James Bay Minerals (ASX:JBY) - Nevada Gold Project Aims for Production Within 12 Months

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30d ago 20:59

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Interview with Matthew Hayes, Executive Director of James Bay Minerals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/james-bay-minerals-asx-jby-two-pronged-approach-near-surface-gold-high-grade-skarn-upside-6312

Recording date: 28th April 2025

James Bay Minerals is advancing its strategic 1.4 million ounce gold resource in Nevada toward potential near-term production. The project features a high-grade component of 980,000 ounces grading 6.67 g/t gold and a surface oxide component of approximately 400,000 ounces at nearly 4 g/t.

Located adjacent to Nevada Gold Mines' Phoenix operation, described as "the largest gold mine in the world," JBY's asset shares identical geology with a proven neighbor that has produced 9 million ounces over 40 years. The project benefits from existing infrastructure including power, paved roads, and secured water rights, with just a 15-minute drive to the established mining town of Battle Mountain.

Executive Director Matthew Hayes, who holds approximately 15% of the company, highlighted their production-focused strategy: "We've got advanced heap leach permitting in place. And within 8-12 months we could be in production." This heap leach approach could enable operations to begin at a relatively modest capital cost compared to conventional mining.

JBY acquired the asset in a distressed situation for less than $4 per ounce (now effectively under $2 per ounce at current share prices) and maintains a healthy treasury with $7.3 million cash. The company is currently conducting a 4,000-meter drill program targeting significant resource expansion, including previously undrilled high-grade outcrops with samples up to 42 g/t gold.

Metallurgical studies demonstrate favorable recoveries of 79% for oxide material, exceeding the neighboring operation's 68% recovery despite processing much lower grades (0.32 g/t).

Management's substantial ownership (approximately 33% collectively) aligns interests with shareholders and supports their anti-dilutive approach, with Hayes noting: "We'll most likely be looking to do it majority through debt financing."

In the current strong gold price environment, JBY represents a compelling opportunity for investors seeking exposure to a potential near-term gold producer in a premier mining jurisdiction.

View James Bay Minerals' company profile: https://www.cruxinvestor.com/companies/james-bay-minerals

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