James Bay Minerals (ASX:JBY) is planning for a phase two drilling program in Q1 2025 at the Independence Gold Project in Nevada, US.
The diamond and reverse circulation drilling program will target oxide mineralisation extensions in the northern half of the Independence Gold Project, as well as at the untested Rebel Peak prospect.
James Bay Minerals, which has a market capitalisation of $59.47 million, has drilled five reverse circulation holes and the first diamond drillhole at Independence, as part of the phase one drilling. Assays are expected during Q1 2025.
The company tested for additional zones of mineralisation below the current oxide mineral resource.
“Since acquiring the Independence Gold Project on 29 November 2024, we have made excellent progress and plan to maintain this momentum into Q1 2025 with the launch of a larger phase two drill program,” Executive Director Andrew Dornan says.
In conjunction, James Bay Minerals has received the second batch of assays from a rock chip sampling program. In total, 77 rock chip samples returned gold assays above 1 gram per tonne gold, with a peak assay of 31.7g/t gold.
James Bay Minerals says these results generate multiple targets for drill testing throughout this year.
The company notes multi-element assay results are outstanding and are expected in Q1 2025. The data will enable James Bay Minerals to assess the potential for polymetallic mineralisation across the project and plan additional drilling.
James Bay Minerals adds that additional drilling will target intrusion-related copper mineralisation analogous to that historically mined at the Sunshine pit, which lies 250m north of the Independence Project.
The Independence Gold Project, which spans 627 acres in Lander County, Nevada, is an incorporated joint venture between privately held Battle Mountain Resources and Americas Gold Exploration. James Bay Minerals executed a definitive term sheet to acquire Battle Mountain, and in turn, its interest in the project.
James Bay Minerals is a Canada-focused explorer that wholly owns 346km2 of prospective lithium projects within the James Bay region of Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: James Bay Minerals
