Midland and Niobay Identify Good Potential for Bousquet-LaRonde-Type Gold Occurrences on La Peltrie
TSX VENTURE: NBY
MONTREAL, April 06, 2018 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V:NBY) is pleased to report the results of a diamond drilling campaign completed in the fall of 2017 on the La Peltrie property conducted by Midland Exploration Inc. (“Midland”). The La Peltrie property consists of 520 claims totalling approximately 288 square kilometres and covers, over 25 kilometres, a series of NW-SE-trending subsidiary faults to the south of the regional Lower Detour Fault. Niobay holds an option to earn an interest of up to 65% in the property from Midland, the owner of the La Peltrie claims.
During this campaign, seven (7) drill holes totalling 1,881 metres were completed. This program was mainly designed to test new structural, geological, and geophysical targets identified following compilation work and OreVision® IP surveys conducted in 2016 and 2017. These new high-priority targets included a major interpreted structure trending NW-SE, cross-cutting at a shallow angle a gold-bearing sulphide iron formation where historical drilling results of 0.24 g/t Au over 19.50 metres (drill hole 11-493-01) and 0.35 g/t Au over 9.30 metres (drill hole 11-493-02) were reported.
The best results of this campaign come from two (2) drill holes spaced about 300 metres apart, which tested the gold-bearing iron formation. Drill holes LAP-17-04 and LAP-17-05 yielded 14 gold values above 0.1 g/t Au with gold intersections ranging from 0.10 g/t Au over 2.0 metres to a maximum of 1.23 g/t Au over 2.50 metres. (Note that assays are reported as core lengths and that true thicknesses cannot be determined at this time with the information currently available). The auriferous mineralization is hosted by semi-massive to massive pyrrhotite-bearing sulphide horizons between 10 to 60 metres thick. The remaining drill holes in this campaign, drilled to test areas other than the iron formation, explained the IP anomalies with the presence of sulphides but no significant values were obtained.
The massive sulphides occur near the contact between calc-alkaline felsic tuffs (F1-type) to the south and andesites to the north. The geochemical signature of these felsic tuffs is very similar to that of the felsic tuff and rhyolite sequences that host the Bousquet-LaRonde volcanogenic gold deposits in Southern Abitibi. Moreover, the pyrrhotite-bearing massive sulphides show enrichments in gold, and also in silver and lead, near the contact with andesites, indicating the presence of a particularly favourable proximal exhalative horizon in this location. Integration of all the results of this campaign has led to the identification of a high-priority exploration target at the intersection between an interpreted synvolcanic fault and the favourable felsic tuff-andesite contact. This target remains to be drill-tested. No decision of the next steps has been taken yet as Midland is finalizing the compilation and interpretation of additional datas from the area.
The La Peltrie property is located next to the B26 deposit*, currently held by SOQUEM, which contains indicated resources of 6.97 million tonnes grading 1.32 % Cu, 1.80 % Zn, 0.60 g/t Au and 43 g/t Ag and inferred resources of 4.41 million tonnes grading 2.03 % Cu, 0.22 % Zn, 1.07 g/t Au and 9 g/t Ag (see press release by SOQUEM dated March 4, 2018). It is also approximately 25 kilometres southeast of Zone 58N*, a high-grade gold zone in the Lower Detour area held by Detour Gold Corp. (see press release by Detour Gold Corp. dated June 2, 2014) and 25 kilometres northwest of the former Selbaie Mine*, which historically produced 56.5 million tonnes grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au.
(*NioBay cautions that the mineralization at B26, the Selbaie Mine and at the Lower Detour Zone 58N may not be indicative of the mineralization that may be identified on the La Peltrie property).
Maps showing the location of the La Peltrie property under option by Niobay may be consulted using the following link: Click Here
All analyses were performed by ALS Minerals in Val-d’Or, Quebec. All samples were analyzed for gold by fire assay with atomic absorption (AA) finish on 30-gram fractions, and all samples with grades above 3.0 g/t Au were reanalyzed with gravimetric finish. For quality control purposes, certified standards and blanks were inserted in all sample batches at regular intervals in the sample stream. The technical information of this press release was verified and approved by Jacquelin Gauthier, P. Geologist and Qualified Person as defined by NI 43-101. Mr. Gauthier is a consultant to Niobay.
About NioBay Metals Inc.
NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium property in Ontario, Canada and a 72.5% interest in the Crevier niobium/tantalum resource in Québec, Canada. The Company is also actively reviewing the potential of other mineral properties, including the La Peltrie property, and properties in Quebec jointly held with SOQUEM.
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Forward looking information contained in this press release includes statements with respect to the acquisition of an interest in the La Peltrie project and the potential mineralization and geological merits of the La Peltrie project. These statements are subject to a variety of risks and uncertainties including, without limitation: risks and uncertainties relating to the interpretation of geological data; the possibility that future exploration results will not be consistent with the Company's expectations or with the results obtained on adjacent properties; risks related to the ability to obtain financing needed to fund the exercise of the option and the exploration and development of the project; market conditions and volatility and global economic conditions; and several risks related to the nature of mineral exploration and development. Such statements reflect the Company's views as at the date of this press release. 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 Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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