Niocan eyes its own project

Today’s ever-more technological society is demanding stronger, lighter, longer-lasting materials. They are particularly sought by automobile makers, the aerospace industry, and for specialty structures–hence, the growing market for alloys containing ferroniobium.

Another company looking to take advantage of increased demand is Niocan Inc., headquartered in Montreal. It has mineral leases covering two niobium deposits near Oka, 45 km to the northwest. Proven, probable and possible reserves total 20.32 million tonnes at 0.63% Nb2O5 using a 0.5% cut-off grade. Niocan has prepared studies for the development of an underground mine, mill and a 4,500-tonnes/year ferroniobium production facility. So far the company has spent about $7 million on the project.

In June of this year, Niocan acquired a second niobium prospect in the James Bay Lowlands of northeastern Ontario. In order to earn 100% of the project, Niocan will issue shares to Barrick Gold, James Bay Columbium and Exall Resources (the current owners) and spend $1.5 million over four years on the project.