Nuinsco Announces Exercise of Option and Acquisition of 100% Interest in Original Sunbeam Gold Property Claims
Nuinsco Announces Exercise of Option and Acquisition of 100% Interest in Original Sunbeam Gold
Property Claims
Toronto, February 2, 2021 – Nuinsco Resources Limited (“ Nuinsco” o r t h e “Company”) (CSE: NWI) today
announced that that it has exercised its option to acquire a 100% interest in the mineral claims optioned in
February 2018 (the “Initial Sunbeam Claims” ) t h a t c o m p r i s e a p p r o x i m a t e l y 4 5 % o f t h e a r e a o f t h e C o m p a n y ’ s
49.4 km2 Sunbeam gold property (the “ Sunbeam Property” o r t h e “Property”) located 27km northeast of
Atikokan in northwestern Ontario.
In February, 2018, the Company entered into an option agreement ( t h e “Agreement” ) t o a c q u i r e 1 0 0 % o f t h e
Initial Sunbeam Claims then comprising the Sunbeam Property. Th e Agreement granted a 2.5% net smelter return
royalty held by the vendors on the Initial Sunbeam Claims, 1% o f which is subject to a right to purchase for $1
million. In October 2020, the Company entered into an option agr e e m e n t w i t h a d i f f e r e n t v e n d o r o n c l a i m s
adjacent to the Initial Sunbeam Claims encompassing nine additional mining claims (the “Additional Sunbeam
Claims”) that effectively doubled the size of the Sunbeam Property la nd package and significantly expanded the
scope and potential of exploration targets available to Nuinsco (see news release dated October 27, 2020). The
option agreement on the Additional Sunbeam Claims remains in force.
“The encouraging results obtained from exploration conducted on the Sunbeam Property coupled with the
presence of known gold mineralization on the Initial Sunbeam Claims meant that exercise of the option on the
I n i t i a l S u n b e a m C l a i m s w a s t h e l o g i c a l n e x t s t e p f o r t h e C o m p a ny,” said Paul Jones, CEO. “The Property
encompasses extensive domains of gold mineralization that warrant comprehensive investigation. At least ten
gold occurrences have been identified to date on the Initial Su nbeam Claims, but prospecting and sampling have
further expanded identification of anomalous gold mineralization along subparallel trends that extend the full
width of the Property which, with the inclusion of the Addition al Sunbeam Claims, is no w 30km in strike length.
As reported previously the ongoing work at the Sunbeam Property also continues to produce strong, optimistic,
geophysical responses, so far along a trend of more than 2,500m , associated with gold mineralization, and
obvious prospective exploration targets.”
The Sunbeam Property encompasses numerous gold occurrences incl uding the high‐grade gold mineralization at
the historic, underground Sunbeam Mine that operated between 1898 and 1905. In total, Nuinsco’s Sunbeam
Property consists of 113 unpatented mining claims (221 cells), covering 49.4km2, 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 P roject is traversed by at least three sub‐parallel,
northeast‐trending, gold‐mineralized lineaments secondary to the regionally extensive, sub‐province bounding
Quetico Fault. Collectively thes e lineaments now total approxim ately 30 kilometres of mineralized target domain
and host 10 gold occurrences; they present an extensive exploration target that extends to all parts of the project,
have seen only intermittent historic work and represent an exce llent opportunity for comprehensive
investigation. A number of the occurrences have returned high‐g rade assays from grab‐samples and limited
drilling while the underground Sunbeam Mine operated between 18 98 and 1905 where workings extend to 100m
vertically; mine records report an average grade of ~13g/t Au i n the historic workings. El sewhere 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 collected along the trend of the lineaments.
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 oppo rtunities in Canada and internationally.
Currently the Company has two properties in Ontario – the high‐ grade Sunbeam gold prospect near Atikokan and
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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.
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. For ward‐looking statements are
often, but not always, identified by the use of words such as " seek," "anticipate," "believe," "plan," "estimate, “expect," an d "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 sta t e m e n t s a r e s u b j e c t t o a
number of risks and uncertainties that may cause the actual res ults of Nuinsco to differ materially from those discussed in th e forward‐looking statements,
and even if such actual results are realized or substantially r ealized, there can be no assurance that they will have the expe cted consequences to, or effects on
Nuinsco. Factors that could cause actual results or events to d iffer materially from current expectations include, among other things, failure to successfully
complete financings, capital and other costs varying significan tly from estimates, production ra tes varying from estimates, ch anges in world copper and/or
gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the futur e, equipment failure, unexpected
geological conditions, imprecision in resource estimates, succe ss of future development initiatives, competition, operating pe rformance of facilities,
environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and app rovals, 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 requir ed by applicable securities
laws, Nuinsco disclaims any intent or obligation to update any forward‐looking statement, whether as a result of new informati on, future events or results or
otherwise. Although Nuinsco believes that the assumptions inher ent in the forward‐looking statements are reasonable, forward‐l ooking 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
[email protected] [email protected] [email protected] Twitter:
@NWIResources