James Bay Minerals (ASX:JBY) said assays from reverse circulation drilling at its Independence gold project in Nevada confirmed the presence of additional mineralization outside the current resource estimate, according to a Wednesday filing with the Australian bourse.
It drilled five holes in the east of the project at Rebel Peak, reporting an intercept of 1.8 meters at 0.9 grams per tonne grade of gold from a depth of 12.2 meters, including 3.1 meters at 7.9 g/t gold.
It is currently planning a second phase of drilling, which will target Rebel Peak and the northern half of the project. The drilling is set to start in the current quarter.
The firm's shares rose 7% in recent Wednesday trade.
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