NioBay Metals provides initial results from re-assaying program at James Bay Niobium Project
Press release
TSX-V: NBY
NioBay Metals provides initial results from re-assaying program at James Bay Niobium
Project
Montreal, March 6, 2017 – Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased
to provide the first results of a re -assaying program to validate historical data at the James Bay
Niobium Project near Moosonee, in northeastern Ontario. In the fall of 2016 , a total of 12 historical
drill holes were re-logged and re -assayed. The first re -assay results confirmed the high niobium
grade of the core of the James Bay deposit with results obtained in 2017 of 0.79 % niobium oxide
over 300 feet in hole 1966-2 and 0.85% over 297 feet in hole 1967-115. The following table shows
assay results obtained in the 1960's and the NioBay 2017 re-assay results for the two holes:
1967 historical assays 2017 re-assays
Drill hole from to length Nb2O5 Nb2O5
(feet) (feet) (feet) (%) (%)
1966-2 117.0 915.0 798.0 0.55 0.56
incl. 333.0 915.0 581.5 0.64 0.65
incl. 333.0 695.0 361.5 0.71 0.75
incl. 395.0 695.0 300.0 0.74 0.79
1967-115 150.0 617.0 467.0 0.76 0.74
incl. 320.0 617.0 297.0 0.89 0.85
There was moderate variation at sample level between the historical assay results and the assays
done this winter, but , as shown above, the overall grade average over large intervals are quite
similar in the two holes. The re -assaying produced a positive difference of the niobium oxide grade
by an absolute value of 0.01% over 798 feet in hole 1966 -2 and a negative difference in grade of
0.02% over 467 feet in hole 1967-115. Those preliminary results indicate low or no bias in the re -
assaying procedure. Definitive conclusions and a detailed statistical evaluation of the re -assaying
program will be produced when NioBay has received all results of the re -assaying program. In the
1960’s, composite mini bulk samples were taken from the half core left after assaying, leaving 25%
of the core in the boxes. In 2016, Nio Bay sampled all the remaining core, less a 3 -inch
representative witness for every sample length.
Diamond drill holes 1966-2 and 1967-115 were drilled in opposite directions on section 00, being the
section close to the 1967 exploration shaft. All historical drill logs, collars survey data, historical
assay certificates and vertical drill sections, with assays and geological interpretation, were
recovered from the archive s of James Bay Columbium Ltd, one of the original owners of the mining
lease. All drill core samples were located in Moosonee, 40 kilometers north of the property. About
98% of the core and the core boxes were in good condition with marking and tags still visible.
2016-2017 Validation Program
The first phase of the 2016 -2017 validation program consists of re-logging and re -assaying 12
historical diamond drill holes distributed in six 400 -feet apart transversal vertical sections, with two
representative holes per section. Based on the results of the re -assays, the Company will design a
diamond drill hole tw inning and in -fill drilling program with t he objective of completing a resource
estimate in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI 43-101”). The drilling program is subject to the Company obtaining an e xploration permit from
the Ministry of Northern Development and Mines. An application has been lodged and is pending.
To this effect, the Company has initiated a process towards obtaining acceptability of the exploration
activities by all stakeholders.
Quality Control and Qualified Person
The validation program has been planned and supervised by Jacquelin Gauthier, P. Geo., P. Eng., a
senior technical advisor to the Company and a qualified person pursuant to NI 43 -101. All samples
were sent at SGS Mineral Services in Lakefield, Ontario, an ISO 17025 accredited laboratory. All
samples were first subjected to whole rock analysis for major oxides and niobium oxide by X -Ray
Fluorescence. Mr. Gauthier has reviewed and approved the scientific and technical data contained in
this press release.
About the James Bay Niobium Project
The James Bay Niobium property is located in the district of Co chrane, 40 km south of Moosonee in
Ontario, Canada. It was discovered in 1966 with significant exploration work carried out
subsequently, including 47,625 feet of drilling over 85 holes, which established a deposit extending
to 900 feet in depth and 1 ,600 feet longitudinally. A historical estimate was finalized by Bechtel
Canada in 1967 and indicated 62 million tonnes at 0.52% Nb 2O5. Moreover, pilot plant tests
demonstrated a recovery rate of 78%, which is considered high for niobium processing.
The historical resource estimate, the historical feasibility and the historical meta llurgical testing are
based on data obtained by previous operators in the 1960s. NioBay Metals has not yet undertaken
the work necessary to verify or classify those historical results. Economic studies completed in the
1960s do not mean the James Bay Niobium deposit would be found to be economic today. NioBay
Metals is not treating the histor ical results as a current mineral resource nor as having been verified
by a qualified person.
About NioBay Metals Inc.
NioBay Metals Inc. is a mining exploration company which actively developing the James Bay
Niobium property in Ontario, Canada. NioBay Metals also holds a 72.5% interest in Crevier Minerals
Inc., which owns a niobium tantalum resource in Quebec, Canada.
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 Company's
plans and objectives to conduct a drilling program and co mplete a resource estimate. Such
statements reflect the Company's views as at 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, bu t are not limited to: delays in obtaining or failure to obtain all the necessary
permits to conduct a drilling program; the uncertainty related to the historical resources and future
exploration results; the cost of exploration and development programs; an d the availability of
financing for additional capital requirements. Actual results may be materially different from those
currently anticipated. Many factors, known and unknown could cause the actual results to be
materially different from those expressed or implied by such forward looking statements. The
Company does not intend, and does not assume any obligation, to update these forward -looking
statements and information, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Se rvices Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts 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: [email protected]
Website: www.niobaymetals.com