Summary

Mine Type	Open Pit
Study Completed	Preliminary Economic Assessment
Stage	Permitting
Commodities	Gold Silver
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	The Independence Project is an advanced gold project located in Nevada, one of the top-tier gold mining jurisdictions in the United States. The project benefits from excellent infrastructure access and holds both high-grade near-surface and skarn deposits, which remain open in all directions, offering significant resource growth potential. James Bay Minerals aims to advance the Independence Project by increasing the classification of the near-surface Inferred Mineral Resource, conducting a Scoping Study or Pre-Feasibility Study to build on previous work by Independence Mining LLC, and progressing permitting for a starter heap leach project. With a combination of high-grade resources, strong expansion potential, and a prime mining location, the project presents a significant opportunity for future gold production.

Deposit type

• Epithermal
• Skarn
• Porphyry

Summary:

Three distinct deposit types are present at the Independence Property, a shallow near surface epithermal system, a deeper high gold rich skarn system and an intrusive hosted stock work gold-copper porphyry system.

Surface “Chert Hosted” Mineralization
The mineralized body broadly strikes N-S and dips 55° – 65° to the west overall, with a very shallow 3 to 5° southerly rake. Along the main mineralized zone, high grade ore chutes are developed at intersections with NW to E-NE trending cross faults and favorable lithology. These intersections historically have yielded ore grades to 1 opt gold and 39.4 opt silver with local bonanza grade to 63 ounce of gold per ton and 19,800 ounces of silver per ton. Several of these types of ore chutes were discovered by past operators and mined from the underground workings present on the property. One such rich ore chute was the Bonner-Cole, mined from 1954 to 1958 that produced 2,796 ounces of gold and 110,294 ounces of silver at average grades of 1.0 opt Au and 39.4 opt Ag, respectively.

Gold and silver mineralization in the Independence Shallow, chert hosted mineralization corresponds largely with elevated levels of the pathfinder elements arsenic, antimony and locally bismuth. Elevated levels of certain Rare Earth Elements (REE’s) is indicated in the foot wall of the deposit and is of uncertain correlation pending additional work and better understanding of the relationship with mineralization if any. The mineralization consists of soft friable gossanous oxides and colloidal clays derived from extensive primary sulfide stock works and replacements of the brecciated chert units. These primary sulfide deposits have subsequently been deeply and thoroughly oxidized to form the present day deposit.

Deep Skarn Mineralization
The skarn mineralization consisting of various dark and light calc-silicate mineral assemblages is well developed and exhibits extensive retrograde skarn alteration throughout.

Gold mineralization is wide spread within the skarn altered zone and is controlled primarily by the apparent intensity of the late stage fracturing event. Significant gold mineralization in the skarn has been encountered in drill holes over an area more than 1,400 feet (425 meters) wide and 3,400 feet (1,035 meters) long which occurs as a sub horizontal blanket which is locally modified by post mineral faulting. The majority of the skarn hosted target is roughly 2,800 to 2,900 feet (850 to 880 meters) beneath the surface, except along the eastern margin of the property where apparent faulting displaces the receptive horizon to within roughly 2,600 feet (790 meters) of the surface.

The highest grade gold mineralization occurs in receptive sand and carbonate filled channels cut in the fluvial Battle Conglomerate by the constantly meandering streams which deposited the Battle Conglomerate.

The relative age of faulting and mineralization are uncertain at this time, but it is thought that movement is likely pre-mineral and the fault structure may in fact be a mineral conduit and therefore mineralized both above and below the Antler Sequence. This is evidenced by a relatively greater thickness and grade of mineralization in drill holes in down dropped blocks relative to the up thrown blocks.

Gold-Copper Porphyry Mineralization
The Independence Stock and a large related north dipping sill represent a potential significant goldcopper porphyry target. Historic drill hole results in Battle Mountain Gold drill hole number BMG 3975 returned 27 meters (90 feet) with an average grade of 0.55 g/t (0.016 opt) Au. Exposures in the adjacent Sunshine Pit, mined by Battle Mountain Gold Corp. in 1996 confirm the presence of goldcopper porphyry style mineralization associated with strong potassic alteration in and along the northern margin of the Independence Stock.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jan 24, 2022
.......................	.......................		Jan 31, 2025

Total Workforce	Year
......	2022