s near-surface resource totals 8.71 million tonnes @ 0.32g/t gold for 90,702 ounces of gold.
Executive Director Matthew Hayes says “significant” mineralisation exists beyond the skarn and near-surface epithermal models, remaining open in all directions.
“These factors strongly suggest a connection between the surface mineralisation and deeper skarn material, indicating substantial resource growth ahead,” Hayes says.
James Bay, which has a market capitalisation of $56.5 million, says drilling to date has focused on expanding near-surface oxide mineralisation, with future drilling programs planned to target the northern half of Independence, as well as areas outside the current resource.
At the Rebel Peak prospect, drilling is expected to further highlight the project’s potential for high-grade mineralisation and resource growth upside.
The company notes ongoing work will also target polymetallic mineralisation within the Pumpernickel Formation and gold-silver skarn mineralisation within the host Battle Formation.
Assay results from recent drilling are expected in the first half of this year.
The Independence Gold Project, covering 627 acres, lies in Lander County, Nevada. The project is owned by Independence Mining, which is an incorporated joint venture between privately held Battle Mountain Resources and Americas Gold Exploration.
James Bay executed a definitive term sheet to acquire Battle Mountain, and in turn, has acquired the company’s interest in the Independence Project. The company also has the right to acquire Americas Gold’s interest over a two-year period.
Write to Aaliyah Rogan at Mining.com.au
Images: James Bay Minerals
