James Bay Minerals Limited has initiated a scoping study focused on advancing the near-surface oxide gold resource at its Independence Project in Lander County, Nevada. The study, led by the Nevada-based firm Kappes, Cassiday & Associates, will explore a low capital expenditure, near-term open-pit and heap leach production option using an indicated mineral resource of approximately 294,395 ounces at 0.40 g/t Au and an inferred portion of 90,702 ounces at 0.32 g/t Au. Set against the backdrop of Nevada’s well-established mining infrastructure and low operating cost environment, the project is well positioned for efficient development. The study will also assess key technical elements such as pit optimization, mine scheduling, heap leach process modelling, and detailed capex and opex estimates, with results expected in the third quarter of 2025. Beyond the immediate focus on the oxide resource, the Independence Project hosts a high-grade skarn-hosted sulphide system, estimated at nearly one million ounces averaging 6.67 g/t Au. This dual-asset profile provides a unique development scenario that not only targets low-risk, near-surface oxide gold but also offers significant growth potential through future studies. Planned expansion initiatives aim to upgrade inferred resources to indicated status, include additional mineralisation extending along a 370-meter strike that lies outside the current model, and further extend the mine life. The project spans 1,861 acres of Bureau of Land Management-administered land, with an additional 470 acres of private fee surface where the company holds exclusive water rights. Its location near major operations, such as the Phoenix Mine adjacent to Nevada Gold Mine’s operations, provides strategic logistical and infrastructural support, further bolstering the project’s development outlook. From a bullish perspective, the initiative is supported by a clear, low capex development pathway and the inherent benefits of operating in a well-regarded mining jurisdiction like Nevada. The dual mineralisation approach—with both a near-surface oxide resource and a high-grade skarn system—presents considerable upside potential and a strategic opportunity for expansion. Conversely, bearish sentiment may arise from the inherent challenges of converting inferred resources to higher-confidence categories and the reliance on future drilling and resource updates to fully validate the broader scale of the project. Additionally, the commodity price environment and execution risks associated with developing low-grade oxide resources require careful consideration by beginner traders watching the evolving project dynamics.