(TheNewswire)
Highlights:
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Multiple high-grade phosphate drillintersections identified; define an extensive phosphatedomain.
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Domain exceeds 1200m length –abundant room for expansion.
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High-grade domain occurs within the900Mt mineral resource estimate (“MRE”) on the project.
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High-grade phosphate within the MREis a higher-value component that enhances potentialviability.
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High-grade phosphate translates intoelevated rare earth element (“REE”) content.
Toronto – TheNewswire- June 25, 2024 – Nuinsco Resources Limited (“ Nuinsco ” or the“ Company ”) (CSE: NWI ) , ( FRA: NJX) today announcedan expansion of the results from review and reinterpretation ofhistoric drill data (the “ Study ”) that establishes the presence ofenriched apatite domains measured over hundreds of metres along a zonewithin the near 900Mt existing MRE (see MRE description below) at thePrairie Lake Critical Minerals Project (“ Prairie Lake ” orthe “Project” ). Phosphate grades are substantially higher than reported inthe Company’s MRE dated May 31, 2022. The identification of suchdomains may have great significance to the development of the PrairieLake Project and enhances its value.
Identification of high-grade apatite/phosphatemineralization in 22 diamond drill holes (see table below), withintersections up to tens of metres wide in a domain at least 1200mlong, is a step-change in awareness of the attributes of themineralization at the project, and particularly within the MRE. Higher grade domains are higher value components of the MRE andallow greater versatility in planning and scheduling development ofthe resource should the project merit a production decision. The verylarge Critical Minerals MRE at the Project is enhanced by theidentification of high-grade domains within it. Ample room existsto expand the mineralized domain to other parts of the Complex withsimilar geology.
“High-grade phosphate zones at the Project furtherenhance its already significant potential as a North American sourceof much sought after Critical Minerals,” said Paul Jones,Nuinsco’s CEO. “The high-grade intersections occur within theexisting 871.8 million tonne Inferred MRE and 15.6 million tonneIndicated MRE at the Project. Based upon our understanding of thegeology of the Complex we believe there is substantial opportunity toexpand the high-grade domains elsewhere on the project. To be clearthough, the Prairie Lake Project is already a vitally importantCritical Minerals asset. Further definition of high-grade phosphatedomains will allow greater leeway in planning and developing theproject.”
Tabulated PhosphateIntersections:
Hole | Zone | From | To | Width (m) | P2O5 (%) |
NP0705 | JS | 63.72 | 111.55 | 47.83 | 5.14 |
NP0702 | JS | 116.30 | 132.50 | 16.20 | 7.00 |
NP0714 | JS | 32.55 | 56.00 | 23.45 | 8.45 |
NP0715 | JS | 20.90 | 44.00 | 23.10 | 7.15 |
NP0810 | JS | 456.75 | 492.50 | 35.75 | 5.63 |
NP0703 | JS | 144.20 | 157.20 | 13.00 | 9.74 |
NP0706 | JS | 243.00 | 278.00 | 35.00 | 7.52 |
NP0701 | JS | 56.60 | 77.00 | 20.40 | 8.33 |
P29 | JS | 38.40 | 48.46 | 10.06 | 5.03 |
NP0704 | JS | 141.00 | 152.00 | 11.00 | 5.89 |
NP0707 | JS | 52.00 | 61.70 | 9.70 | 6.27 |
NP0707 | JS | 71.40 | 72.40 | 1.00 | 9.05 |
P19 | JS | 63.70 | 69.49 | 5.79 | 6.47 |
P24 | Main | 70.41 | 97.54 | 27.13 | 6.32 |
NP0708 | Main | 16.00 | 36.00 | 20.00 | 6.59 |
NP1007 | Main | 147.50 | 167.00 | 19.50 | 6.73 |
NP1007 | Main | 212.65 | 212.95 | 0.30 | 15.90 |
NP1006 | Main | 165.92 | 181.83 | 15.91 | 6.52 |
NP1006 | Main | 316.13 | 404.61 | 88.48 | 4.95 |
P23 | Main | 32.00 | 58.22 | 26.22 | 5.95 |
NP0709 | Main | 3.50 | 27.50 | 24.00 | 6.56 |
NP0709 | Main | 48.00 | 56.00 | 8.00 | 9.56 |
NP1005 | Main | 252.55 | 258.47 | 5.92 | 5.39 |
NP1005 | Main | 323.80 | 362.00 | 38.20 | 5.02 |
NP1004 | Main | 218.00 | 225.50 | 7.50 | 10.13 |
NP1004 | Main | 284.00 | 289.90 | 5.90 | 7.04 |
NP1004 | Main | 305.00 | 333.50 | 28.50 | 6.20 |
NP1002 | Main | 171.10 | 185.00 | 13.90 | 9.04 |
NP1002 | Main | 201.50 | 207.50 | 6.00 | 5.42 |
P39 | Main | 65.04 | 66.60 | 1.56 | 10.10 |
The Prairie Lake Project is located near Terrace Bay,Ontario. It is a very substantial resource of phosphatemineralization, has amongst the world’s highest known light rare earth element content inapatite and contains a host of other REE bearingminerals, as well as niobium-bearing pyrochlore. Metallurgical studiesto date demonstrate that a clean phosphate concentrate, grading 26%P 2 O 5 at 76% recovery with ample room forimprovement, and with valuable rare earthelement co-concentrate, can be reliably producedfrom Prairie Lake feed.
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 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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