Mont Royal Resources (ASX:MRZ) and Azimut Exploration (TSXV: AZM) have advanced their exploration program at the Wapatik Project, unveiling a comprehensive analysis that has identified around 30 distinct targets likely associated with exposed pegmatites, alongside eight well-established target areas that hold great promise for lithium exploration.
Figure 1: Wapatik Project in James Bay region, Quebec
The Wapatik Project, James Bay
Located strategically in the highly promising James Bay Region of Quebec, the Wapatik Project lies just 20 kilometres north of Allkem Limited‘s (ASX: AKE) James Bay lithium deposit, boasting a documented mineral resource of 110.2 million tonnes at a 1.30% Li2O concentration.
The area is celebrated for its abundant lithium pegmatites and has set itself apart from other mining regions due to its concentration of top-tier lithium projects, encompassing both emerging grassroots initiatives and well-established mining industry leaders, contributing to its status as a global lithium production hub.
Lithium-centric exploration activities at the Wapatik Project kicked off earlier this month, benefiting from extensive historical fieldwork that facilitated the initial identification of eight target areas displaying substantial promise for lithium exploration.
Extended property analysis has revealed a total of 30 distinct targets believed to be indicative of exposed pegmatites, with several of these outcrops displaying anomalous concentrations of lithium, cesium, and tantalum (LCT). Furthermore, these sites exhibit associated pathfinder elements commonly found in LCT pegmatites, including rubidium, gallium, and tin.
Azimut and Mont Royal Partnership
In 2020, the two exploration companies formalised a binding partnership agreement, granting Mont Royal the opportunity to secure an initial 50 percent stake in the Wapatik Project through a commitment to invest $4 million in exploration expenses over a four-year period.
Subsequently, they have the option to acquire an additional 20 percent interest by making an additional investment of $3 million and delivering a preliminary economic assessment within a three-year timeframe. Consequently, Azimut manages and oversees this program, funded in partnership with Mont Royal.
Figure 2: Azimut’s position in the James Bay Region
The exploration program is expected to span a period of 14 days and will be executed by a dedicated Azimut fieldwork team consisting of five members. To ascertain the presence of crucial elements of interest, the Company will utilise both a portable Laser Induced Breakdown Spectroscopy (LIBS) analyser and an X-ray Fluorescence (XRF) analyser.
Furthermore, the Wapatik Property has revealed the potential for intrusion-related nickel-copper mineralization and shear-related gold mineralisation. Subsequent drilling activities targeting nickel targets are under consideration for the future, pending the results of the ongoing lithium assessment phase.
Mont Royal is eagerly anticipating its upcoming third lithium exploration campaign in 2023, which will complement its ongoing efforts at Eastmain Leran and Bohier. The Company will provide market updates as new information becomes available.
MRZ’s Australian Stock Exchange-listed share price is currently trading at 22.5 cents (11am UTC+ 8 hours).