Subject: ANALYSTS' COMMENTS
NioBay Confirms Phosphate in Historic Vior Drill Holes on Foothills Property
MONTREAL, May 07, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. ("NioBay" or the "Company") (TSX-V: NBY) (OTCQB: NBYCF) is proud to announce that, following re-sampling of historic Vior drill holes from the Foothills Project, assay results confirm the presence of phosphate in addition to the titanium already demonstrated in previous campaigns. The Foothills Project is located north of St. Urbain, 100 km north of Québec City and 90 km south of Saguenay (La Baie area), Québec. This Project covers an area of approximately 285 km2 and is comprised of 5 separate claims blocks. It covers most of the contact of the intrusive zone known as the St. Urbain anorthosite.
Vior historical results (press release of May 20, 2020)
Table 1: Composites of intercepted mineralization
| Hole | From (m) | To (m) | Length (m) | TiO2 (%) |
| FH-20-01 | 4 m. | 21.35 m. | 17.85 m. | 39.47% |
| FH-20-01 | 56.2 m. | 61 m. | 4.80 m. | 39.47% |
| FH-20-02 | 3 m. | 30.8 m. | 27.80 m. | 38.82% |
| FH-20-04 | 40.9 m. | 56.55 m. | 15.65 m. | 40.92% |
| FH-20-05 | 115 m. | 127.85 m. | 10.85 m. | 40.65% |
| FH-20-07 | 34.65 m. | 84.15 m. | 49.50 m. | 30.98% |
| FH-20-08 | 32.9 m. | 49.60 m. | 16.70 m. | 31.46% |
| FH-20-08 | 64.75 m. | 69.05 m. | 4.30 m. | 35.80% |
Table 2: Resampling results for holes 07 and 08 by NioBay
| Hole | From(m) | To (m) | Length (m) | Lithology | P205 % | TiO2 (%) |
| FH-20-07 | 84,15 | 98,00 | 13,85 | Nelsonite | 5,27 | |
| FH-20-08 | 79,25 | 80,30 | 1,05 | Gabro | 6,21 | |
| FH-20-08 | 83,90 | 86,10 | 2,20 | Gabro | 5,40 | |
| FH-20-08 | 86,10 | 87,80 | 1,70 | Massive Ilmenite | 38,4 | |
| FH-20-08 | 87,80 | 88,50 | 0,70 | Gabro | 4,86 | |
| FH-20-08 | 91,90 | 92,40 | 0,50 | Massive ilmenite | 8,11 | |
| FH-20-08 | 93,85 | 94,60 | 0,75 | Gabro | 6,47 | |
| FH-20-08 | 94,60 | 95,40 | 0,80 | Semi-massive ilmenite | 7,24 | |
| FH-20-08 | 96,95 | 98,05 | 1,10 | Gabro | 5,72 | |
| FH-20-08 | 99,75 | 101,05 | 1,30 | Gabro | 5,16 |
A word from the CEO, Jean-Sebastien David
"We are pleased to announce that the Foothills Project not only returned excellent TiO2 results, but also confirmed the presence of phosphate in secondary minerals. This bodes well for the field campaign that commenced on May 6, 2024. We have also recently learned that Ottawa has authorized the Canadian aerospace industry to purchase Russian titanium. Specifically, Bombardier and Airbus have been granted an exemption from Canada's ban on Russian titanium. This situation only encourages our efforts to find new local sources of supply," concluded Mr. David.
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 and signed an option agreement to acquire 80% of the Foothills titanium project.
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 delivering other benefits such as better performance, improved safety and increased value.
About Titanium
Titanium (Ti) is as strong as steel, but much less dense. It is therefore important as an alloying agent with many metals, including aluminum, molybdenum and iron. These alloys are mainly used in aircraft and spacecraft because of their low density and ability to withstand extreme temperatures. They are also used in sports equipment, laptops, bicycles and medical prostheses. Recently, this metal has been used in some battery components.
Cautionary Statement
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) accepts responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, CONTACT:
NioBay Metals Inc.
Jean-Sebastien David, geo.
President & Chief Executive Officer
514-866-6500
[email protected]
www.niobaymetals.com
Kimberly Darlington
Investor Relations
[email protected]
514-771-3398
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