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NioBay Metals Announces Completion of Royalty Sale and Provides a Corporate Update
MONTREAL, Dec. 17, 2020 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to announce that Osisko Gold Royalties Ltd (“
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, Dec. 17, 2020 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to announce that Osisko Gold Royalties Ltd (“Osisko”) has exercised its option to purchase a 1.0% royalty on all products to be produced from NioBay’s wholly-owned James Bay Niobium project, located 40 kilometres south of Moosonee, Ontario (the “James Bay Project”) for $2,000,000. The option was granted to Osisko as part of its initial investment in NioBay in March 2018. The funds will be used in the development of the James Bay Niobium project. 2021 DRILL PROGRAM ON THE JAMES BAY PROJECT The Company is in final preparation for its 12,000 meters infill drilling on the James Bay Project. All major contracts have been awarded, and if weather permits, drilling should begin in January. The objective of the program is to convert the inferred resources into the indicated resources category. In addition, the new high-grade section raking north discovered during the 2020 winter campaign will be further explored to measure its extension at depth. HIGH-RESOLUTION MAGNETIC SURVEY ON JAMES BAY AND VALENTINE The Company completed its high-resolution magnetic surveys in early December on both the James Bay Project and the Valentine property, located 100 km north-east of the town of Kapuskasing, Ontario. Initial results show interesting structures north of the James Bay deposit, and similar indications in the vicinity of the historical drill holes on the Valentine property. Final interpretations will not be available until the end of Q1 2021, mainly due to the current backlog due to the high level of activities in the sector. APPOINTMENT VICE-PRESIDENT, LEGAL AFFAIRS The Company is pleased to announce the appointment of Mr. Marc Pothier, currently the Company’s Corporate Secretary, to the position of Vice-President, Legal Affairs and Corporate Secretary. Mr. Pothier received a law degree in 1988 from the University of Montréal and is a member of the Québec Bar. He has over 20 years of experience in the mining sector acting mainly as legal counsel for various publicly traded companies with mining activities in many jurisdictions. GRANT OF STOCK OPTIONS The Board of Directors approved the grant of stock options to an officer of the Company to purchase up to an aggregate of 45,000 common shares in the capital stock of the Compa...