James Bay Minerals (ASX:JBY) released a maiden mineral resource estimate for the Independence Gold Project in Nevada, according to a Wednesday Australian bourse filing.
It estimated high-grade skarn inferred resource of 4.6 million tonnes at 6.67 grams per tonne grade of gold for 984,412 ounces of gold, near-surface epithermal indicated resource of 294,395 ounces of gold at a grade of 0.40 g/t and inferred resource of 90,702 ounces of gold at a grade of 0.32 g/t.
Future drilling campaigns are planned to target the northern half of the project and areas outside of the current resource shell. Ongoing work will target polymetallic mineralization within the Pumpernickel Formation and gold-silver skarn mineralization within the host Battle Formation.
The firm's shares fall past 11% on market close on Wednesday.
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