James Bay Minerals (ASX:JBY) has entered into a two-tranche agreement with privately held Southshore Partnership, to acquire a 100% interest in the La Grande East Project in Quebec, Canada.
The La Grande East project sits 15km from the company’s Aqua Property and includes 136 claims covering a 7,000 hectare area along the Robert-Bourassa reservoir.
Under the agreement, James Bay will pay the vendors, Marty Hueber and Mark Fekete, an initial consideration of C$21,000 and 210,000 worth of shares in James Bay.
Subject to satisfying conditions precedent, James Bay will also pay C$30,000 and 300,000 worth of shares in James Bay, alongside a 3% net smelter royalty (NSR) payable on all products extracted from the mining claims, on or before 29 March 2024.
The company has the option to purchase or extinguish 0.5% of the royalty at any time for C$1 million cash.
Executive Director Andrew Dornan says: “The La Grande East Project is another exceptional addition to the company’s critical minerals portfolio in this world-class district.
Sitting within a magnetic low that trends into the same corridor as the Patriot Battery Metals (ASX:PMT) Corvette discovery and with the Transtaiga Highway located less than 1km to the north of the property, this project already presents several exciting walk-up exploration targets.”
Desktop studies and reviews are ongoing across the La Grande East project, with the James Bay team assessing available government and satellite data.
James Bay says targets identified through this process, together with the results of desktop studies, will inform an initial exploration field program which is due to begin in Q2 2024.
The company’s overall La Grande landholding now totals 37,168 hectares.
James Bay Minerals is a Canada-focused lithium explorer with several exploration projects that cover a 416km-square area.
Write to Aaliyah Rogan at Mining.com.au
Images: James Bay Minerals
