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

May 1, 2025

Ask episode

Chapters

Transcript

Episode notes

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