The James Bay Pegmatite swarm is located It is 2 kilometers south of the Eastmain River and 100 kilometers east of James Bay. The property is accessible by paved road from the James Bay Road (highway) which cuts through the property close to the 381km road marker on the highway Route/109 from Val d’Or, Quebec, Canada. Val d’Or is approximately 526km westward from Montreal, Quebec. A large, multi-service truck stop is located at marker 381. The James Bay Lithium project is located 1,850 road kilometers from Montreal and 1,650 road kilometers from Québec City. Discovered in the 1960’s and then known as the Cyr property it consists of a swarm of 33 pegmatite dykes of the zoned LCT (lithiumcesium-tantalum) type. Two new pegmatite dykes have been discovered in this current campaign. The lithium bearing mineral is spodumene and the pegmatites are the typical zoned type. The pegmatites intrude the Eastmain greenstone belt (Lower Eastmain Group), These consist of amphibolite-grade mafic to felsic metavolcanics, meta-sediments and minor **broic intrusions. A classified resource was reported (1) at cut-off grade of 0.75% Li2O of 11.75Mt @ 1.30% Li2O (Indicated) and 10.47Mt @ 1.20% Li2O (Inferred) within a conceptual pit shell using a lithium carbonate price of USD 6,000, metallurgical and process recovery of 70%, mining and process costs of USD 64 per tonne and overall pit slope of 45 degrees. The current resource is based on 14,457m of diamond drilling and 201.3m of horizontal channel sampling. The pegmatite swarm strikes N 103 degrees E., dips steeply at ~60 degrees westward and forms a corridor of discontinues dykes of about 4km length and 300m wide. These outcrop to about 15-20m above the surrounding muskeg/swamp. Two exploration holes located within the 500m gap between dyke 15 and dyke 14 (at the western-end of the property) have discovered and unearthed two large pegmatites 38m and 42m thick respectively.
GXY Price at posting:
$1.66 Sentiment: Buy Disclosure: Held
