James Bay Minerals (ASX:JBY) has bolstered the land position of its La Grande Project in the Istchee-James Bay region of Quebec, staking an additional 236 claims.
The $19.05 million market capitalisation company says the new claims increase its La Grande landholding by 70%, and the move stems from the ‘success’ of its maiden field exploration program and desktop studies in the area.
James Bay reports the project now covers 302km-square with a total expanded area of 121km-square — making it one of the largest landholdings on the La Grande Greenstone Belt.
The project covers over 55km of a ‘highly prospective’ lithium trend along ‘major’ deformation corridors within the La Grande Greenstone Belt.
James Bay Minerals Executive Director Andrew Dornan says the expansion comes at a time in which the region is seeing a wave of discoveries along the La Grande Greenstone Belt.
“Strategically expanding our land position along the La Grande Greenstone Belt was always a high priority, and given the success of our maiden field campaign, the recent identification of new prospective areas, and neighbouring company results, we have moved swiftly and successfully in doing so.
JBY’s land position is one of the largest along the premium La Grande Greenstone Belt, with approximately 55km of highly prospective lithium trend extending from east to west.”
“Strategically expanding our land position along the La Grande Greenstone Belt was always a high priority”
As part of the expansion, James Bay’s Aqua property, which directly adjoins and sits along trend from FIN Resources’ (ASX:FIN) recent outcropping spodumene discovery, has been increased by 56km-square through the staking of another 109 new claims, bringing the total landholding to 88km-square.
The company notes the expansion of Aqua is ‘significant’ given FIN’s recent discovery on the northwest border of the Aqua property.
The Joule and Aero properties have also been expanded, bringing Joule to a total landholding of 59km-square and Aero to 6km-square.
The cost of the claims totalled A$45,132.
James Bay Minerals has a 100% interest in one of the largest lithium exploration portfolios in the James Bay region.
The company’s Joule, Aero, and Aqua properties are in the La Grande sub-province along-trend from the Corvette deposit, where Patriot Battery Metals (ASX:PMT) recently reported a maiden Inferred Mineral Resource Estimate (MRE) of 109.2 million tonnes @ 1.42% lithium oxide (Li2O) and 160 parts per million (ppm) tantalum pentoxide (Ta2O5).
James Bay Minerals had $4.458 million cash and cash equivalents at hand as of 30 September 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: James Bay Minerals
