MONTREAL, Jan. 30, 2019 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to announce that the Ministry of Energy, Northern Development and Mines (‘’MENDM’’) of Ontario has issued the exploration permit for an upcoming exploration program at its James Bay Niobium Project. The MENDM has lifted the temporary hold that had been put in place on NioBay’s exploration application filed in October 2016. The exploration permit is subject to certain terms and conditions in order to mitigate any potential adverse impact on the environment.
The main objective of the drilling program is to test the continuity of the high-grade zones of the deposit both laterally and at depth. The recovered core will also allow the Company to continue the metallurgy testing on the ore of the Project. A total of 3,000 meters over 8 holes are planned for this program. See attached map: James Bay Niobium Project 2019 ddh Proposal.
The Company plans to host an information session with the Moose Cree First Nation leadership before commencing the drilling program. The specific timing of the program will be determined later but we are planning for a summer program.
Further, the Company is also pleased to announce the opening of an Information Center in Moosonee. The purpose of the Center is to provide information to the local community on the James Bay Project in general and the proposed drilling program.
James Bay Niobium Resources
The latest mineral resource estimate for the Project was completed in October 2018 by Roscoe Postle Associates Inc. following a successful re-logging and re-sampling program of representative historical diamond drill holes conducted by NioBay. The report estimates Indicated mineral resources of 26.1 million tonnes containing 139 million kilograms of niobium grading 0.53% Nb2O5 and Inferred mineral resources of 25.3 million tonnes containing 129 million kilograms of niobium grading 0.51% Nb2O5 (see November 22, 2018 news release for additional information).
The technical information contained in this news release has been reviewed and approved by Jacquelin Gauthier P.Geo., NioBay’s Vice President, Geology. Mr. Gauthier is a qualified person as defined in NI 43-101.
About NioBay Metals Inc.
NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 49% direct participation in certain mineral titles located in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM.
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws. Such statements include, without limitation, the statements regarding the proposed drilling program and the mineral resource estimate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. There can be no assurance that such statements will prove accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For more information, contact:
Claude Dufresne, P.Eng.
President & CEO
NioBay Metals Inc.
Tel.: 514 866-6500, Ext. 2221
Email: cdufresne@niobaymetals.com
Website: www.niobaymetals.com