Niobay Metals (“NioBay” or the “Company”) (TSX VENTURE:NBY) is pleased to announce the commencement of a diamond drilling campaign on the La Peltrie gold property located in Québec, on which Niobay can earn an interest of up to 65%. The La Peltrie property is currently wholly-owned by Midland Exploration (“Midland”).
The La Peltrie property consists of 520 claims totalling approximately 288 square kilometres and covers, over more than 25 kilometres, a series of NW-SE-trending subsidiary faults to the south of the regional Lower Detour Fault.
This drilling campaign will include a minimum of six (6) drill holes totalling 1,500 metres. The program is mainly designed to test new structural, geological, and geophysical targets identified following compilation work and OreVision® IP geophysical surveys conducted in 2016 and 2017 by Midland.
These new high-priority targets include a major interpreted structure trending NW-SE, cross-cutting at a shallow angle a gold-bearing iron formation where historical drilling yielded grades 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).