Apr 9 2018
Niobay Metals Inc. is happy to announce the results of a diamond drilling campaign finished in the fall of 2017 on the La Peltrie property handled by Midland Exploration Inc. (“Midland”). The La Peltrie property has 520 claims totaling approximately 288 km2 and spans more than 25 km, 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 equal to 65% in the property from Midland, the owner of the La Peltrie claims.
As a part of this campaign, seven drill holes totaling 1,881 m were finished. This program was largely designed to test new structural, geophysical and geological targets identified following compilation work and OreVision® IP surveys done during 2016 and 2017. These new high-priority targets included a key interpreted structure trending NW-SE, cross-cutting at a shallow angle a gold-bearing sulfide iron formation where historical drilling results of 0.24 g/t Au over 19.50 m (drill hole 11-493-01) and 0.35 g/t Au over 9.30 m (drill hole 11-493-02) were recorded.
The finest results of this campaign come from two drill holes spaced roughly 300 m apart, which tested the gold-bearing iron formation. Drill holes LAP-17-04 and LAP-17-05 produced 14 gold values above 0.1 g/t Au with gold intersections ranging from 0.10 g/t Au over 2.0 m to a maximum of 1.23 g/t Au over 2.50 m (note that assays are reported as core lengths and that accurate thicknesses cannot be established at this time with the information available at this time).
The auriferous mineralization is hosted by semi-massive to massive pyrrhotite-bearing sulfide horizons between 10 to 60 m thick. The other drill holes in this campaign, drilled to test areas other than the iron formation, explained the IP anomalies with the presence of sulfides but no noteworthy values were found.
The enormous sulfides 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 quite similar to that of the felsic tuff and rhyolite sequences that host the Bousquet-LaRonde volcanogenic gold deposits in Southern Abitibi. Furthermore, the pyrrhotite-bearing enormous sulfides exhibit enrichments in gold, and also in silver and lead, near the contact with andesites, signifying the presence of a principally favorable proximal exhalative horizon in this location.
Compilation of all the results of this campaign has resulted in the identification of a high-priority exploration target at the intersection between an interpreted synvolcanic fault and the promising felsic tuff-andesite contact. This target is yet to be drill-tested. No decision of the subsequent steps has been made yet as Midland is finalizing the collecting and interpretation of further data from the area.
The La Peltrie property is situated adjacent to the B26 deposit*, presently held by SOQUEM, which contains indicated resources of 6.97 million ton grading 1.32 % Cu, 1.80 % Zn, 0.60 g/t Au and 43 g/t Ag and inferred resources of 4.41 million tons grading 2.03 % Cu, 0.22 % Zn, 1.07 g/t Au and 9 g/t Ag. It is also approximately 25 km southeast of Zone 58N*, a high-grade gold zone in the Lower Detour area held by Detour Gold Corp and 25 km northwest of the former Selbaie Mine*, which historically brought up 56.5 million ton grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au.
Maps showing the location of the La Peltrie property under option by Niobay may be consulted using the following link: http://niobaymetals.com/wp/wp-content/uploads/2018/04/La-Peltrie-April-2018_EN.pdf
(*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).