Oka Niobium Property

Oka Niobium Project

In 1995, Niocan acquired 100% of the Oka niobium project in Oka, Quebec from Kennecott Copper. The Oka Niobium Property is located in the parishes of l’Annonciation and St-Joseph-du-Lac, some 50 km north-west of Montreal and 10 km from Highway 640. Access to the property is via a paved road– either the Sainte-Sophie Road, which crosses the property, or by Highway 344. The mining property is made up of 49 claims covering 1,604 acres and surface rights of 231 acres. A Hydro-Quebec sub-station, located some 2 km east of the property, would supply electricity.

Resource Potential

NI 43-101 Resource Estimates for S-60 Deposit, Oka Project

Resource Classification*

Tonnes (MM)

% NB2O5

Measured

4.28

0.72

Indicated

6.35

0.65

M&I Total

10.63

0.68

Inferred

3.22

0.61

Total

13.85

0.66

*Cutoff grade of 0.40% NB2O5

Note: Mr. Serge Lavoie M.A.Sc P Eng is the qualified person under NI 43-101 for disclosure of the technical information relating to the Oka project. Mr. Lavoie is an independent consulting geological engineer.

MetChem, who conducted  S-60 43-101 suggest that additional drilling could increase S-60 mineral resource by up to 30%.

Oka is situated on 925 hectares of land of which only 1% has been drilled to date. Ore bodies are open at depth and laterally.

Permitting & Operations

Niocan has been awaiting the receipt of a CA from the MSDEP which would allow it to exploit its Oka mine project. To date, Niocan has been in compliance with the MSDEP’s requirements.  Upon receipt of the CA, Niocan plans to update its economic feasibility study to include the addition of a process plan to extract rare earths co-products.