In a bleek market for lithium explorers, James Bay Minerals Ltd (JBY) is yet another victim to the spodumene prices, currently trading at around A$0.15, 33% below the IPO offer price.
Listed in mid-September, the stock was on a bull run for a little more than two months clocking as high A$0.61 – making it one of the most valuable IPOs during the period.
A full-blooded Quebecois, James Bay Minerals holds 346 square kilometres of prospective lithium projects in the James Bay region of Quebec.
Tides may change for the company, as it has recently identified significant new rare earth and uranium targets at its flagship Joule property – both of which are minerals that are doing well currently.
Commenting on the new targets, James Bay executive director Andrew Dornan said: “This is another fantastic result for the Company! While our exploration efforts will remain firmly focused on 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.”
Figure 1: James Bay Minerals Limited share price chart ( Source: Listcorp).
“Significant” new rare earths and uranium targets
Mid-last month, James Bay delivered ‘significant’ new rare earths and uranium targets from a review of aeromagnetic and spectromagnetic survey results across its flagship Joule Property, within the 100%-owned La Grande Lithium Project.
As part of its maiden exploration program, the company flew high-resolution magnetic and spectrometric surveys across its 100%-owned La Grande Project.
Figure 2 : Prospective REE zones – Joule Property ( ASX release)
Encouragingly, the surveys have identified several zones with high equivalent-Uranium (eU) up to 29ppm and equivalent thorium (eTH) up to 22ppm.
“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 20 ppm, while the global average is approximately 0.5 ppm.
“This is considering a thorough review of over 80,000 l-km of public airborne gamma-ray spectrometric data,” commented Joel Dube from Dynamic Discovery Geoscience.
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