Niocan Inc. (“Niocan”) was established in 1995 as a mineral exploration company focused on financing, developing and obtaining permits for its 100%-owned Oka Niobium Project and the Great Whale Iron property. Both projects are located in mining-friendly Quebec.
The Oka project involves the development of a mining complex based on an underground mine, a concentrator and a converter for the production of ferroniobium. The project has completed all exploration phases, including two drilling campaigns in 1995, 1996, and 1997 for a total of 22,204 meters, to define the S-60 mineral resources and the zone HWM-2. In February 2010, Niocan announced that the mineral resources of the S-60 deposit were qualified in conformity with National Instrument 43-101 and CIM mineral resource classification.
In 2004, Niocan acquired 100% ownership in an iron property in the Great Whale region. This property includes three (3) mineral prospects (historical resources) of magnetite with an average 36%-41% Fe content. The property, covering 56 195 acres, is located 80 km inland from Manitounuk Sound, a deep water natural harbor located on the south-east coast of Hudson's Bay, not far from the Great Whale River.