(TheNewswire)
Highlights:
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New, widespread, and stronglyanomalous rare earth element (“REE”), niobium, and phosphatemineralization.
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Analyses demonstrate grades of REE,niobium, phosphate comparable to those of mineral resource estimate(“MRE”).
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Significant expansion of strong,near-surface mineralization to the north of the mineral resourceestimate.
Toronto – TheNewswire - February 27, 2024 – Nuinsco Resources Limited (“ Nuinsco ” or the“ Company ”) (CSE:NWI ) , ( FRA:NJX) today announcedanalytical results from geological mapping and sampling conducted inthe previously little-explored northern contact area of Prairie LakeCritical Minerals and phosphate project located near Terrace Bay,Ontario (“ PrairieLake ” or the “Project” ). TheProject has amongst the world’s highest known light rare earthelement content in apatite and contains a host of other REE bearingminerals including monazite, bastnaesite, carbocernaite/burbankite,and ancylite, as well as niobium-bearing pyrochlore, and phosphatemineralization.
The field work was conducted during the summer andautumn of 2023 and focussed on the northern part of the Prairie LakeComplex (the “ Complex ”) near the little-explored northcontact. Outcrop is near non-existent in the work area, so the fieldcrew prospected likely sites of near-surface bedrock exposure. A totalof 25 pits were excavated to successfully access bedrock, and 30samples were collected for analysis. The field work demonstratesthat the north part of the Complex is underlain by widespreadcarbonatite rock that extends north from the domains hosting the verysignificant mineral resource estimate tabulated below, currentlycomprising nearly 890Mt of identified Critical Minerals endowment. Analytical results reported here demonstrate that grades obtainedfrom the sampling are consistent with those of the MRE. Thesignificance of this is the potential to extend, to the north,mineralization in similar host rock to the MRE, possibly significantlyexpanding the near-surface MRE. Potential extension of the MRE issupported by the analytical results, tabulated below, that demonstratethe presence of distinctly anomalous grades of rare earth elements,phosphate, and niobium.
“The extension of strong mineralization of economicinterest, as observed in the MRE, in this large domain near the northcontact of the Prairie Lake Complex has significant implications forpotential expansion of resources at the Project,” said Paul Jones,Nuinsco’s CEO. “The current MRE is already a very large endowmentof vitally important Critical Minerals that are in constantlyexpanding demand as the world’s economies transition towardslow-carbon emissions. The further expansion of mineralizationdemonstrates that scope exists to increase resources to othercurrently untested areas in the north, west, and east of the Project.Given the current size of the MRE at the Project, this possiblefurther expansion is of enormous significance for the secure supply ofCritical Minerals in North America and beyond.
CRBT – carbonatite, PYX – pyroxenite, FEN –fenite, MAF – mafic,
All samples were analysed by Activation Laboratories:samples were submitted to their facility in Thunder Bay, Ontario forpreparation and forwarded to their facility in Ancaster, Ontario foranalysis. Activation Laboratories is accredited under the Canadian Association for Laboratory Accreditation (CALA), ISO9001:2015 and ISO/IEC 17025:2017. Samples wereanalysed for a whole rock and trace element ICP analytical package(QOP WRA/QOP WRA 4B2 Major/Trace Elements Fusion ICPOES/ICPMS) as wellas for niobium, tantalum, and zirconium oxides using a fusion XRFmethod (QOP XRF Fusion (XRF)).
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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