James Bay Minerals (ASX: JBY) (‘James Bay’) has entered a binding agreement that gives the Company the right to acquire up to 100% of the advanced Independence Gold Project, located in Nevada, United States of America. The Independence Project is presently owned by Independence Mining LLC, an incorporated joint venture between Battle Mountain Resources Pty Ltd and Americas Gold Exploration Inc.
The transformational acquisition ensures that James Bay is now underpinned by an advanced exploration asset, with significant resource growth potential and future low-cost development opportunities in a Tier-1 global mining jurisdiction.
- James Bay Minerals (JBY) has executed a definitive term sheet to purchase and earn-in up to 100% of the advanced, high-grade Independence Gold Project, located at Battle Mountain, Nevada, USA
- Recent near-surface high-grade discovery hole outside the existing Mineral Resource demonstrates outstanding potential for rapid growth
- High-grade Skarn NI 43-101 Inferred Mineral Resource of 3,794,000 tonnes at 6.53g/t Au for 796,200oz Au, which remains open in all directions with significant opportunity for growth
- The Transaction comprises upfront consideration of 16.25M shares, being ~A$2.4M at a deemed issued price of A$0.15 per share, to earn an initial 51.54% ownership and the right to earn the remaining 48.46% over a two-year period
- The Independence Project is located adjacent to Nevada Gold Mines (Newmont and Barrick JV) Phoenix Mine Complex
- The Fraser Institute consistently ranks Nevada in the top mining jurisdictions globally
- Initial earn-in commitments will be funded by a A$1.5 million placement (subject to shareholder approval).
James Bay Executive Director, Andrew Dornan, commented: “This is an exceptional opportunity for our shareholders and we are extremely fortunate to have secured this acquisition and earn-in at the Independence Gold Project. This gives us the opportunity to enhance our existing asset base in North America with a substantial high-grade gold asset with immediate growth potential.
“The combination of existing high-grade resources, significant growth potential at both the near-surface and skarn deposits, and a location in one of the best mining districts globally presents a huge opportunity for the Company. We are very excited about what this transformational deal brings to James Bay.”
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