NioBay Provides Update on Its Niobium Battery Initiatives and Corporate Update
MONTREAL, April 20, 2021 (GLOBE NEWSWIRE) — Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY, OTCQB: NBYCF) an Environmental Sustainable Governance Indegenous (“ESGI”) Company is pleased to provide an update of activities related to the Company’s James Bay Niobium Project and Crevier Niobium & Tantalum Project, in addition to a corporate update.
Niobium Battery Technologies
As published on April 6, 2021, the Company announced the beginning of a series of hydrometallurgical testing for the production of battery grade niobium from the James Bay Niobium Project located on Moose Cree First Nation (“MCFN”) Homeland territory, 42 km south of Moosonee, Ontario. The Company is pleased to announce that it will invest in niobium batteries technology by initiating additional testwork to produce precursor material for niobium batteries, but this time from its Crevier Niobium and Tantalum project located 53 km north of the municipality of Gerardville, Québec on the traditional territory of the Pekuakamiulnuatsh First Nation.
NioBay has identified several companies, including Toshiba, and other private companies, who are making use of niobium to develop revolutionary battery technologies. Niobium-based materials enable super-fast charging times (1 to 10 minutes) increased battery safety, long cycle life (+10,000 charge cycles), and improved Electric-Vehicle (EV) performance at variable temperature ranges.
The next-generation anode material will help increase the battery capacity to three-time (3X) volume capacity far greater than commercialized Lithium Titanium Batteries (LTO) while providing the advantages of long life and super-fast charging.
James Bay Niobium Project
Following the pause of the drilling program earlier in the year, the Company will continue discussions with MCFN in early May. The objective is to discuss a summer drill program, in addition to the initiation of a collaborative Environmental Baseline Study which is expected to include MCFN personal & independent contractors.
Grant of Options
The Board of Directors granted to a new director of the Company an option to acquire 50,000 common shares of Niobay. One third of the stock options granted will vest immediately and the remaining stock options granted are subject to a two year vesting period. The grant has a five-year term at an exercise price of $0.95. The stock options have been granted pursuant to the Company’s Stock Option Plan and are subject to applicable securities laws and TSX Venture Exchange policies.
About NioBay Metals Inc.
NioBay will be a leader in the Environment, Sustainability, Governance and Indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to our success will be the consent and full participation of the Indigenous communities territories where we operate. The Company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Quebec and a 48% direct participation in mineral titles situated in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM.
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.
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