VANCOUVER, BC / ACCESS Newswire / October 20, 2026 / NiobiumX Mining Inc. (CSE:NIOX)(FSE:O7D0)(OTCQB:NIOXF) ("NiobiumX" or the "Company") today outlines the principal exploration target at its Shipshaw Property in the Saguenay region of Quebec, and the reasons the Company has prioritized it. The Company also announces the appointment of Matthew Schwab to its Board of Directors.
Key Highlights
1. Two Magnetic Lows, One Mine: In 2010, a reinterpretation of Geological Survey of Canada magnetic data by Camille St-Hilaire for DIOS Exploration Inc. identified two low magnetic anomalies north of the Saguenay River. The first correlates with the Niobec deposit, North America's only producing niobium mine, approximately two kilometres from the Company's nearest claim. The second is largely covered by the Shipshaw Property and has never been verified. 1, 3, 9
2. What the First One Became: Niobec was discovered in 1967 by a radiometric survey during uranium exploration and has been in production since 1976. Its 2013 technical report states measured and indicated mineral resources of 629.9 million tonnes at 0.42% Nb2O5 and inferred resources of 67.7 million tonnes at 0.37% Nb2O5, plus a separate rare earth zone of 531.4 million tonnes indicated at 1.64% TREO and 527.2 million tonnes inferred at 1.83% TREO. 1, 3, 6, 8
3. The Rims Were Drilled. The Core Was Not: The 2010-2011 program by DIOS Exploration Inc., 23 holes totalling approximately 5,850 metres, was designed around systematic drilling of the magnetic rims surrounding the carbonatite core, to a depth of approximately 125 to 150 metres. Every hole intercepted the carbonatite complex. The Company's NI 43-101 technical report concludes that the drilling to date is insufficient to determine the dimensions or orientation of the mineralization, and that the target merits further work. 2, 3, 4, 5
4. The Niobium-Bearing Carbonatite Type: Géologie Québec reports that of the five carbonatite systems it selected for characterization along the Waswanipi-Saguenay corridor, Shipshaw is the only one with a homogeneous magnesio-carbonatite composition, and that at Shipshaw the magnesio-carbonatite is the facies most mineralized in niobium. 6
Why the Company Is Focused on This Target
Carbonatite complexes in the Saint-Honoré corridor share a geophysical signature: a magnetic low, commonly accompanied by elevated thorium. That is the signature that led to Niobec. 1 At Shipshaw the same signature is present, carbonatite has been confirmed in every historical drill hole, and the centre of the magnetic low has not been drilled.2 Géologie Québec notes that carbonatite made up only about 6% of the rock logged in the historical holes. The Company's NI 43-101 technical report describes that program as systematic drilling of the magnetic rims surrounding the carbonatite core. 3, 6
The next step is to image the system properly. High-resolution airborne magnetics and radiometrics, 3D magnetic inversion and a re-examination of the historical core are designed to define the size, orientation and depth of the target before the first hole goes into its centre.
"There are two magnetic lows north of the Saguenay River. One of them is Niobec. The other one is ours," said Kirby Renton, President and Chief Executive Officer.1 "The earlier drilling went around the edges and hit carbonatite in every hole. Nobody has drilled the middle. That is the hole we want to drill."
Rare Earth Elements
The Shipshaw carbonatite also carries rare earth elements, as recorded in the Company's NI 43-101 technical report and in Géologie Québec bulletin BM 2024-02. The Company's exploration focus at Shipshaw is niobium. 3, 6
The Shipshaw Property
The Shipshaw Property is a 100%-owned, 48-claim, approximately 2,686-hectare land package on the north side of the Saguenay River, approximately five kilometres west of the Chicoutimi-Nord sector of the city of Saguenay, Quebec. The Saint-Honoré alkaline complex that hosts the Niobec mine lies to the north-northeast: the nearest claim boundary is approximately two kilometres from the mine, and the historically drilled Terres Rompues zones lie six to seven kilometres south-southwest of it. The Property sits within the Saguenay Graben of the Grenville Province and is cut by a swarm of carbonatite and lamprophyre dykes, the same geological setting as the Niobec deposit. It is accessible year-round by paved road (Route 172) from the Dubuc Bridge, in an established industrial region with hydroelectric power, rail and port infrastructure. 1, 3, 6, 7
Appointment of Matthew Schwab to the Board of Directors
NiobiumX announces the appointment of Mr. Matthew Schwab to its Board of Directors, effective immediately. Mr. Matthew Schwab is an acclaimed exploration geologist who, in 2014 as Senior Exploration Geologist at NexGen Energy Ltd., was instrumental in the discovery of the Arrow uranium deposit located in the southwestern Athabasca Basin. Mr. Schwab was also a member of the Hathor Exploration Ltd. development team, where he contributed to the sale of the Roughrider deposit to Rio Tinto for $654 million. More recently, he served as Chief Executive Officer of Kraken Energy Corp. His prior roles include co-founding Axiom Exploration Group Ltd. and serving as President, Senior Advisor, and Founder of multiple successful private and public mineral exploration and energy consulting firms within the Canadian mining and petroleum industries. Mr. Schwab currently serves as Chief Executive Officer and Director of Stallion Uranium Corp., as Executive Director of Atomic Minerals Corp. and as a Director of UraniumX Discovery Corp.
"Matt has been part of teams that took a target through to discovery and on to a sale," said Kirby Renton, President and Chief Executive Officer. "Shipshaw is at the stage where that experience counts, and we are pleased to welcome him to the board."
About NiobiumX Mining Inc.
NiobiumX Mining Inc. (CSE:NIOX)(FSE:O7D0)(OTCQB:NIOXF) is a Canadian mineral exploration company focused on niobium. The Company's principal asset is the Shipshaw Property, a package of 48 mineral claims totalling approximately 2,686 hectares in the Saguenay region of Quebec, situated within the Saguenay Graben of the Grenville Geological Province and characterized by a swarm of carbonatite and lamprophyre dykes. The Shipshaw carbonatite is one of five carbonatite intrusions in the Waswanipi-Saguenay zone selected for characterization by Géologie Québec in metallogenic bulletin BM 2024-02.
Niobium is designated a critical mineral by Canada, the United States, the European Union and Australia.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Deepak Varshney, P.Geo., a consultant to the Company and a Qualified Person as defined by National Instrument 43-101.
For Further Information
Kirby Renton, President, Chief Executive Officer and Director
Telephone: (604) 689-2646 | Email: contact@niobiumx.com | Website: niobiumx.com
On behalf of the Board of Directors, Kirby Renton, President and Chief Executive Officer, NiobiumX Mining Inc.
Forward-Looking Information
Except for statements of historic fact this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking information in this news release includes, without limitation, statements regarding the Company's exploration plans and programs; the design, scheduling, acquisition, processing and interpretation of geophysical surveys; the ability of integrated data and machine-learning methods to define or rank exploration targets; the interpretation and prospectivity of the Shipshaw Property for niobium and rare earth elements; the maintenance and registration of mineral title; and the Company's business plans generally. Forward-looking information is based on assumptions management considers reasonable as of the date hereof, and is subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including that geophysical or model-derived anomalies may not reflect mineralization; that interpreted targets may not be confirmed by drilling; that the Company's exploration strategy may change; that no mineral resource estimate exists for the Property and none may ever be established; that historical results may not be verified or replicated; that the Company may be unable to obtain financing, permits or title on acceptable terms; and changes in commodity prices, demand and critical minerals policy. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking information except as required by law. Additional information on risks is available in the Company's filings at www.sedarplus.ca.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Notes and References
1. Readers are cautioned that the geology and mineralization of neighbouring properties, including the Niobec mine, are not necessarily indicative of the geology or mineralization of the Property. The Company has no interest in the Niobec mine; information about it is taken from public disclosure by its owners and has not been verified by the Company's Qualified Person.
2. The drilling information referred to is historical. It was obtained by a previous operator, DIOS Exploration Inc., in 2010 and 2011, is documented in Government of Quebec assessment reports, and has not been verified by the Company's Qualified Person. It should not be relied upon and is not necessarily indicative of mineralization on the Property. No mineral resource or mineral reserve has been estimated on the Property.
3. Brassard, B., 2026 - Technical Report on the Shipshaw Property (NI 43-101), effective date 17 February 2026; filed on SEDAR+ at www.sedarplus.ca.
4. Desbiens, S., 2010 - Assessment report GM 65544, Ministère des Ressources naturelles du Québec (EXAMINE: gq.mines.gouv.qc.ca).
5. Block, M., 2011 - Assessment report GM 66096, Ministère des Ressources naturelles du Québec.
6. Géologie Québec (Ministère des Ressources naturelles et des Forêts), 2024 - Metallogenic bulletin BM 2024-02, Waswanipi-Saguenay carbonatite corridor.
7. GESTIM, Ministère des Ressources naturelles et des Forêts du Québec - mineral titles register (claim areas and boundaries; export 19 July 2026).
8. Vallières, D., et al., 2013 - NI 43-101 Technical Report, Update on Niobec Expansion, December 10, 2013, prepared for IAMGOLD Corporation and Niobec Inc.; mineral resources as of December 31, 2012. Filed on SEDAR.
9. St-Hilaire, C., 2010 - Rapport d'interprétation d'un levé magnétique héliporté, Projet Shipshaw, Saint-Honoré, Québec, for DIOS Exploration Inc.; assessment report GM 65540, Ministère des Ressources naturelles du Québec.
SOURCE: NiobiumX Mining Inc.
View the original press release on ACCESS Newswire