James Bay Minerals (ASX:JBY) has generated ‘significant’ new rare earths and uranium targets at its Joule property within the La Grande Lithium Project in Quebec, Canada.
The $10.89 million market capitalisation company reviewed aeromagnetic and spectromagentic survey results across the Joule property which indicated ‘strong’ equivalent-uranium (eU) readings, with 3 ‘intriguing’ zones having ‘high’ uranium readings of up to 29 parts per million (ppm) eU.
Radiometric survey results indicated elevated equivalent-thorium (eTh) concentrations of up to 22ppm, typical of ‘significant’ rare earth element (REE) mineralisation.
Executive Director Andrew Dornan says the company’s exploration efforts will remain firmly focused on lithium-caesium-tantalum (LCT) pegmatites with potential for ‘world-class’ lithium discoveries.
“The results obtained from aeromagnetic and spectromagnetic surveys cannot be ignored. As we have been doing for lithium, we will continue to sample and understand all relevant minerals on our properties.”
Dynamic Discovery Geoscience Engineer Joel Dube says: “As a comparison, Joule is only one of two projects over the entire James Bay area, including the Matoush Uranium Project area, with maximum eU values exceeding 20ppm, while the global average is approximately 0.5ppm.
This is considering a thorough review of over 80,000 l-km of public airborne gamma-ray spectrometric data.”
The Joule property is the company’s flagship asset which covers a 16,382 hectare area along the Robert-Bourassa reservoir.
James Bay Minerals is a Canada-focused lithium explorer that wholly owns 34,572 hectares of prospective lithium projects within the James Bay region of Quebec.
As of 31 December 2023, the company had $3.065 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: James Bay Minerals
