MONTREAL, QUEBEC – The Niobay Metals Inc. (“NioBay” or the “Company”) (TSX VENTURE: NBY) was informed by the Ontario Ministry of Northern Development and Mines (“MNDM”) that its application for an exploration license on the James Project Bay Niobium will remain in temporary suspension for the time being. Despite several requests, the management of Moose Cree First Nation (“MCFN”) refused to initiate a dialogue with the company and to discuss their concerns related to the exploration program and the project. MNDM is taking steps to arrange a meeting with MCFN representatives to address concerns they may have about the proposed drilling campaign.
The company filed a license application with the MNDM in October 2016 to conduct a drilling program on the James Bay Niobium Project. The program involves the drilling of 10 to 12 holes for a total of approximately 4,000 meters, the objective of which is to validate historical data from a drilling campaign carried out in the 1960s.
The main objective of the company remains the development of the James Bay Niobium project. The Company will continue to hold discussions with local community members and government officials and will continue its efforts to engage with MCFN executives.
About the James Bay Niobium Project.
The James Bay Niobium property is located in the Cochrane District, 40 km south of Moosonee, Ontario, Canada. It was discovered in 1966 and significant exploration work was carried out, including 14,000 meters of drilling on 85 holes, establishing a deposit that extends to a depth of 275 meters and 500 meters Of longitude. A historical estimate was completed in 1967 by Bechtel Canada and reported 62 million tonnes at 0.52% Nb2O5. In addition, pilot scale metallurgical tests have demonstrated a high recovery rate for the treatment of niobium by 78%.
Historical resource estimates and historical metallurgical tests are based on data obtained by previous operators in the 1960s. NioBay did not perform enough work to verify and reclassify these historical results. Economic studies completed in the 1960s do not mean that the James Bay Niobium deposit could be considered economic today. NioBay does not consider historical results as an existing mineral resource or as having been verified by a qualified person.
About Les Metaux NioBay inc.
The Metals NioBay inc. Is a mining exploration company with a 100% interest in the James Bay Niobium property in Ontario, Canada and a 72.5% interest in the niobium / tantalite Crevier project in Quebec, Canada. The Company is actively investigating the potential of other mineral properties, including properties in Quebec held jointly with SOQUEM.
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws. These statements include, but are not limited to, the Corporation’s plans and objectives to conduct a drilling program and complete an estimate of resources. These statements reflect the views of the Company as of the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Such risks include, but are not limited to: delays in obtaining or unable to obtain all necessary permits to conduct a drilling program and uncertainty related to historical data, Historical resources and future exploration results. Actual results may differ materially from those currently anticipated. Many known and unknown factors could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The Company does not intend, and disclaims any obligation, to update these forward-looking statements and disclosures, except as required by law.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assumes no responsibility for the adequacy or accuracy of this release.
Source: The Metals NioBay inc.