Nuinsco Continues to Extend Mineralized Intersections with Ongoing Infill Sampling Program at Prairie Lake Rare Metals Project
Toronto, July 15, 2021 – Nuinsco Resources Limited (“Nuinsco” or “the Company”) (CSE: NWI), is pleased to announce results for previously unsampled drill core from diamond drilling programs conducted at its 100%‐owned Prairie Lake project near Terrace Bay, Ontario. This additional sampling of hole NP0713 more than triples the length of the known intercept of niobium (Nb), tantalum (Ta), phosphate (P2O5), and rare earth elements (REE) including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd) and yttrium (Y), extending it by 72m for the hole. The program continues with the sampling focussing on drill holes collared to intercept the Southwest (SW) Area to ultimately provide information to support the Company’s goal of establishing a mineral resource on the property.
“The ongoing infill sampling of drill core from the previous drilling programs moves Nuinsco a step closer to upgrading part of the current 515-630 million tonne Exploration Target (“ET” - refer to table below) on the Prairie Lake project to a mineral resource,” said Paul Jones, Nuinsco’s CEO. “This project is in a logistically excellent location, in a stable jurisdiction, is endowed with a diversity of sought-after elements and commodities including Critical Elements defined under the Canadian Minerals and Metals Plan (“CMMP”). It represents a target of very substantial scope and is a very significant asset to Nuinsco.”
A total of 58 drill core samples were collected from NP0713, a 101m long diamond drill hole. A 72m section was sampled from 2m depth down to 74m. NP0713 is one of ten holes from the southeast half of the SW Area target from which samples have been submitted for analyses so far this year (see map). Additional sampling, primarily from the northwest half of the SW Area target, is planned for later this summer.
When combined with previously reported sampling (see press release dated January 7, 2008), the new results extend the intersection in hole NP0713 by 72m to 0.131 % Nb2O5 and 2.83 % P2O5 with 0.0029 % (29 g/t) Ta2O5 and 1261 g/t ∑REE over 99.0m.
Previous diamond drilling on the Prairie Lake property (2007 to 2010) has returned assays up to:
- 1.008 % Nb2O5 over 1.0m (NP0711; 97.5-98.5m; carbonatite)
- 23.08 % P2O5 over 0.44m (NP1005; 336.27-336.71m; carbonatite)
- 474 g/t Ta over 1.0m (NP0711; 23.75-24.75m; ijolite)
- 2380 g/t Nd, 1910 g/t La and 4160 g/t Ce over 1.06m (NP1007; 428.0-429.06m; carbonatite)
- 590 g/t Sm and 887 g/t Y over 1.38m (NP1006; 165.92-167.3m; carbonatite)
The Prairie Lake project consists of 46 mineral claims covering an area of ~630 ha. Logistically Prairie Lake is superbly located, with ready access to power, road, rail and shipping infrastructure; it is easily accessed by an all-weather road from the TransCanada Highway 28 kilometres to the south. The mineralization identified is entirely contained within the Prairie Lake carbonatite complex; the ET of 515-630 million tonnes is defined by 59 diamond drill holes with grades as tabulated below.
All samples were analysed by Activation Laboratories (ActLabs) in Ancaster, Ontario. Samples were analysed for a whole rock and trace element ICP analytical package as well as for niobium, tantalum, and zirconium oxides using a fusion XRF method. An internal Quality Control Quality Assurance (QAQC) program was implemented with four QAQC samples (blanks and reference standards) added into the sampling stream.
2 The potential quantity and grade of the ET is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource. There is no National Instrument 43-101 – Standards of Disclosure for Mineral Projects preliminary economic assessment in respect of the Prairie Lake ET.
All exploration work at Prairie Lake is supervised by Laura Giroux, P.Geo, Chief Geologist, who acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical contents of this news release.
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 three properties in Ontario – the high-grade Sunbeam gold prospect near Atikokan, the Dash Lake gold property near Fort Francis and the large, multi-commodity (rare-earths, niobium, tantalum, phosphorus) Prairie Lake project near Terrace Bay. In addition, Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.
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.
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| Paul Jones, CEO | Sean Stokes, Executive VP | Cathy Hume, Consultant | Instagram: @nuinscoresources | |
| paul.jones@nuinsco.ca | sean.stokes@nuinsco.ca | cathy@chfir.com 416 868-1079 x 231 |
Twitter: @NWIResources | |