Montreal, Quebec, April 28, 2022 – NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V:
NBY) (OTCQB: NBYCF) provides the following update on its activities.
James Bay Niobium Project
NioBay announced the suspension of its exploration activities on the James Bay Project (press release March 17, 2022) following the reception of a letter from the board of the Moose Cree First Nation (MCFN). Since this date, we have continued our efforts with local authorities and members of the MCFN community as well as with the Ontario government to resume normal operations. NioBay has a mining lease, a valid exploration permit and an agreement with MCFN to carry out this second drilling campaign. However, NioBay will return and is ready to return to the field as soon as it obtains a guarantee that it can complete its work without interruption.
Pending further drilling in Ontario, the Company will take advantage of the other projects in its portfolio and advance exploration initiatives.
NioBay continued its metallurgical work to optimize the economics of this project. With the assistance of the Quebec government, a series of metallurgical tests were conducted at COREM in 2021. Based on the success of these tests, they continued into 2022 and are currently in progress at the SGS laboratories in Quebec City. The results of this work will allow us to update our preliminary economic study (PEA), previously released in 2020.
The objective of the Crevier Project is to produce a niobium oxide and a tantalum oxide. Given the advances in the use of niobium in batteries, the Crevier Project, with its niobium oxide, has never been more relevant. Moreover, since this project’s PEA was released, the price of tantalum has risen by $30,000 per metric ton.
NioBay optioned two properties from Les Ressources Tectonic inc. (press release of May 10, 2021) and conducted a series of exploration works in the summer of 2021. The results of the work identified 2 targets on the Gouin West property and 6 targets on the Gouin East property showing niobium potential. NioBay intends to continue its exploration work during the summer and fall of 2022 to further investigate the identified targets. Details of this exploration campaign will be presented later in the quarter.
NioBay will take advantage of the opportunities available to it with its various properties located in Quebec. As such, the Company will make changes to the allocation of financial and human resources to maximize its financial flexibility. With this in mind, we have terminated the consulting agreement with Derek Teevan, Vice-President, ESG & Communities and thank him for his services. As at March 31, 2022, the Company has approximately $9.0 million of
cash on hand.
About NioBay Metals Inc
NioBay is a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus.
The Company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the MCFN 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 Pekuakamiulnuatsh First Nation.
Niobium is a naturally occurring element. It is a readily available, reliable, soft metal that is ductile, malleable, and highly resistant to corrosion. Because it enhances properties and functionalities, niobium is used in a wide range of materials and applications in the Mobility, Structural and Energy sectors. Niobium transforms materials. When added to materials like steel, glass and aluminum castings, niobium makes them smarter and lower environmental impacts, while also delivering other benefits like better performance, mproved safety, and increased value.
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.
FOR MORE INFORMATION, CONTACT:
Paradox Public Relations
Tel: (514) 341-0408 or 1-866-460-0408
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