NioBay Applauds Phosphorous Critical Minerals Classification
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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.