NioBay Metals Announces update on the Drill Program at its James Bay Niobium Project
MONTREAL, Aug. 27, 2021 (GLOBE NEWSWIRE) — NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF), a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus is pleased to announce it awarded the upcoming drill contract to G4 Drilling (“G4”) for to up 12,000 meters. The drill will begin in Q4-2021 and shall be completed in Q1-2022. G4 will be supported by Expedition Helicopters Inc. of Cochrane, Ontario (“Expedition”) to establish a small exploration camp to reduce the carbon footprint of helicopter use and to improve the drilling efficiency. Both G4 and Expedition have joint venture business relationships with Moose Cree registered businesses.
As previously announced (February 2021), Moose Cree and NioBay signed a renewed and restated Protection Agreement for the exploration permit issued by the Ontario Ministry of Energy, Northern Development and Mines.
The Company has approved the grant of an aggregate of 1,425,000 incentive stock options to directors, officers, employees, and consultants of the Company. One third of the stock options granted will vest immediately and the remaining stock options granted are subject to a two-year vesting period. All grants have a seven-year term at an exercise price of $0.53. The stock options have been granted pursuant to the Company’s Stock Option Plan and are subject to applicable securities laws and TSX Venture Exchange policies.
About NioBay Metals Inc.
NioBay will be a leader in the Environment, Sustainability, Governance and Indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to our success will be the consent and full participation of the Indigenous communities in whose territories we operate.
The Company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Quebec and on the Nitassinan territory of the Pekuakamiulnatsh First Nation and a 48% direct participation in mineral titles situated in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM.
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, 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.
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