Nuinsco Commences Diamond Drilling Program at the Sunbeam High Grade Gold Project
May 20, 2021
Toronto, May 20, 2021 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE: NWI, www.nuinsco.ca) today announced that diamond drilling is underway on its Sunbeam Gold property (“Sunbeam” or the “Property”) near Atikokan in north-western Ontario. This drill program will test for the presence of trends and structures known to host gold mineralization on the Property using the available geological information and anomalous responses obtained from recent induced polarization - magnetic geophysical surveys commissioned by the Company including the survey currently underway on the project (see news release of May 12, 2021).
“The Sunbeam Property is traversed by gold mineralized trends that collectively comprise an exploration target exceeding 30 km in strike length with 10 known historic occurrences of gold mineralization and numerous sites of strongly anomalous gold obtained from prospecting and sampling,” said Paul Jones, CEO. “Our intention is to drill test for extensions of the mineralized structure that hosts gold, initially at the Sunbeam Mine prior to expanding coverage to other known mineralized zones, and to commence testing of anomalous responses derived from the geophysical surveys the Company has been conducting on this very prospective project.”
The Sunbeam Gold Property encompasses numerous sites of gold mineralization and includes the historic, underground, Sunbeam Mine that operated between 1898 and 1905, as well as the Roy and Pettigrew deposits, and a number of other gold showings. Mineralization at the Sunbeam Mine is hosted by a 30m wide sheared zone of altered, schistose rock. Gold mineralization occurs within a southwest striking quartz vein/chloritic zone that historically has been traced from surface to at least 100m vertically and along strike for more than 300m in pits and shafts. Similar mineralization has been observed on the Sunbeam lineament along strike from the Sunbeam Mine and on sub-parallel structures. A 1903 plan of the mine shows an average grade of ~13g/t Au in the historic workings. There has been no exploration of the formerly patented mine site since the mine closed 116 years ago. Intermittent exploration on mineral claims around the patent was conducted between 1981 and 2012.
The Sunbeam Gold Property consists of 110 unpatented mining claims (218 cells), covering 48.8km2, situated 27km northeast of the town of Atikokan, Ontario, and 12km southeast of Agnico Eagle’s Hammond Reef gold deposit. It is easily accessible via well maintained logging roads from Hwy 11. The property is traversed by at least three sub-parallel, northeast-trending, gold-mineralized trends secondary to the regionally extensive, sub-province bounding Quetico Fault. Collectively these trends now total approximately 30 kilometres of mineralized target domain on the Property and host 10 gold occurrences; it is a vast exploration target that extends to all parts of the Property, has seen only intermittent historic exploration, and represents an excellent opportunity to be comprehensively explored. A number of the occurrences have returned high-grade assays from grab-samples and limited drilling. Elsewhere historic pits and shafts have been excavated to conduct exploration at the Roy, Pettigrew and Road occurrences – all of which contain gold mineralization that merits further exploration. Previous work also identified new occurrences of strong anomalous gold mineralization from grab samples.
Website Update
The Company is pleased to announce that its updated corporate website at www.nuinsco.ca will go live this afternoon. Nuinsco’s new and improved website provides updated data on all of the Company’s projects in Canada (Sunbeam, Dash Lake and Prairie Lake) and Egypt (El Sid). We encourage all current and future investors to stay connected with the Company by signing up at the new www.nuinsco.ca to receive email updates.
About Nuinsco Resources Limited
Nuinsco Resources has over 50 years of exploration success and is a growth oriented, multi-commodity mineral exploration and development company focused on prospective opportunities in Canada and internationally. Currently the Company has two properties in Ontario – the high-grade Sunbeam gold prospect near Atikokan and the large, multi-commodity (rare-earths, niobium, tantalum, phosphorus) Prairie Lake project near Terrace Bay. In addition, Nuinsco has recently completed an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.
Laura Giroux, M.Sc., P. Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Sunbeam Project.
Forward-Looking Statements
This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate, “expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
| To learn more, please contact: | ||||
| Paul Jones, CEO | Sean Stokes, Executive VP | Cathy Hume, Consultant | Website: www.nuinsco.ca | |
| paul.jones@nuinsco.ca | sean.stokes@nuinsco.ca | cathy@chfir.com | Twitter: @NWIResources | |
| 416 868-1079 x 231 | ||||