NioBay Metals signs option agreement to acquire high-potential titanium and phosphate properties

MONTREAL, Feb. 07, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce the execution of a definitive option agreement (the “Option Agreement”, the “Option”), with Vior Inc. (“Vior”) (TSX-V: VIO) (OTCQB: VIORF) to acquire an 80% undivided interest in Vior’s Foothills Project (the “Project”), with strong potential for the discovery of critical and strategic metals.

The Foothills Project is located north of St. Urbain, 100km north of Québec City and 90km south of Saguenay (La Baie area), Québec. The Project covers an area of approximately 285km² and is comprised of 5 separate claims blocks. It covers most of the contact of the intrusive zone known as the St. Urbain anorthosite. This zone has demonstrated the presence of rutile-ilmenite with results up to 57% of titanium dioxide (TiO₂), as well as apatite (Note: Vior referred to as phosphate). Of 139 outcrop samples collected, 67 contain P₂O₅ values of 4.0 to 6.3%, and boulder samples reveal some historic higher-grade mineralization of over 10% P₂O₅ (Sigeom, QC). See Vior Press Release, September 20, 2023.

A word from the President & CEO, Jean-Sebastien David
“With this Option Agreement, we are delighted to add the Foothills Project to our portfolio of projects. The areas of interest are mainly located on Séminaire de Québec property. This project strengthens our “green” portfolio by adding two important elements in the decarbonization of our economy: titanium and phosphate,” stated Jean-Sébastien David, President and CEO of NioBay. “The results obtained previously by Vior, and particularly during their 2023 work, caught our attention. Samples were taken with high phosphate content, an element newly added to Québec’s list of critical and strategic metals. Our objective is clear: to find a homogeneous zone, supported by a resource calculation, and thus prove the mineral potential of this sector. We look forward to returning to the field and continuing Vior’s work,” added Mr. David.

The Option Agreement provides for the following terms and schedule:

Period	Cash Payments		Share Payments	Minimum Work Expenditures
Closing Date	$40,000		1,250,000 NioBay shares	N/A
December 31, 2024	$40,000		1 250 000 NioBay shares	$400,000
December 31, 2025	$60,000		$150,000(*) in NioBay shares, subject to a minimum of 1,000,000 NioBay shares	$1,100,000
December 31, 2026	$60,000		$250,000(*) in NioBay shares, subject to a minimum of 1,000,000 NioBay shares.	-
December 31, 2027	$200,000		$500,000(*) in NioBay shares, subject to a minimum of 1,000,000 NioBay shares	$2,500,000