(TheNewswire)
Highlights:
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Radiometric geophysical coveragedemonstrates substantial anomalous terrain, continuous with themineral resource estimate (“MRE”).
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Recent geochemical samplingdemonstrates strongly anomalous results extending north from MRE andcoincident with anomalous geophysical results.
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Other anomalous geophysical responsesremain to be tested – very positive implications for MREexpansion.
Nuinsco will be attending the Prospectors and DevelopersAssociation Convention –Come and visit us at boothnumber 2414B on 5 and 6 March (Tuesday and Wednesday).
Toronto – TheNewswire - March 1, 2024 –Nuinsco Resources Limited (“ Nuinsco ” or the “ Company ”)(CSE:NWI ) , ( FRA:NJX) today announced results ofcompiled geophysical results conducted on the Company’s Prairie Lakecritical minerals and phosphate project located near Terrace Bay,Ontario (“ PrairieLake ” or the “Project” ) whichindicate the potential for expansion of the Project’s MRE.
Total count per minute (U-K-Th) radiometriccontour map.
The historic radiometric surveys were conducted acrossthe Project, demonstrating strong and widespread anomalous responses.The results are particularly significant because of the coincident MREand strongly anomalous results from recent surface sampling, andimplications for the expansion of mineralized domains. The Project hasamongst the world’s highest known light rare earth element contentin apatite and contains a host of other REE bearing minerals; it alsocontains a significant endowment of niobium-bearing pyrochlore, andphosphate mineralization. The current MRE is already a very largeendowment of vitally important critical minerals that are inconstantly expanding demand as the world’s economies transitiontowards low-carbon emissions.
“Nuinsco continues to expand the potential scope ofthe Prairie Lake Project. Strong geophysical anomalies coincidentwith the MRE are a clear indication of potential resource expansionelsewhere in Prairie Lake Carbonatite Complex(the “ Complex ”) underlain by similarly strong geophysical results,”said Paul Jones, Nuinsco’s CEO. “The large, little-explored domainin the north of the Complex is underlain by extensive geophysicalanomalies and with strong geochemical results is an obvious target foradditional exploration. However geophysical responses occurproperty-wide – speaking to the enormous opportunity that thePrairie Lake Project represents. Given the current size of the MRE atthe Project, this possible further expansion is of enormoussignificance for the secure supply of critical minerals in NorthAmerica and beyond.”
The radiometric surveys were conducted across theextent of the Complex. They demonstrate very strong and continuousresponses across the western half of the Complex (see map). The MRE(see table below) is closely associated with very strong radiometricresponses in the southwest part of the Complex. Comparableradiometric anomalies continue in a domain more than one kilometrelong in the northwest and north parts of the Complex; this area islittle explored and not yet included in the MRE. The closeassociation of the radiometric anomalies with the MRE and stronganalytical anomalies is a clear indication of the effectiveness of thegeophysics to predict the presence of mineralization of economicinterest. The responses continue over the east side of the Complexwhere they are more subtle because of extensive and locally deepoverburden cover on that part of the property and where anomalousgeochemical results have also been obtained. from pits and trenches.
Prairie Lake contains a large ,well-located resource of critical minerals in North America. It is apotential source of elements needed for applications intransportation, power distribution, green technologies and a host ofother technologies and industries, including agriculture. Securing areliable critical minerals supply chain is a strategic concernidentified by numerous governments in the recent past and addressedwith incentives and programs to encourage development of the criticalminerals sector. The Project is located near the north shore of LakeSuperior, putting it in close or easily accessible reach of:
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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 the project anddeposit.
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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 the large multi-commodity (phosphate,rare earth element, niobium, tantalum) Prairie Lake project nearMarathon-Terrace Bay, the Zig Zag Lake property (lithium, tantalum)near Armstrong optioned to First Class Metals PLC and retains a NSRroyalty on the Sunbeam gold property near Atikokan. In addition,Nuinsco has an agreement for gold exploitation at the El Sid projectin 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 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 | |
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