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NioBay Metals Reports a Significant Increase in Resources at James Bay Niobium
MONTREAL, July 09, 2020 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to report an updated Mineral Resource estimat
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, July 09, 2020 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to report an updated Mineral Resource estimate (the “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 National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and was prepared by Roscoe Postle Associates Inc. (“RPA”) 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 and the supporting NI 43-101 technical report will be filed on SEDAR no later than 45 days after the date of this press release. HIGHLIGHTS OF THE UPDATED 2020 MINERAL RESOURCE ESTIMATE: Classification Tonnes Grade Contained Nb2O5 (Mt) (%Nb2O5) (Mkg) Indicated 29.7 0.53 158 Inferred 33.8 0.52 177 Notes: CIM (2014) Definitions Standards were followed for Mineral Resources. Mineral Resources are reported at a cut-off grade of 0.3% Nb2O5 based on an underground mining operating cost of C$70/tonne and a metallurgical recovery of 70%. Mineral Resources are estimated using a long-term niobium price of US$40 per kg and a US$/C$ exchange rate of 1:1.2. Bulk density of 2.93 g/cm³ was used. A minimum mining width of approximately 7.5 m was used to build the resource wireframes. Resources of 7.2 million tonnes situated in a 46 m thick crown pillar have been excluded. The RPA Qualified Persons for the estimate are Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. “The James Bay Niobium deposit keeps on surprising us. 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.’’ commented Claude Dufresne, President and CEO. The MRE is su...