James Bay Resources Provides Operations Update at Its Ring of Fire Propertyadmin
James Bay Resources Limited provide an operations update for its ‘Ring of Fire’ property in the James Bay Lowlands in Northern Ontario.
James Bay has contracted with MoreCorp Diamond Drilling Services Ltd. to conduct a 5,000 meter program to test high-priority VTEM geophysical targets on 28 anomalies centered around a sizable EM conductor on the C-Block and C-Block Extension zones, including a strong 5 km long EM conductor that appears to be on the flank of a potential layered intrusion or domal feature that is 7 km in length. Exploration at the James Bay Property is focused on locating magmatic Ni-Cu-PGE and/or VMS base metal deposits.
The first part of the 5,000 meter drilling program will begin in late September and focus on several airborne geophysical targets which are easily accessible before freeze up. The second part of the drilling program will begin after freeze-up early in the new year, and will focus on some of the more promising high-priority geophysical anomalies. The total cost of both parts of the drilling program is expected to be approximately $1.8 million out of the Company’s current cash position of $9.9 million.
In preparation for the Company’s drill program, ground geophysics will be conducted on the C-Block and C-Block Extension. A ground magnetometer survey will be performed to confirm the accuracy of the airborne survey and ultimately the best location to drill each target.
James Bay has completed a 100-meter spaced VTEM electromagnetic airborne geophysical survey on its newly staked F-Block. “We have now flown 100% of the property,” said Brad Leonard, Exploration Manager. “From the preliminary data on F-Block there appears to be several new exciting targets that need to be further analyzed and added to the list of compelling anomalies we have identified on our 19,700 hectare property.”
In addition, James Bay has initiated the mobilization of a base camp in the McFauld’s Lake district at Lamon Lake. Due to be completed by September 20th, the Lamon Lake camp will provide a forward base of operations for the Company’s management, drillers and geologists and will provide a staging area for the delivery of drill core from the McFauld’s Lake ‘Ring of Fire’ property.
“We are very encouraged by our airborne geophysical data and are excited to launch a 5,000 meter program later this month to begin drill testing several high-priority targets,” said Mr. Stephen Shefsky, President & CEO. “With the mobilization of our field camp in the McFauld’s Lake district currently underway, follow-up ground geophysics due to begin and drillers contracted for the end of the month, James Bay’s operations are progressing quickly and on schedule.”
James Bay is a well-financed Canadian mineral exploration company with 19,700 hectares of 95 royalty-free, 100-percent owned claims in the McFauld’s Lake area of the James Bay Lowlands. The Property is located roughly 30 kilometres west-southwest of the “Eagle One” Ni-Cu-PGE discovery made by Noront along the “Ring of Fire”, an emerging and potentially world-class base metal camp. The Company currently has 27,872,850 shares outstanding and trades on the TSX Venture Exchange under the symbol “JBR”. For more information please visit the James Bay website at www.jamesbayresources.com.