James Bay Resources drills VMS zones at McFauld's Lake

2008-11-05 09:56 ET - News Release

Mr. Stephen Shefsky reports

JAMES BAY RESOURCES INTERSECTS VMS ZONES IN DRILL HOLES AT MCFAULD'S LAKE PROPERTY

James Bay Resources Ltd. is providing a progress report on its continuing drill program on its McFauld's Lake Ring of Fire property in Northern Ontario.

The company began drilling the first phase in late September and suspended drilling on Oct. 31 due to freeze-up. The company intends to continue drilling after freeze-up in mid-January in order to test several additional high-priority conductors. The 5,000-metre diamond drill program is focused primarily on the company's C and C extension blocks. Drill targets were selected based on VTEM airborne surveys, which indicated several electromagnetic conductors, including a five-kilometre-long trend flanking a large domal magnetic feature.

Eleven holes totalling 2,138 metres were drilled to test the five-kilometre-long EM trend and other nearby EM conductors. Initial visual inspection of the core from the five-kilometre-long EM trend found a zone approximately 50 to 60 metres (downhole thickness) of 1 per cent to 3 per cent disseminated pyrrhotite with minor pyrite. Within this zone, two semi-massive sulphide sections were intersected. The first, a two-to-five-metre (downhole thickness) section, was intersected toward the top of the zone and was found to be semi-massive pyrrhotite with minor pyrite and trace chalcopyrite. The second semi-massive sulphide section was found toward the bottom of the zone as a one-to-three-metre (downhole thickness) section of semi-massive pyrrhotite with minor pyrite and trace chalcopyrite. The conductive zone appears to be in a mafic metavolcanic host rock environment with minor felsic volcanics.

Lab analyses are pending and are anticipated to be complete by the beginning of December. Once analyses are available, the company will be in a better position to make further updates.

This news release has been prepared under the supervision of Brad Leonard, PGeo, exploration manager of James Bay Resources, who is the designated qualified person under National Instrument 43-101 for the technical information contained in this news release.