“NioBay has repeatedly stated that it would not build a mine without the consent of the MCFN community,” the company said in a press release. “This project is still in the exploration phase and the company does not yet have information as to whether an economic operation may be viable at this location. The company will present the results of its exploration when this information is available.”
The Montreal-based company said that it was suspending all of its exploration activities until a meeting with MCFN is held and that its board of directors was “evaluating all options” available to the company regarding the matter.
NioBay acquired the 25.9-sq.-km. property in 2016 and completed a preliminary economic assessment (PEA) in 2020. In February, the company commenced a 15,000- to 20,000-metre exploration drill program to convert its inferred resources to the indicated category to complete the project’s…
