(TheNewswire)
-
Niobium is a high-value component of the CriticalMinerals endowment at Prairie Lake.
-
500m long domain containing higher-grade niobiummineralization identified, currently tested extending to 175mvertically with diamond drilling.
-
Niobium mineralization remains open in alldirections.
-
Potentially significant by-product/co-product to knownPrairie Lake phosphate and rare earth mineralization.
-
Niobium demand is forecast to greatly expand in greentechnology applications.
Toronto – TheNewswire - November 15, 2023 – Nuinsco Resources Limited (“ Nuinsco ” or the“ Company ”) (CSE:NWI) today announced further results of a review ofhigher-grade niobium target areas at its Prairie Lake CriticalMinerals and phosphate project located near Terrace Bay, Ontario(“ Prairie Lake ” or the “Project” ). With the incorporation ofdiamond drill hole data into the analysis, the known niobium-bearingdomain has now been extended in inclined drillholes to a verticaldepth of 175m.
Highlights from the drill data tabulated below includeDDH NP0701 with 98m (core length) of continuous niobium mineralizationgrading 0.243% Nb 2 O 5 , and DDH P31 with 170.8m (corelength) grading 0.284% Nb 2 O 5. This verystrongly anomalous niobium mineralization extending to depth isrecognized as the extension of the widespread anomalous niobiumidentified at surface. At surface the anomalous niobiummineralization occurs in a 500m long domain in the southwest part ofthe Prairie Lake Complex, although strongly anomalous niobiummineralization is known to occur at numerous other sites on theProject.
“The extension of this niobium-bearing domain todepth is just one indication of the potential to expand the scope ofPrairie Lake over and above the phosphate – rare earth elementdominated mineral resource estimate (“ MRE ”) completedlast year,” said Paul Jones, Nuinsco’s CEO. “We understand thatthe entire Prairie Lake Complex is mineralized with elements andminerals of economic interest and that it remains vastlyunderexplored. We are aware of strong niobium mineralizationoccurring elsewhere on the Project, and the very prospective gradesand intervals identified from drilling identifies the potential toexpand the importance of niobium at Prairie Lake. The significance ofniobium in the developing greener economy makes it a very valuableaddition the Project’s potential.”
Niobium is found throughout the Prairie Lake intrusionwhere it occurs primarily in the mineral pyrochlore-betafite, andforms part of the MRE, along with phosphate and rare earth elementmineralization (see below). Niobium is used in myriad applications,but dominantly as an alloying agent in steel production where its useimparts strength, resulting in reduced weight; for instance, smallquantities of niobium added to steel used in automobile productionsignificantly reduces vehicle weight, thereby improving efficiency andleading directly to the very positive outcome of lower globalgreenhouse gas emissions. Niobium is identified as a Critical Mineral under the Canadian Mineralsand Metals Plan and Canadian Critical MineralsStrategy .
Prairie Lake Project Diamond DrillHole Analysis
Diamond Drill Hole | From (m) | To(m) | Width (m) | Nb 2 O 5 % | |
NP0710 | 6 | 104 | 98 | 0.243 | |
NAD83_16, 520213E, 5431205N | including | 14 | 21.8 | 7.8 | 0.525 |
Az = 285 ° , Inclination. = -55°, Length = 104m | and | 32.8 | 38 | 5.2 | 0.514 |
NP0711 | 2.7 | 101 | 98.3 | 0.120 | |
NAD83_16, 520220E, 5431166N | including | 21.85 | 22.75 | 0.9 | 0.685 |
Az = 285 ° , Inclination = -45°, Length = 101m | and | 96.7 | 101 | 4.3 | 0.567 |
and | 54.55 | 55.55 | 1 | 0.523 | |
and | 72.75 | 74 | 1.25 | 0.575 | |
P31 | 2.44 | 173.12 | 170.68 | 0.284 | |
NAD83_16, 520195E, 5431193N | including | 3.96 | 10.06 | 6.1 | 0.500 |
Az = 260 ° , Inclination = -55°, Length = 173.12m | and | 74.37 | 83.52 | 9.15 | 0.504 |
and | 89.46 | 100.58 | 11.12 | 0.584 | |
and | 135.94 | 166.57 | 30.63 | 0.500 | |
P40 | 1.98 | 243.23 | 241.25 | 0.173 | |
NAD83_16, 520210E, 5431167N | including | 132.89 | 155.14 | 22.25 | 0.505 |
Az = 260 ° , Incl. = -45°, Length = 243m | |||||
P41 | 3.05 | 172.21 | 169.16 | 0.169 | |
NAD83_16, 520233E, 5431164N | including | 162.46 | 172.21 | 9.75 | 0.514 |
Az = 270 ° , Incl. = -50°, Length = 173m |
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$/t | M | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | kg/t | % | % | |
Indicated | 30 | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 1.67 | 0.16 | 3.71 |
Inferred | 30 | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 2.01 | 0.10 | 3.39 |
*TREO = Total Rare Earth Oxides: neodymium, Nd 2 O 3 ; praseodymium, Pr 6 O 11 ; scandium, Sc 2 O 3 ; Cerium, CeO 2 ;lanthanum, La 2 O 3 ; samarium,Sm 2 O 3 ; yttrium, Y 2 O 3.
A full description of methodology used to estimate thePrairie Lake project Mineral Resource Estimate is contained in the NI43-101 compliant Technical Report, effective date 31 May 2022 preparedby P&E Mining Consultants Inc. that is filed on SEDAR.
1. Mineral Resources that are not MineralReserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materiallyaffected by environmental, permitting, legal, title, taxation,socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in thisestimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could potentially be upgraded to an Indicated MineralResource with continued exploration.
-
The Mineral Resources were estimated in accordance withthe Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions (2014) andBest Practices Guidelines (2019) prepared by the CIM StandingCommittee on Reserve Definitions and adopted by the CIMCouncil.
5. US$ 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.
In addition to the significant known mineral resource,Prairie Lake is well-located near the northshore of Lake Superior, putting it in close oreasily accessible reach of:
-
The larger towns of Marathon, Terrace Bay as well asother nearby communities - all able to supply a local, skilledworkforce.
-
All-weather forest access road crossing theproject.
-
Paved Highways 17 and 11 to the south and north of theproject.
-
Canadian Pacific Railway and Canadian National Railwaynetworks.
-
High capacity (230kV) electrical power transmissionline.
-
50km from the Marathon deep water port project.Deep-water ports are also located at Thunder Bay and Sault Ste. Marie. All able to handle ocean going ships.
-
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.
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 and safety risks, delays in obtaining orfailure to obtain tenure to properties and/or necessary permits andapprovals, and other development and operating risks. Anyforward-looking statement speaks only as of the date on which it ismade and, except as may be required by applicable securities laws,Nuinsco disclaims any intent or obligation to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise. Although Nuinsco believes thatthe assumptions inherent in the forward-looking statements arereasonable, forward-looking statements are not guarantees of futureperformance and accordingly undue reliance should not be put on suchstatements due to the inherent uncertainty therein.
Paul Jones, CEO | Sean Stokes, Executive VP | Cathy Hume, Consultant | |
613-867-5902 | 416-712-7481 | 416-868-1079 877-838-1079 | |
|
Copyright (c) 2023 TheNewswire - All rights reserved.