MONTRÉAL, June 18, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is satisfied with the update to Canada’s list of critical minerals announced by the Minister of Energy and Natural Resources, Jonathan Wilkinson. Additionally, NioBay is pleased that tantalum and niobium, which were already on this list, will now provide additional tax credits.
There are 34 minerals on the list, which now includes high-purity iron ore, phosphorus, and silicon metal. All are deemed essential to the development of clean technologies and in various industries like microchips, green steel, and lithium-iron-phosphate batteries. This update aims to strengthen critical minerals value chains to support Canada's energy and economic transition. Critical minerals are fundamental to modern products and the country's future economic prosperity.
“This development perfectly supports our Foothills Project, acquired in partnership with Vior Inc., for its strong potential in critical and strategic metals,” says Jean-Sébastien David, President and CEO of NioBay. The Foothills Project, covering 285 km² on the Séminaire de Québec properties, revealed samples rich in phosphate with values reaching up to 6.3% P2O5, and more than 10% for certain rock blocks.
Mr. David learned to better understand phosphate during the development of a Lac à Paul mining project, in the Saguenay, during his years of service for Arianne Phosphate Inc. He is even more confident in the potential of his new titanium and phosphate Foothills Project, located on a former site north of Saint-Urbain, in the La Baie region, in Québec, and believes that the latter can respond to the growing demand for energy and critical materials.
By diversifying its portfolio with critical minerals, NioBay is committed to providing local and sustainable solutions for Canada's energy transition.
Qualified Person
This press release has been reviewed and approved by Jean-Sébastien David, P.Geo., a qualified person under National Instrument 43-101. Mr. David is President and CEO of NioBay.
About NioBay Metals Inc.
NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top priority, which is critical to our success, is the consent and full participation of the Indigenous communities in whose territories and/or on ancestral lands we operate.
In addition to others properties, NioBay holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree 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 Québec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation. The Company has also the option to acquire a 80% interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Québec.
About Niobium
Niobium is a naturally occurring element. It is a 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 more efficient and lowers environmental impacts, while also increased value.
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