Cazaly (ASX:CAZ) enter the James Bay lithium fray
August 7, 2023Cazaly Resources has made its entry to James Bay and secured acquisition of the large-scale Sundown Lithium Project in the Canadian region fast becoming the eminent province for lithium exploration in North America.
The project covers 260 square kilometres in the heart of the bay, sitting between Allkem’s James Bay deposit and a Patriot Battery Metals Corvette discovery now established as the largest lithium pegmatite resource in the continent.
Over 200 documented pegmatite outcrops unassayed for lithium lie across the tenure, and Cazaly Managing Director Tara French said the company was excited to announce its acquisition of a special asset.
“Through Sundown, Cazaly now possesses a major plot of land in an emerging lithium province with significant exploration potential courtesy of relatively untested, outcropping pegmatites,” Ms French said.
“We are nestled in amongst some other major lithium projects and while our in-country exploration team have been delayed by the damaging forest fires, we cannot wait to get boots on the ground to start confirming targets once the area has been deemed safe for entry,” she added.
Due diligence has been completed, and Cazaly has finalised desktop target generation for a follow-up consisting of reconnaissance fieldwork and rock chip sampling, with the initial program scheduled for the third quarter of this year.
Project location map
Lithium land grab
Within Canadian land packages once considered ripe for base metal discoveries, lithium was suddenly being found in legacy drill holes across the country, and ASX-listed companies seeing plenty of upside began staking land with urgency, leading to a lithium frenzy and tier-one discoveries.
And the majors are following in after the small cap companies. Rio Tinto has made its entry into James Bay, and lithium titan Albermarle became Patriot’s largest shareholder shortly after revealing its maiden resource.
Even after a downturn, lithium spot prices would need to more than halve before miners consider deferring projects, and at least one broker sees a turning point approaching for the market.
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