In the Canadian gold production landscape, Québec stands tall, contributing a staggering 33% to the nation’s output, and is now poised to take the leadership role in lithium production thanks to the unusually rich lithium endowment in the Eeyou Istchee James Bay region. Join us on a journey into Québec’s golden landscape.
While the production of lithium is still in its early stages, major industry players like Nemaska Lithium have already forged significant deals, such as a lucrative partnership with the Ford Motor Company. This deal secures the supply of 13,000 tons of lithium hydroxide annually, anticipated to be produced from the Whabouchi Mine starting in 2026 and spanning an initial 11-year period. This deal will provide Ford with a sustainable source of lithium, supporting their ability to scale and help in making EVs more accessible and affordable over time to millions of customers. These developments underscore the tremendous promise and potential that Québec’s lithium sector holds.
Why Is the James Bay Area Important For Lithium?
The James Bay region of Québec has garnered a well-deserved reputation for its substantial lithium deposits, drawing attention from both domestic and international markets. Ongoing large-scale exploration programs in the area continue to unveil new discoveries, further solidifying the region’s position as a key player in the lithium industry. Located in close proximity to major North American and international markets, the region benefits from convenient access and logistical advantages. In recent times, companies operating in the James Bay region have experienced an unprecedented surge in investor interest, indicative of the immense potential that lies within these lithium-rich lands.
In January and February this year, Harfang rapidly increased its strong land position rooted in gold exploration in James Bay with the acquisition by staking several promising lithium exploration targets. These acquisitions include six new properties and the expansion of existing projects totalling an additional 50,000 hectares, providing shareholders exposure to the entire district based on their geographical distribution.
Harfang’s experienced mineral exploration team utilised the Québec Government’s world-class database to quickly pinpoint prospective areas for the discovery of spodumene (a lithium-bearing mineral) pegmatite deposits typical of the region. The unusually abundant lithium endowment in James Bay, combined with the historic lack of exploration for spodumene, sets the stage for an exciting 2023 when multiple companies, including Harfang, will be in the field exploring for the next discoveries.
One remarkable success story is Patriot Battery Metals (TSX-V: PMET), which has witnessed an extraordinary rise in value. In just 18 months, the company’s stock has soared from a mere $0.25 to reach a peak of over $17, reflecting an impressive 462% year-on-year growth. This remarkable achievement highlights the growing recognition of the region’s significance and the confidence investors have placed in Patriot Battery Metals.
On June 13, 2023, Rio Tinto Exploration Canada (2nd largest worldwide mining company) entered into a new option agreement with Midland Exploration Inc. for a series of projects in the James Bay region that exhibit promising lithium potential. Under this agreement, Rio Tinto will have the option to explore 10 properties, comprising a total of 2,009 claims and encompassing over 1,000 square kilometers of land. The decision to sign this option agreement was prompted by Midland’s recent discovery of multiple exploration targets for lithium within these properties. These targets were identified through in-house analysis of lake bottom sediment data, resulting in the acquisition of three new projects.
Q2 Metals (TSXV: QTWO), a close neighbor of Harfang, has experienced a remarkable surge in its stock price, marking an astounding 700% increase compared to the previous year. This tremendous growth can be attributed to the company’s ownership of the Mia Lithium Property, consisting of 170 mineral claims. Situated in the Eeyou Itschee Territory, James Bay, Quebec, the property is conveniently located just 62 km East of the Wemindji Community.
- The company got highly promising findings obtained from the sampling of various spodumene-bearing pegmatites in 2021 and 2022. Notably, 18 outcrop grab samples collected during this period have conclusively confirmed the presence of the Mia Li-1 occurrence, exhibiting an average Li2O content of 2.65%. Additionally, the analysis of 3 outcrop grab samples from 2022 has solidified the existence of spodumene at the Carte 1879 occurrence, showcasing an average Li2O content of 1.65%.
- Furthermore, a significant trend spanning approximately 7 kilometers of unsampled pegmatite between these two mineralized occurrences has emerged as a focal point for exploration in the upcoming year, 2023. This untapped area presents a compelling opportunity for Q2 Metals to further investigate and potentially uncover additional mineralization prospects. With such encouraging results and a strategic location, Q2 Metals is positioned to capitalize on its remarkable growth trajectory and establish itself as a key player in the lithium mining industry.
If Q2 Metals achieves successful results in its exploration endeavors, it is poised to generate even greater interest in the region and shed more light on the immense potential that Harfang Exploration and its neighboring properties hold.
Ophir Gold Corp (TSXV: OPHR) is another company making waves that has emerged as a neighbor to Harfang Exploration. Ophir Gold Corp’s impressive growth, reflected in its $46 million valuation, showcases a remarkable 691% year-on-year increase. The company is actively engaged in exploration activities on its property, focusing on two key objectives: evaluating documented references to a “lithium pegmatite” and identifying potential spodumene-bearing pegmatites.
As the James Bay region continues to attract attention and investment, the spotlight shines brightly on the exploration and development activities taking place within its lithium-rich lands. The remarkable growth experienced by companies like Patriot Battery Metals, Critical Elements Lithium, and Ophir Gold Corp exemplifies the vast opportunities and substantial rewards that await those involved in Québec’s thriving lithium sector. With ongoing exploration efforts and the potential for significant discoveries, the James Bay region is poised to play a pivotal role in shaping the future of the global lithium market.
Harfang Explores also Explores James Bay for Gold
Harfang is a mineral exploration company with a focus on gold and lithium. The company is headquartered in Montreal, Québec, and has a team of experienced professionals with a proven track record of success in the mining industry. Harfang Exploration is committed to the highest standards of responsible exploration, environmental stewardship, and social responsibility.
Harfang’s primary focus is on identifying and acquiring highly prospective mineral properties with the potential for significant discoveries. The company employs a systematic and rigorous exploration approach, utilizing state-of-the-art techniques and technologies to identify promising targets.
One of the company’s flagship projects is the Serpent Property in the James Bay region of Québec. The Serpent Property is an advanced-stage exploration project with significant gold and base metal targets. The property has been the subject of extensive exploration and drilling and has yielded significant results, including the discovery of over 50 high-grade gold showings. More recently, Harfang discovered several pegmatite dykes with anomalous lithium, tantalum and cesium demonstrating strong potential for additional discoveries.
In addition to the Serpent Property, Harfang Exploration holds several other exploration projects in the James Bay region of Québec, including the Lake Menarik, Ménarik East, and Ontax properties. These projects have demonstrated strong mineral potential, and the company continues to conduct systematic exploration programs to assess their prospects further.
Lake Menarik Gold Property
The Lake Menarik Gold Property is situated in Eeyou Istchee James Bay, Québec. The project is located 45 Km South of Radisson and comprises 304 claims spanning 15,627 hectares.
Recent reports have confirmed the presence of extensive gold intervals. These gold intervals remain open at depth in the Pierre and Pierre Ouest areas, as well as along strike and at a depth of the David surface occurrence. A winter program was conducted, which included an Induced Polarization geophysical survey revealing multiple targets in other parts of the property.
These targets will be further investigated during the upcoming field program scheduled to commence in June.
Notable drilling results include:
Pierre and Pierre Ouest Areas
- 1.15 grams per tonne (g/t) of gold over 47.0 meters, including 3.75 g/t over 7 meters and 1.05 g/t over 12 meters.
- 1.75 g/t of gold over 21 meters, including 2.49 g/t over 14.1 meters.
- 0.54 g/t of gold over 75 meters, including 6.75 g/t over 3 meters and 12.65 g/t over 1 meter.
- 0.88 g/t of gold over 9.45 meters, including 5.19 g/t over 1.15 meters.
- 1.64 g/t of gold over 5.3 meters, including 6.68 g/t over 1.2 meters.
Earlier this year, Harfang staked several promising lithium targets in the Eeyou Istchee James Bay region of Québec, making the company one of the largest landowners in the region, holding 3,323 claims (172,014 hectares). In early February, the company announced it acquired the Lemare Property (220 claims), the Ross property (100 claims), the Conviac property (140 contiguous claims), and the Sakami property (204 claims).
“The Eeyou Istchee James Bay region of Québec is rapidly emerging as a North American lithium province comparable to some of the largest districts globally based on the occurrence of several deposits and recent discoveries. It will further benefit from the intensity of exploration this year and I believe there is a high probability that additional discoveries will be made throughout the region given the early stage of exploration in most areas. Importantly for Harfang is that many of our already existing and new targeted projects have overlapping potential for the discovery of both lithium-bearing pegmatites and gold mineralization.”
Ian Campbell, President and CEO
The Summer Field Program Sets The Tone
Harfang has unveiled its upcoming summer field campaign in the Eeyou Istchee James Bay region of Québec. The campaign aims to explore highly promising gold and lithium properties, with a primary focus on the Lake Ménarik property. The objectives include identifying new drilling prospects, improving the geological model in the eastern region, and exploring target areas beyond the Pierre monzonite.
To enhance the program, Harfang will utilize recent geophysical data from IP and heliborne magnetic surveys conducted over the Menarik East Property. Additionally, a till survey is planned for the eastern section of the Lake Menarik Property. In parallel, Harfang will initiate a surface exploration program targeting lithium occurrences in the Serpent-Radisson and La Passe claims, as well as the newly acquired Lemare, Ewart, Sakami, Ross, and Conviac properties. These acquisitions were based on a comprehensive geological compilation and statistical analysis of over 13,400 lake bottom sediment analyses from the SIGEOM database. The primary goal is to identify Lithium-Cesium-Tantalum Pegmatite deposits for further advanced exploration, including drilling.
“We are ready and excited to initiate our $1.5 M summer 2023 exploration program that will focus on the exploration of our extensive portfolio of properties in James Bay, some of which have the potential to host both gold and lithium deposits. We are well positioned throughout the entire region in which our team has extensive operational experience. Our summer program will be a “boots on the ground” approach including both a geological and prospecting evaluation, combined with onsite geochemistry with the focussed objective of rapidly developing high-priority drill targets on both gold and lithium projects.”
Ian Campbell, President and CEO
Insiders and Québec funds Are Heavily Invested
Harfang Exploration benefits from swift decision-making processes facilitated by its experienced management team and influential shareholders. The company has garnered substantial investments from prominent Québec funds, including Desjardins, Société de Développement de la Baie-James, and the Caisse de Dépôt et Placement du Québec, underscoring the confidence placed in Harfang’s potential.
A key aspect of Harfang’s operational efficiency lies in its meticulous control over its balance sheet and expenses. The company ensures that the majority of investors’ capital is directly allocated towards exploration activities. Notably, in the past fiscal year, $2.18 million was specifically earmarked for exploration and evaluation expenditures, representing an impressive 62.2% of the company’s total annual spending.
Harfang’s prudent financial management is further evidenced by its healthy cash reserves, amounting to $7.4 million. This financial strength enables the company to raise additional funds as needed to support its ongoing exploration initiatives, demonstrating a proactive approach to funding. It is noteworthy that insiders are actively involved in this process, as evidenced by their participation in a recent capital raise. In early May, Harfang successfully secured $305,000, with insiders contributing a significant amount of $58.4k towards the total.
By tightly controlling its finances and strategically utilizing funds for exploration purposes, Harfang Exploration is well-positioned to continue its ambitious exploration efforts in Québec. With robust financial backing from reputable shareholders and insiders who share in the company’s vision, Harfang is poised to capitalize on the vast mineral potential that awaits in its targeted areas.
Why We Think Harfang Is A Hot Stock Right Now
- Québec’s Abitibi Gold Belt and James Bay Area contribute significantly to Canada’s gold and lithium production. Ongoing exploration projects suggest even more tremendous potential in the region;
- The James Bay Area is strategically important for mining due to its abundant lithium deposits and access to major markets. Companies like Patriot Battery Metals, Critical Elements Lithium, Lithium Americas, and Sayona Mining have experienced substantial growth, reflecting increased investor interest;
- Harfang Exploration is an undervalued junior exploration company specializing in identifying promising mineral properties, including gold, silver, base metals, and lithium. Its flagship project is the Serpent Property in the James Bay region;
- The Lake Menarik Gold Property in James Bay has shown extensive gold intervals, indicating strong mineral potential and enhancing Harfang Exploration’s prospects;
- Harfang Exploration receives support from experienced management, key shareholders, and Québec funds such as Desjardins, Société de Développement de la Bai-James, and the Caisse de Dépôt et Placement du Québec. The company maintains financial control, and 62% of its expenses were allocated for exploration.
Where To Find Harfang Exploration & Learn More About The Company
Harfang Exploration trades on the TSXV under the symbol HAR, and on the OTC under the symbol $HRFEF.
You can learn more about HAR on their website at: https://harfangexploration.com/en/
To contact them, you can reach out using the information below:
Harfang Exploration Inc.
1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Québec, H3B 2S2
Contact Name: Ian Campbell (President and CEO)Email: firstname.lastname@example.org