TSX-V-listed NioBay Metals has executed a definitive option agreement with fellow-listed Vior to acquire an 80% undivided interest in the Foothills project, which has strong potential for the discovery of critical and strategic metals.
Located 90 km south of Saguenay, Quebec, the project covers about 285 km2 and comprises five separate claim 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% titanium dioxide, as well as apatite.
“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 decarbonisation of our economy: titanium and phosphate,” stated NioBay president and CEO Jean-Sébastien David.
“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 David.
NioBay will act as the operator during the option period.