(TheNewswire)
Acquiring 100% interest in 90 mineral claims covering 4,956 hectares in the Mont Laurier region
Montreal, Quebec – TheNewswire - June 10, 2024 – Nio Strategic Metals Inc. (TSXV: NIO) (OTC: NIOCF) (“Nio” or the “Company”) is pleased to announce that, further to its news releases dated May 1st, 2024, it has closed the acquisition of all outstanding shares, representing a 100% interest, in 1478472 B.C. Ltd. a company holding 90 mining claims comprising the Fafnir Project in Quebec, Canada (the “Acquisition”).
The Project covers approximately 4,956 hectares (50 square kilometers) located approximately 60 km north west of Mont Laurier, and 165 km north of Gatineau and is home to some large high-grade niobium and Uranium deposits and discoveries. There is excellent access to all parts of the property that are held strategically throughout the region.
The Company will be evaluating and prioritizing a work program on the claims during this summer and will provide additional updates in the coming weeks.
Transaction Terms
In consideration of the acquisition of all outstanding shares in 1478472 B.C. Ltd., the Company paid the shareholders the sum of $75,000 and issued an aggregate of 3,988,633 common shares in the capital of the Company (the “Shares”). The Shares are subject to restrictions on resale for four months and one day from issuance.
The Fafnir project, subject of pass geophysics and ground work has a large intrusive NYF (Niobium-Yttrium-Fluorine) type pegmatite which has returned 9,238 ppm for Niobium, 8,022 ppm of Uranium and 1,288 ppm of Praseodymium (Pr) / Neodymium (Nd). The Structural shear fault that truncates the property’s South Western flanc, being the likely context for enrichment, also truncates the Petawaga Indice, site of a bulk sample that revealed 3.4% Niobium, 0.7% uranium and ~1% to 1.5% Lithium, is located 30 kilometers south west of Fafnir. The Boxi project located 10 kilometers, North West of Fafnir is further evidence of the strong Rare Earth Elements enrichment in the area, having reported assays of 14% Uranium, 26% Niobium and 3,700 ppm in Pr/Nd.
“The proposed Acquisition strengthens Nio’s portfolio in niobium properties and is in line with our strategy to meet increasing demand for the critical minerals needed for electric vehicles, infrastructure and much needed niobium-based products perfectly fits our renewed strategy to enter the critical metals ecosystem” said Nio President and CEO Hubert Marleau.
“The niobium potential of this area has started to attract our attention a long time ago. I want to thank Michel Belisle and both geology teams for this opportunity and getting prepared for an exploration program on the Fafnir project,” said Marleau.
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Qualified Person
Pierre-Jean Lafleur, Eng., and geological consultant, is a qualified person within the meaning of National Instrument 43-101 on standards of disclosure for mineral projects. He has reviewed and approved the technical information contained in this press release.
AboutNio Strategic Metals
Nio Strategic Metals is an exploration and development company, with a focus on becoming a ferroniobium producer. The Company holds a niobium property in Oka, Québec and other exploration properties in the Province of Québec.
FormoreinformationontheCompany,pleaserefertotheCompany’spublicdocumentsavailable on SEDAR (www.sedarplus.ca) or on the Company’s website (https://niostratmet.com/).
Formoreinformation,pleasecontact:
Hubert Marleau
Chairman,PresidentandChiefExecutiveOfficer
[email protected]
514-560-7623
NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedin thepoliciesoftheTSXVentureExchange)acceptsresponsibilityfortheadequacyoraccuracyof this press release.
CautionaryStatementonForward-LookingInformation
This news release contains forward-looking statements and forward-looking information (together, “forwardlookingstatements”)withinthemeaningofapplicableCanadiansecurities laws.Statements,otherthanstatementsofhistoricalfacts,maybeforward-lookingstatements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words,orstatementsthatcertainactions,eventsorresults“may”,“could”,“would”,“might”, “willbetaken”,“occur”or“beachieved”,thenegativeofthesetermsandsimilarterminology although not all forward-looking statement contains these terms and phrases. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects andopportunities to differmaterially from thoseexpressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors set out in Nio Strategic Metals’ annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR at www.sedarplus.ca, as wellasallassumptionsregardingtheforegoing.Although Nio Strategic Metalsbelievesthattheassumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance shouldnotbeplacedonthesestatements,whichonlyapplyasofthedateofthisnewsrelease, andnoassurance can be given thatsuch eventswill occurinthedisclosed time frame or at all. Exceptwhererequiredbyapplicablelaw,Nio Strategic Metalsdisclaimsanyintentionorobligationtoupdate orreviseanyforward-lookingstatement,whetherasaresultofnewinformation,futureevents or otherwise.
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