NioBay Metals Inc. [NBY-TSXV] announced new and significant high-grade intersections at the James Bay Niobium Project in Northern Ontario.
These results are in addition to the announcement of April 8th, 2020 that reported Hole NBY-20-E1 intersected 69% Nb2O5 over 185 metres, including 1.02% Nb2O5 over 61.8 metres; Hole NBY-20-E2 intersected 66% Nb2O5 over 190 metres, including 0.97% Nb2O5 over 62.5 metres; and Hole NBY-20-E3 intersected 58% Nb2O5 over 105 metres, including 0.80% Nb2O5 over 15.5 metres.
The assay results for the remaining four drill holes are in-line with the previous three holes. In total, the company completed seven drill holes for a total of 3,090 metres, and confirmed;
• The presence of a high-grade core raking north;
• Increasing width moving north of the deposit;
• Mineralization open at depth (deepest hole at 330 metres);
• Significant potential to further extend the known resource.
• Hole NBY-20-E4 intersected 0.56% Nb2O5 over 169 metres, including 0.75% Nb2O5 over 27 metres.
• Hole NBY-20-E5 intersected 0.57% Nb2O5 over 246 metres, including 0.69% Nb2O5 over 24 metres.
• Hole NBY-20-E6 intersected 0.60% Nb2O5 over 128 metres, including 0.79% Nb2O5 over 37 metres.
• Hole NBY-20-E7 intersected 0.58% Nb2O5 over 207 metres, including 0.67% Nb2O5 over 107 metres.
A Mineral Resource estimate of 26 million tonnes Indicated grading 0.53 % Nb2O5 and 25 million tonnes Inferred of 0.51 % Nb2O5 was prepared by Roscoe Postle Associates Inc.
“With the completion of this small drill program, we confirmed the continuation of a high-grade zone heading north, and support our objective of finding a high-grade core. The results give us great confidence about the potential to increase the resource if needed. We are looking forward to the outcome of our Preliminary Economic Assessment scheduled for completion in Q4 2020,” said Claude Dufresne, President and CEO.
The next steps will include an update of the Mineral Resource Estimate (summer 2020), metallurgical testing (already underway) and a PEA in Q4.
NioBay Metals has a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee in the James Bay Lowlands. Niobay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 49% direct participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with SOQUEM.