(TheNewswire)
Highlights:
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Updated interpretation substantiallyreduces geological complexity.
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Expands extent of carbonatitehost-rock by approximately 70%.
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Simplifies ongoing evaluation ofresource potential, metallurgical processing evaluation.
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Greatly expands potential developmentareas beyond existing mineralresource estimate (“MRE”).
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Great significance for overallpotential size of phosphate and critical minerals deposit.
Toronto – TheNewswire - March 27, 2024 –Nuinsco Resources Limited (“ Nuinsco ” or the “ Company ”)(CSE:NWI ) , ( FRA:NJX) today announced that recentfieldwork and reinterpretation of historical data from the PrairieLake Critical Minerals and phosphate project (“ Prairie Lake ” orthe “Project” ) have combined to produce an updated interpretation of thegeology of the Prairie Lake Complex (the “ Complex ”) thatexpands, by approximately 70%, the carbonatite component of theComplex, potentially simplifying further development ofresources.
Prairie Lake, located near Terrace Bay, Ont., hasamongst the world’s highest known light rare earth element contentin apatite and contains a host of other REE bearing minerals, as wellas niobium-bearing pyrochlore, and phosphate mineralization.Metallurgical studies to date demonstrate that a clean phosphateconcentrate, grading 26% P 2 O 5 at 76%recovery with ample room for improvement, and with valuable rare earth element co-concentrate canbe reliably produced from Prairie Lakefeed.
“With the new geological interpretation of theProject its overall complexity is substantially reduced,” said PaulJones, Nuinsco’s CEO. “We were aware that strong mineralization,consistent with the MRE, had been identified outside of the MRE. Wehave now greatly extended the domain of predominantly carbonatite hostrock, producing a much expanded and simplified target area for futurework. Metallurgy is key to the evaluation of this project, and withthe new interpretation the potential mineralized source rock is morehomogeneous and hence potentially more effectively and efficientlyprocessed. This is of enormous significance to potential economicviability. The potential exists to expand the carbonatitemineralized endowment beyond the current MRE, making the project a very significant asset of vitallyimportant Critical Minerals that are in constantly expanding demand asthe world’s economies transition towards low-carbon emissions.”
Field work was conducted during the summer and autumnof 2023 on the northern part of the Prairie Lake Complex near thelittle-explored north contact. The resultant mapping and sampling,combined with re-evaluation of historic data, has significantlyexpanded the area of interpreted mineralized carbonatite rock domainsat surface, increasing the carbonatite content of the Complex atsurface by approximately 70%. This new carbonatite domain is at least1.5 km long by 500m wide. The importance of the updated interpretation is that issubstantially reduces geological complexity andso simplifiesongoing evaluation of resource potential and metallurgicalprocessing . The current MRE consists of thevery significant Critical Minerals endowment, tabulated below,currently comprising nearly 890Mt. A simplified geology enhances thepossibilities for resource enhancement with further work.
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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