- NioBay Metals Inc. (NBY) has started its drilling program at the James Bay Niobium Project in Ontario
- The program is intended to update the resource estimate for the site
- The previous resource estimate, updated in 1979 state, indicated 62 million tonnes at 0.52 per cent of Niobium on the property
- Niobium is chiefly used to make high-strength low-alloy steel
- Once the resource estimate has been updated, NioBay will initiate a feasibility study for the property
- NioBay Metals Inc ( NBY) remained steady, with shares currently trading at 40 cents a share
NioBay Metals Inc (NBY) has begun its drilling program at the James Bay Niobium Project in Ontario.
Over the next six weeks, the company will drill seven holes to examine lateral and deep-drilling potential, the grade of niobium intersected, and the surrounding geology.
The main aim of the exploration program is to update the resource estimate for the property. Once this has been updated, NioBay will be able to complete Preliminary Economic Assessment to determine the company’s actions moving forward.
In June 2016, Niobay Metals Inc. acquired 100% of the property from Barrick Gold Inc., James Bay Columbium Ltd., and Goldcorp Inc.
The company has stated that the previous estimate, last updated in 1979, indicated 62 million tonnes at 0.52 per cent of Niobium on the property.
Niobium is chiefly used to make high-strength low-alloy steel. There are currently only a few niobium mines operating in Canada, Brazil and Australia.
NioBay Metals Inc. also owns a large stake in another potential niobium and tantalum project in Quebec, called Crevier. The company was in the process of producing a feasibility study for the site in 2012 when it was halted due to insufficient funding.
The study at Crevier has not yet recommenced.
The company has said they will announce assay results as soon as they become available.
NioBay Metals Inc ( NBY) remained steady, with shares currently trading at 40 cents a share.