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NioBay Metals Reports Initial Resource Estimate for James Bay Niobium Project
MONTREAL, QUEBEC--(Marketwired - Nov. 16, 2017) - Niobay Metals Inc. ("NioBay" or the "Company") (TSX VENTURE:NBY) is pleased to report an initial Mineral Resou
About this update from Niobay Metals Inc.
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - Nov. 16, 2017) - Niobay Metals Inc. (\"NioBay\" or the \"Company\") (TSX VENTURE:NBY) is pleased to report an initial Mineral Resource estimate for its 100% owned James Bay Niobium Project located approximately 40 kilometers south of Moosonee, Northern Ontario, prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (\"NI 43-101\"). The Mineral Resource estimate was prepared by Roscoe Postle Associates Inc. (\"RPA\") following a successful re-logging and re-sampling program of representative historical diamond drill holes conducted by NioBay. The effective date of the estimate is November 8, 2017 and the supporting NI 43-101 technical report will be filed on SEDAR by December 31, 2017. Highlights of the NI 43-101 Mineral Resource Estimate Classification Tonnes(Mt) Grade(%Nb2O5) Contained Nb2O5(Mkg) Indicated 23.1 0.53 123 Inferred 23.0 0.51 118 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. A tonnage factor of 12.2 ft3/ton (2.93 g/cm3) was used. A minimum mining width of approximately 25 ft (7.6m) was used to build the resource wireframes. Resources situated in a 150 ft (45.7m) thick crown pillar have been excluded The RPA Qualified Persons for the estimate are Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo. RPA has excluded approximately 6.4 million tonnes averaging 0.52% Nb2O5 situated in the crown pillar. The Mineral Resources estimate is supported by the results from the recent re-logging and re-sampling of 12 representative historical diamond drill holes, by preliminary metallurgical testing performed by SGS Lakefield on a composite sample and by all of the historical data Niobay recovered from the previous operator: drill logs, assay certificates, surveyed collar coordinates, interpreted geological surface and level plans, interpreted vertical sections, location of the exploration shaft and 1st level, and metallurgical tests. The data used to estimate the Mineral Resource include 79 diamond drill holes totaling 13,230 m located within ...