Significant Number of New LCT Pegmatite Targets Generated from Airborne Lidar at Aqua Property, James Bay – Quebec, Canada

James Bay Minerals (ASX: JBY) (“James Bay Minerals” or “the Company”) is pleased to advise that it has generated a significant number of high-priority LCT pegmatite targets across its Aqua Property. The targets were identified following assessment of the airborne LiDAR and high-resolution photography recently flown by Perron Hudon Belanger (PHB) across the Company’s La Grande Project and Troilus Projects.

Highlights:

• Airborne LiDAR and high-resolution photography flown across the La Grande Lithium Project.
• Assessment of data from LiDAR and high-resolution photography has generated a total of 123 LCT pegmatite targets across the Aqua Property.
• High-priority targets commence just ~200m to the east of FIN Resources’ significant spodumene showings1, which have returned assayed grades of up to 6.85% Li2O2.
• The La Grande Project is a highly prospective lithium property located along trend from Winsome Resources' (ASX: WR1) Cancet Lithium Project and Patriot Battery Metals (ASX: PMT).

LiDAR has been utilised to measure and map out the variations in slope, aspect and elevation to study landforms. The Company’s exploration team has examined all the variations in slope and elevation to identify and confirm high-priority areas which sit proud of other structures, as these are some of the key geological features expected of Lithium-Caesium-Tantalum (LCT) pegmatites in the region. Once structures have been identified utilising LiDAR, the James Bay Minerals team overlayed these onto high-resolution photos where white outcropping is visible generating key targets. This methodology will also be deployed in the assessment of JBY’s other La Grande Properties and its Troilus Project.

James Bay Executive Director, Andrew Dornan, commented:

“This is another exciting development for the Company with over 120 LCT pegmatite targets identified across our Aqua Property. Given we have the three key geological ingredients for giant LCT lithium- pegmatite deposits – along with FIN Resources’ spodumene discovery on the border of our Property – our confidence in the prospectivity at Aqua and the potential for a significant lithium discovery continues to grow.”

In conjunction with its exploration partner, Breakaway Exploration, JBY is in the process of planning a targeted field program across the Aqua Property focused on field mapping the new LCT pegmatite targets generated from LiDAR and high-resolution photography. This program is planned to commence in the first half of 2024.

Figure 1 – High-priority LCT pegmatite targets across the Aqua Property.

Figure 2 – Aqua Property high-priority LCT pegmatite targets within the north-western section of the Property, within proximity to FIN Resources’ discovery.

LiDAR, an acronym of "light detection and ranging" or "laser imaging, detection and ranging" is a method for determining ranges by targeting an object or a surface with a laser and measuring the time for the reflected light to return to the receiver.

LiDAR surveys produce a high-resolution topographical image of the surface, allowing detailed desktop exploration of outcropping pegmatites and prospective geological features. The survey will deliver a digital elevation model (DEM) on a 1x1m grid scale with an overlying image of 16cm pixel resolution.

The high-resolution nature of the survey is designed to uncover undiscovered or hidden pegmatites beneath vegetation. Pegmatite outcrops are more resistant to weathering than other lithologies present in the project area and tend to present as topographic highs which can be detected by the high-resolution LiDAR survey. Importantly, this technique has been successfully used in the James Bay region by other explorers and producers in the discovery of lithium-bearing pegmatites.

Background on James Bay Minerals

James Bay has acquired a 100% interest in one of the largest lithium exploration portfolios in the James Bay region, covering an area of 34,572Ha or 346km2. The Joule, Aero and Aqua properties are located in the La Grande sub province along trend from the Corvette deposit, where Patriot Battery Metals (ASX: PMT) recently reported a maiden Inferred Mineral Resource Estimate of 109.2Mt at 1.42% Li2O and 160ppm Ta2O5 (0.40% Li2O cut-off grade).3

The Troilus Project is located further to the south sitting only 5km to the north of Sayona’s Moblan Lithium Project and proximity to Winsome Resources’ Sirmac-Clappier Project.

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