James Bay Minerals jumps 12% as it kicks off exploration run at Joule, Canada

Named after the very region it’s exploring in, James Bay Minerals (ASX:JBY) has kicked off its 2024 exploration campaign at the Joule target of interest.

Shares were up 12% to 18.5cps at 11.30am AEST, reflecting strong shareholder interest in the summer field campaign.

The company is going after rare earth mineralisation – or evidence that a system could be present underground.

Geotechs will be sniffing around areas where EM surveys have previously reflected anomalies beneath the surface, potentially tied to REEs.

Separately, the company also has its eyes on “hundreds of previously identified high-priority lithium pegmatite targets.” Toward those targets fieldwork has already kicked off in kind.

The campaign marks the end of six months of work for James Bay Minerals’ geotech team – that’s how long it took to fully assess data collected in maiden exploration through 2023.

“In late 2023, despite having just a couple of months before snowfall, our fieldwork was directed towards the Aero Property… now that the Canadian winter has passed, we’re shifting gears with our sights set on the exciting Joule Property,” James Bay ED Andrew Dornan said.

“The Rare Earth targets identified through the radiometric surveys show significant promise, and the team is looking forward to delving deeper into these zones to unlock their full potential while also exploring the numerous priority lithium-pegmatite targets.”

JBY last traded at 18.5cps.