James Bay Minerals (ASX: JBY) Director Andrew Dornan wasn't joking when he said the James Bay region was an "extremely mineralised area with the fastest rate of lithium discoveries".
The newly listed James Bay Minerals has now mapped elevated lithium readings across three separate pegmatites with a combined strike length of 2.5km at the Aero Property, which forms part of the La Grande Project in the prolific James Bay region in Canada.
Laser-induced breakdown spectroscopy (LIBS) readers have identified more elevated readings of lithium at pegmatites named Hawker and Gauntlet.
The initial observations of the green material identified in outcrop and samples range from 2-10% of the whole rock composition.
It's journey since listing has been fast-paced and focused on building the case for a maiden drill campaign in 2024. In this Rapid Fire edition, James Bay Minerals' Corporate Development Manager Matthew Hayes talks about the latest discovery and what it means for investors.
Market cap: $19 million
Cash: $4.45 million as at 30 September 2023
Major focus: Lithium exploration
Projects: La Grande and Troilus, both located in Quebec, Canada
Interesting fact: JBY recently expanded the land holding of La Grande by 11,116 hectares, making it the most cost-effective lithium explorer in the region (on a km along lithium trend vs. market cap basis)
Lithium mineralisation is confirmed over a 2.5km length across multiple pegmatites. We have a confirmed a lithium mineralised system over a large area.
A giant outcropping fractionated pegmatite field extending over 5km with a significant portion being mineralised indicates there is lithium in the system. This gives us plenty of data to look for cores where the most concentrated sections of spodumene are located.
The data we've recently gathered will greatly assist in doing this.
Roughly 2% of pegmatites are mineralised globally. And large lithium deposits tend to form in proximity to other large deposits.
The Western lithium trend along from the Patriot and Winsome discoveries is relatively under explored with no drilling and assaying for Lithium bending completed.
Recent field work activities by Q2 Metals Corp, Brunswick Exploration, Fin Resources and ourselves have all discovered spodumene outcropping at surface along this western La Grande lithium trend this year.
This part of the James Bay Area is quickly proving to be the next possible global lithium hot spot.
The increase in landholding is significant as it expands JBY’s landholding along the lithium trend making it the largest holding along the LaGrande lithium trend.
With lithium discoveries in the north James Bay Area occurring at the fastest rate of anywhere globally, having the largest land position places JBY in prime position to capitalise on what we see as the worlds next major lithium hub.
We have collected significant amounts of data which is currently pending lab assays and studied to assess the exploration plan moving forward
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