(TheNewswire)
Toronto – TheNewswire - September 13, 2023 – Nuinsco Resources Limited (“ Nuinsco ” or the“ Company ”) (CSE:NWI) today announced that additional geologicalmapping and sampling is being conducted at its Prairie Lake CriticalMinerals and phosphate project located near Terrace Bay, Ontario(“ Prairie Lake ” or the “Project” ).
The field work is focussing on the northern part of thePrairie Lake Complex; an area that has seen little past exploration.The area is north of the domains hosting the very significant mineralresource estimate (“ MRE ”), as reported on 31 May 2022 andtabulated below, currently comprising nearly 890Mt of identifiedCritical Minerals endowment. The deposit has amongst the world’shighest known light rare earth element (“ LREE ”) content inapatite and contains other REE bearing minerals including monazite,bastnaesite, carbocernaite/ burbankite, and ancylite, as well asniobium-bearing pyrochlore.
“The extension of coverage outside the MRE is animportant step in addition to the ongoing metallurgical studies atSGS-Lakefield Laboratory, environmental baseline evaluation andexpansion of geological understanding of the Prairie Lake Complex,”said Paul Jones, Nuinsco’s CEO. “We are fully aware of the scopeof the mineralization on the project, the potential for expansion ofthe MRE, and the possibility that domains of higher-grademineralization exist within the MRE or for that matter elsewhere onthe project outside of the existing resource. The attributes of theproject are very favourable to development, and we are diligentlyconducting work to do so.”
The Prairie Lake project contains a large , well-located resource of critical minerals in NorthAmerica. It is a potential source of elements needed forapplications in transportation, power distribution, green technologiesand a host of other applications, including agriculture. It is ofimmense value to a secure critical minerals supply chain; a strategicconcern identified by numerous governments in the recent past andaddressed with incentives and programs to encourage development of thecritical minerals sector. The Project is located near the north shoreof Lake Superior, putting it in close or easily accessible reachof:
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The towns of Marathon, Terrace Bay and other affectedcommunities - all able to supply a local, skilled workforce.
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All weather forest access road crossing theproject.
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Paved Highways 17 and 11 to the south andnorth.
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Canadian Pacific Railway and Canadian National Railwaynetworks.
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High capacity (230kV) electrical power transmissionline.
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50km from the Marathon deep water port project.Deep-water ports are also located at Thunder Bay and Sault Ste. Marie,able to handle ocean going ships.
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The Marathon airport.
Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco'sQualified Person under National Instrument 43-101. Ms. Giroux hasreviewed and approved the technical contents of this news release.
About Nuinsco ResourcesLimited
Nuinsco Resources has over 50years of exploration success and is a growth-oriented,multi-commodity mineral exploration and development company focusedon prospective opportunities in Canada and internationally.Currently the Company has three properties in Ontario – thehigh-grade Sunbeam gold property near Atikokan currently optioned to First ClassMetals PLC , the large multi-commodity(phosphate, rare earth element, niobium, tantalum) Prairie Lakeproject near Marathon-Terrace Bay, and the Zig Zag Lake property(lithium, tantalum) near Armstrong also optioned to First Class MetalsPLC. In addition, Nuinsco has an agreement for gold exploitation atthe El Sid project in the Eastern Desert of Egypt.
Prairie Lake Project Pit ConstrainedMineral Resource Estimate (1-6)
Rare Earth Oxides | Niobium | Phosphate | |||||||||||
Class | Cut-Off | Tonnes | Nd 2 O 3 | Pr 6 O 11 | Sc 2 O 3 | CeO 2 | La 2 O 3 | Sm 2 O 3 | Ta 2 O 5 | Y 2 O 3 | TREO | Nb 2 O 5 | P 2 O 5 |
NSR C$/t | M | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | kg/t | % | % | |
Indicated | 30 | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 1.67 | 0.16 | 3.71 |
Inferred | 30 | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 2.01 | 0.10 | 3.39 |
*TREO = Total Rare Earth Oxides: neodymium, Nd 2 O 3 ; praseodymium, Pr 6 O 11 ; scandium, Sc 2 O 3 ; Cerium, CeO 2 ;lanthanum, La 2 O 3 ; samarium,Sm 2 O 3 ; yttrium, Y 2 O 3.
A full description of methodology used to estimate thePrairie Lake project Mineral Resource Estimate is contained in the NI43-101 compliant Technical Report, effective date 31 May 2022 preparedby P&E Mining Consultants Inc. that is filed on SEDAR.
1. Mineral Resources that are not MineralReserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materiallyaffected by environmental, permitting, legal, title, taxation,socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in thisestimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could potentially be upgraded to an Indicated MineralResource with continued exploration.
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The Mineral Resources were estimated in accordance withthe Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions (2014) andBest Practices Guidelines (2019) prepared by the CIM StandingCommittee on Reserve Definitions and adopted by the CIMCouncil.
5. US$ Metal prices used were $80/KgNd 2 O 3 , $80/Kg Pr 6 O 11 , $1,500/Kg Sc 2 O 3 , $50/KgNb 2 O 5 , $250/t P 2 O 5 , $1.35/Kg CeO 2 ,$1.35/Kg La 2 O 3 , $3.50/Kg Sm 2 O 3 , Nil$/t Ta 2 O 5 and $13.00/kgY 2 O 3 , 0.78 FX all with combined processrecoveries and payables of 50%, except P 2 O 5 at 75%.
6. The constraining pit optimizationparameters were C$2.50/t mining cost for all material, C$25/t processcost, C$5/t G&A cost and 45-degree pit slopes with a C$30/t NSRcut-off.
Forward-LookingStatements
This news release contains certain"forward-looking statements." All statements, other thanstatements of historic fact, that address activities, events ordevelopments that Nuinsco believes, expects or anticipates will or mayoccur in the future are forward-looking statements. Forward-lookingstatements are often, but not always, identified by the use of wordssuch as "seek," "anticipate," "believe,""plan," "estimate, “expect," and"intend" and statements that an event or result"may," "will," "can,""should," "could," or "might" occur orbe achieved and other similar expressions. These forward-lookingstatements reflect the current expectations or beliefs of Nuinscobased on information currently available to Nuinsco. Forward-lookingstatements are subject to a number of risks and uncertainties that maycause the actual results of Nuinsco to differ materially from thosediscussed in the forward-looking statements, and even if such actualresults are realized or substantially realized, there can be noassurance that they will have the expected consequences to, or effectson Nuinsco. Factors that could cause actual results or events todiffer materially from current expectations include, among otherthings, failure to successfully complete financings, capital and othercosts varying significantly from estimates, production rates varyingfrom estimates, changes in world copper and/or gold markets, changesin equity markets, uncertainties relating to the availability andcosts of financing needed in the future, equipment failure, unexpectedgeological conditions, imprecision in resource estimates, success offuture development initiatives, competition, operating performance offacilities, environmental andsafety risks, delays in obtaining or failure to obtain tenure toproperties and/or necessary permits and approvals, and otherdevelopment and operating risks. Any forward-looking statement speaksonly as of the date on which it is made and, except as may be requiredby applicable securities laws, Nuinsco disclaims any intent orobligation to update any forward-looking statement, whether as aresult of new information, future events or results or otherwise.Although Nuinsco believes that the assumptions inherent in theforward-looking statements are reasonable, forward-looking statementsare not guarantees of future performance and accordingly unduereliance should not be put on such statements due to the inherentuncertainty therein.
Paul Jones, CEO | Sean Stokes, Executive VP | Cathy Hume, Consultant | |
613-867-5902 | 416-712-7481 | 416-868-1079 877-838-1079 | |
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