Nuinsco’s Ongoing Data Review at Prairie Lake Critical Minerals Project Identifies Potential Starter Pit Mineralized Domain
Nuinsco’s Ongoing Data Review at Prairie Lake Critical Minerals Project Identifies Potential
Starter Pit Mineralized Domain
Highlights:
• 5% P2O5 cut-off grade results in 74% higher phosphate (“P2O5“) grade and corresponding increase in grade of
high-value neodymium and praseodymium rare earth elements (“REE”) than previously reported.
• Continued study identifies 65 million tonne zone of high-grade mineralization within the centrally located Main
Domain as a potential starter pit.
Toronto, September 11, 2024 – Nuinsco Resources Limited (“ Nuinsco” or the “ Company”) (CSE: NWI , FRA: NJX ) today
announced that sensitivity analysis of P 2O5 and REE mineralization at the Prairie Lake Critical Minerals Project (“ Prairie
Lake” or the “Project”) indicates the potential for a starter pit resource near the centre of the Prairie Lake Complex (the
“Main Domain”) with substantially higher P2O5 and REE grades than previously reported , which may have great
significance to the development of the Project.
Using a 5% P2O5 cut-off grade, as reported August 13, 2024, has led to the identification of a domain that comprises a 65
million tonne Inferred Mineral Resource sensitivity grading 5.9% P2O5 and a 1.2 million tonne Indicated Mineral Resource
sensitivity grading 5.8% P 2O5, within the existing, nearly 900 million tonne mineral resource estimate (“ MRE”). The
presence of such a domain of higher -grade critical mineral endowment with a multitude of favourable characteristics –
technical, logistical, geographical, as well as strategic necessity – is an immense, unrecognized, asset to the Company.
“Nuinsco’s ongoing evaluation of the Prairie Lake MRE, and the vitally important Critical Minerals contained therein,
continues to provide great encouragement to the Company. The mineralization, located at surface as a semi-continuous
unit within the Main Domain, is ideal for study as a starter pit in a development scenario,” said Paul Jones, Nuinsco’s CEO.
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Initial identification of high-grade apatite/phosphate mineralization in diamond drill holes (news release - June 25, 2024),
with intersections tens of metres wide in a mineralized domain at least 1,200m long, followed by sensitivity analysis to
P2O5 grade of the MRE (see news release – August 13, 2024) has resulted in a near 74% increase in P2O5 grade, 41% increase
in neodymium grade and a 6% increase in Praseodymium grade over the 2022 MRE, all other parameters remaining equal.
This will allow greater leeway in planning and development – for instance development of a starter pit. The higher-grade
MRE sensitivity is defined by existing drill hole configuration and, while already large , the Company is confident that
additional work can expand the size of the MRE further.
Prairie Lake is a significant Critical Minerals asset located in the heart of North America. It is a very substantial Mineral
Resource of phosphate mineralization, has amongst the world’s highest known light rare earth element content in apatite
and contains a host of other REE bearing minerals, as well as niobium -bearing pyrochlore. Metallurgical studies to date
demonstrate that a clean phosphate concentrate, grading 26% P 2O5 at 76% process recovery with ample room for
improvement, and with valuable rare earth element co-concentrate, can be reliably produced from Prairie Lake feed.
The elements found at Prairie Lake are essential for applications in transportation, power distribution, green technologies
and agriculture, to name a few . The Project is of immense value to a secure Critical Minerals supply chain, and presents
substantial logistical benefits, including easy access to:
• The Towns of Marathon, Terrace Bay and other affected communities - all able to supply a local, skilled
workforce.
• All weather forest access road crossing the project and deposit.
• Paved Highways 17 and 11 to the south and north.
• Canadian Pacific Railway and Canadian National Railway networks.
• High capacity (230kV) electrical power transmission line.
• 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.
• The Marathon airport.
Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has
reviewed and approved the technical content 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 explora-
tion and development company focused on prospective oppor tunities in Canada and internationally. Currently the
Company has the large multi- commodity (phosphate, rare earth element, niobium, tantalum) Prairie Lake Project near
Marathon-Terrace Bay, the Zig Zag Lake P roperty (lithium, tantalum) near Armstrong optioned to First Class Metals PLC
and retains a NSR royalty on the Sunbeam Gold Property near Atikokan.
MRE Sensitivity Analysis
Inferred
Cut-Off VOLUME DENSITY TONNAGE P2O5 Nd Pr Ce La Sm Y Sc Nb2O5 U3O8
P2O5 % m3 t/m3 Tonnes % g/t g/t g/t g/t g/t g/t g/t % %
8 504,915 3.04 1,534,940 8.505 568.51 83.07 1225.703 548.093 100.084 191.929 5.166 0.096 0.008
7.5 992,286 3.04 3,016,549 8.125 561.97 81.202 1225.164 548.435 99.738 184.698 5.234 0.099 0.009
7 1,962,092 3.04 5,964,760 7.681 567.22 77.629 1248.891 560.954 103.001 179.777 5.164 0.096 0.009
6.5 4,021,444 3.04 12,225,190 7.194 555.78 71.636 1227.641 552.677 102.683 174.591 5.106 0.088 0.009
6 7,347,125 3.04 22,335,260 6.757 537.18 70.731 1181.957 532.46 100.152 166.359 5.45 0.082 0.008
5.5 12,910,762 3.04 39,248,718 6.317 517.49 71.378 1130.814 507.828 97.108 159.54 6.18 0.078 0.008
5 21,367,378 3.04 64,956,827 5.887 489.16 72.124 1059.889 472.928 92.462 151.337 6.588 0.076 0.008
4.5 36,045,194 3.04 109,577,389 5.414 457.61 72.046 984.07 436.254 86.9 142.344 6.982 0.078 0.008
4 63,958,527 3.04 194,433,921 4.89 426.16 71.754 914.221 402.655 81.377 131.175 8.211 0.084 0.007
3.5 121,041,477 3.04 367,966,086 4.347 385.97 70.24 828.994 366.209 73.388 117.241 9.904 0.088 0.006
3 189,697,544 3.04 576,680,526 3.946 365.05 69.219 779.25 345.851 69.69 108.055 11.457 0.096 0.006
2.5 246,315,332 3.04 748,798,599 3.678 352.42 68.609 750.083 333.62 67.161 102.583 12.098 0.101 0.006
2 277,491,483 3.04 843,574,097 3.522 347.16 67.791 735.852 328.308 66.412 100.682 12.104 0.101 0.005
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Prairie Lake Project 2022 Pit-Constrained MRE(1-6)
Rare Earth Oxides Niobium Phosphate
Class Cut-Off Tonnes Nd2O3 Pr6O11 Sc2O3 CeO2 La2O3 Sm2O3 Ta2O5 Y2O3 TREO Nb2O5 P2O5
NSR C$/t M g/t g/t g/t g/t g/t g/t g/t g/t kg/t % %
Indicated 30 15.6 344 96 15 754 300 58 28 100 1.67 0.16 3.71
Inferred 30 871.
8 409 82 18 905 388 79 17 127 2.01 0.10 3.39
*TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3;
yttrium, Y2O3.
A full description of methodology used to estimate the Prairie Lake project Mineral Resource Estimate is contained in the NI 43 -101 compliant
Technical Report, effective date 31 May 2022 prepared by P&E Mining Consultants Inc. that is filed on SEDAR.
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource
and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resourc e
could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM
Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. US$ Metal prices used were $ 80/Kg Nd2O3, $80/Kg Pr 6O11, $1,500/Kg Sc 2O3, $50/Kg Nb 2O5, $250/t P 2O5, $1.35/Kg CeO 2,
$1.35/Kg La2O3, $3.50/Kg Sm2O3, Nil$/t Ta2O5 and $13.00/kg Y2O3, 0.78 FX all with combined process recoveries and payables
of 50%, except P2O5 at 75%.
6. The constraining pit optimization parameters were C$ 2.50/t mining cost for all material, C$25/t process cost, C$5/t G&A cost
and 45-degree pit slopes with a C$30/t NSR cut-off.
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 Mineral R esource Estimates, success of future development initiatives,
competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain te nure 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.
Indicated
Cut-Off VOLUME DENSITY TONNAGE P2O5 Nd Pr Ce La Sm Y Sc Nb2O5 U3O8
P2O5 % m3 t/m3 Tonnes % g/t g/t g/t g/t g/t g/t g/t % %
8 20,451 3.04 62,172 8.532 398.43 80.23 877.815 431.521 60.998 115.843 6.637 0.184 0.085
7.5 35,689 3.04 108,496 8.203 362.59 76.522 794.318 391.321 56.755 106.703 6.175 0.179 0.079
7 51,689 3.04 157,136 7.912 355.52 75.119 776.601 379.881 56.26 106.15 5.993 0.179 0.074
6.5 74,459 3.04 226,354 7.537 340.18 73.974 740 349.115 54.617 105.567 5.785 0.165 0.066
6 116,211 3.04 353,281 7.066 335.44 75.164 725.92 338.726 54.015 103.579 5.816 0.155 0.058
5.5 186,185 3.04 566,001 6.564 334.84 74.846 723.412 337.923 54.398 100.818 5.762 0.149 0.049
5 393,210 3.04 1,195,359 5.848 331.43 76.968 713.92 317.792 55.031 98.431 5.646 0.138 0.037
4.5 847,770 3.04 2,577,222 5.236 333.39 78.631 714.97 308.965 55.702 95.4 6.037 0.141 0.028
4 1,702,372 3.04 5,175,212 4.732 329.31 80.473 699.991 297.52 55.454 90.752 7.899 0.167 0.021
3.5 3,017,992 3.04 9,174,697 4.3 318.73 81.49 671.377 282.521 54.039 85.066 9.637 0.172 0.017
3 4,074,867 3.04 12,387,594 4.031 309.38 81.216 648.264 269.479 52.541 81.863 9.77 0.171 0.016
2.5 4,695,307 3.04 14,273,733 3.868 302.97 80.819 632.648 262.148 51.519 80.106 9.839 0.169 0.016
2 4,963,404 3.04 15,088,749 3.782 299.51 80.609 624.366 257.639 51.012 79.558 9.922 0.165 0.015
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Paul Jones,
CEO
Sean Stokes,
Executive VP
Cathy Hume,
Consultant
@nuinscoresources
613-867-5902 416-712-7481 416-868-1079
877-838-1079
paul.jones@
nuinsco.ca
sean.stokes@
nuinsco.ca
@NWIResources