NioBay begins drilling following significant prospecting results on Crevier

MONTREAL, Sept. 13, 2022 - Niobay Metals Inc. ("NioBay" or the "Company") (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce the start of a drilling campaign on the Crevier Property, owned by Les Minéraux Crevier Inc., in which NioBay holds a 72.5% interest. Several new drill targets have been identified following assay results of up to 0.30% Nb₂O₅ and 200 ppm Ta₂O₅ in newly discovered carbonate boulders and carbonate dykes. These boulders and dykes were identified in the vicinity of topographic lineaments sub-parallel to the Main Zone, within a radius of 0.5 to 2.0 kilometers from the Main Zone. The 43-101 resource estimate for the Main Zone totals 25.4 Mt at 0.20% Nb₂O₅ and 234 ppm Ta₂O₅ (Measured and Indicated - SGS July 2010).

The drilling campaign follows up very encouraging prospecting results that took place this summer in areas where logging had recently been completed. Angular glacial boulders and small dykes were discovered in the vicinity of major topographic lineaments, such as lakes, rivers and streams, all sub-parallel to the Main Zone. The samples collected were mainly composed of more or less carbonated syenite. These lineaments are topographic troughs that could be occupied by more strongly carbonated rocks and/or carbonatites. The various glacial events that impacted the region could have deepened these rock types which are much softer than the surrounding rocks. These lineaments have therefore become new priority drilling targets.

A total of 32 samples were sent to ALS laboratories for multi-element (ppm) geochemical analysis. All results of more than 1,000 ppm Nb and more than 100 ppm Ta were reanalyzed quantitatively, for Nb₂O₅ and Ta₂O₅ respectively, for confirmation (%). Table 1 shows the best results obtained.

Table 1: Best analytical results of the survey

Figure 1 shows the location of the samples and assay results on a background of an August 2021 satellite image. It also shows the location of the main zone, the old holes and those planned for the 2022 campaign.

Figure 1: Location of anomalies, main zone and drill holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/278f7f3e-fb7f-4e0e-bc72-cfb43ce48e11

The Crevier property is located about 50 kilometers north of the town of Girardville and about 150 kilometers from the Niobec mine. The original Crevier site was discovered in the mid-1970s, around the same time as the Niobec Mine site. It is located on the Nitassinan territory of the Pekuakamiulnuatsh, whose main town is Mashteuiatsh. The property is easily accessible through existing forestry roads.

The drilling campaign will be done with a diamond drill. NioBay is pleased to announce that this campaign will be carried out by the company First Nations Drilling of Mashteuiash. The geological supervision was entrusted to the firm IOS Services Géo Scientifique. Note that they were involved in the drilling campaign of the Main Zone approximately ten years ago.

"The discovery of several previously unidentified carbonate dykes located on the periphery of the known zone makes this drilling program truly exciting for the team and the local community. Since G Mining last updated the project in 2019, the demand outlook for battery grade niobium oxide has increased and the price for tantalum salt has doubled from $150/kg to $300/kg. We also have the opportunity to maximize the benefits of this work by solely employing local firms. This project is an excellent opportunity for First Nations Drilling to demonstrate their know-how on their Nitassinan," indicates Jean-Sébastien David, President and Chief Executive Officer.

It should be noted that following positive metallurgical tests already obtained for the Main Zone, this project will be dedicated exclusively to the production of niobium oxide for battery manufacturers.

Qualified person
This press release has been reviewed and approved by Jacquelin Gauthier, P.Geo. and Qualified Person under NI 43-101. Mr. Gauthier is Vice President, Geology of Niobay Metals Inc.

About NioBay Metals Inc.
NioBay is a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus.

The Company holds a 100% interest in the James Bay Niobium Project located 45 kilometers south of Moosonee, in the MCFN 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 Quebec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation.

About Niobium
Niobium is a naturally occurring element. It is a readily available, reliable, soft 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 smarter and lower environmental impacts, while also delivering other benefits like better performance, improved safety, and increased value.

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) accept responsibility for the adequacy or accuracy of this release.

FOR MORE INFORMATION, CONTACT:
Niobay Metals Inc.
Jean-Sebastien David, geo.
President & CEO
Tel.: 514 866-6500
jsdavid@niobaymetals.com
www.niobaymetals.com