In preparation for a bankable feasibility study, to be completed by May, Montreal-based Niocan (NIO-M) is drilling its namesake niobium property in Quebec.
The 384-ha property is in the Oka intrusive complex, about 30 km northwest of Montreal, Que.
Niocan has identified proven reserves of 2.9 million tonnes of 0.7% Nb2O5, probable reserves of 3 million tonnes of 0.64% Nb2O5, and a further 5.3 million tonnes of 0.6% Nb2O5 which are still in the possible category.
Niocan is attempting to define this mineralized body at depth and laterally.
The company plans to drill 45 holes on the property, for a total of 14,600 metres.
Niobium is a refractory metal which shares some properties with tungsten and molybdenum. A small amount of niobium is used in steel to increase its malleability and elasticity. Such “stabilized” steels are used in cars, ships, pipelines and electric transmission towers.
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