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NioBay Metals Inc.
Summary
| Project: | La Peltrie | |
|---|---|---|
| Deposit: | La Peltrie | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 4/6/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 6-4-2018: NioBay Metals Inc. announces an Exploration/Drilling Update report for its La Peltrie deposit at the La Peltrie project. Drilling results incl. 2.50m @ 1.23g/t Au. Montreal, April 6, 2018. Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: N | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Jacquelin Gauthier (Internal) | |
| ABSTRACT: | Montreal, April 6, 2018. 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 NWSE-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. | |
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