Niobay Metals Inc. [NBY-TSXV; MDNNF-OTC] announced an updated mineral resource estimate (MRE) for its James Bay niobium project, located in Northern Ontario. The MRE shows an increase in tonnage of 33.6% and 13.8%, respectively, for the Inferred and Indicated Resources categories. The MRE was prepared in accordance with CIM (2014) Definition Standards as referenced in Canadian NI 43-101 Standards and was prepared by Roscoe Postle Associates Inc. following the successful completion of a seven hole/3,090-metre drill program conducted earlier this year. The effective date of the MRE is July 9, 2020.
Indicated reosurces now stand at 29.7 million tonnes grading 0.53% Nb2O5, for 158 million kilograms Nb2O5. Inferred resources are now 33.8 million tonnes of 0.52% Nb2O5, for 177 million kilograms.
“The James Bay Niobium deposit keeps on surprising us,” commented Claude Dufresne, President and CEO. “The resource improvement is just amazing, and with just 3,090 metres of drilling, we’ve increased the mineral resource considerably. The PEA is well underway, and we are looking forward to its results which are expected to be published in early Q4 2020. Further, these results support our belief that the mineral resource could be increased significantly by continuing drilling in the northern section of the deposit,”
The data used to estimate the Mineral Resource includes 86 diamond drill holes totaling 16,320 metres located within the resource model area. The data includes 3,449 assays, of which 64 have a value of zero for Nb2O5. The estimate was prepared using a block model constrained with 3-D wireframes of the mineralized zone.
The seven-diamond-drill-hole program of last winter was successful in confirming the extension to the North and at depth of the high-grade zone at the heart of the deposit. Drilling highlights included 184.4 metres grading 0.69% Nb2O5, 61.8 metres of 1.02% Nb2O5 and 206.9 metres of 058% Nb2O5. Other holes were also encouraging.
RPA recommends a next phase drill program, including 9,000 metres focused on upgrading portions of the Inferred Resources to Indicated Resources and extending the Mineral Resources laterally as well as environmental, engineering and metallurgical studies required to support a future Feasibility Study.
NioBay Metals holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands of Ontario. NioBay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 47% direct participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with Soquem.