Foamed asphalt stabilized material as a high quality granular base incorporating high percentages of fine fractionated reclaimed asphalt material is investigated. A foamed asphalt mix is designed using a fabricated asphalt foaming device. The final specimens are tested for indirect tensile strength, indirect tensile resilient modulus, triaxial resilient modulus, triaxial repeated load permanent deformation, and unconfined compression. Results are compared to those with the same aggregate blends without stabilization for triaxial resilient modulus and repeated load permanent deformation. Stabilized materials are tested in soaked and unsoaked states to establish moisture susceptibility. Foam stabilization is found to significantly improve triaxial resilient modulus in all materials as well as permanent deformation resistance in materials with high RAP content. Soaking only marginally reduces triaxial resilient modulus and the effects are lesser in materials incorporating high RAP content. / Thesis / Master of Applied Science (MASc)