NioBay Metals (TSXV: NBY) may be about to lose its flagship project in Ontario. The company late last night announced that it has received a letter from local First Nations groups indicating the opposition to the development of their James Bay Niobium project.
The letter received by NioBay indicated within that a small survey of locals in proximity to the firms project are intent on seeing the preservation of the South Bluff Creek area from any potential development. Presently, NioBay is exploring this area under a mining lease with drilling activities currently ongoing, with the current program calling for up to 20,000 metres in aggregate of drilling.
The letter requested the ceasing of exploration of the region, with a meeting on the matter to come.
As a result, the current exploration program has been suspended until a meeting with the Moose Cree First Nation can be held, while the firms board evaluates what options are available to the company. The company has indicated previously, and reiterated, that it does not intend to proceed with project development without local Indigenous support.
NioBay Metals last traded at $0.31 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
