James Bay Minerals (ASX:JBY) has discovered an ‘extensive’ pegmatite outcrop, dubbed Avro, at the Aero prospect within its La Grande Project in Quebec, Canada.
Through the $21.78 million market capitalisation company’s maiden exploration program, a ‘large’ continuous pegmatite outcrop was identified over an area of 400m in length and up to 20m wide in sections.
James Bay says an ‘important’ field observation of the Avro pegmatite outcrop is that it appears to plunge under low-lying cover along strike to the west and east.
The company says Avro is interpreted to remain open in both directions and is concealed beneath cover.
Field crews are systematically working through the area, mapping the pegmatite and collecting samples for testing.
Shares in James Bay Minerals were up 9.72% to $0.40 at 11:10 am AEST on Thursday 28 September.
Commenting on the pegmatite discovery, James Bay Minerals Executive Director Andrew Dornan says: “What a fantastic result for the company to have identified a large pegmatite dyke at our Aero property so early in our first field exploration program.
This result is well ahead of expectations but not surprising considering that our properties were carefully selected due to their geological features being ideal for the formation of LCT pegmatites.
We are very much looking forward to making further discoveries across the Aero property as our inaugural field program continues.”
“This result is well ahead of expectations but not surprising…”
The company notes that further desktop studies and interpretations of satellite images and historical geophysical maps are currently being conducted by Breakaway Exploration Management to assess additional interpreted pegmatites in the area.
The Aero property forms part of the company’s La Grande Project, which is located in the prolific Eeyou Istchee-James Bay district in Quebec, Canada.
James Bay Minerals is a newly listed explorer focused on its wholly owned 22,438km-square portfolio of lithium assets located within the James Bay region of Quebec.
Write to Aaliyah Rogan at Mining.com.au
Images: James Bay Minerals