Nuinsco Announces Positive Geophysical Results from Sunbeam Gold Property
Nuinsco Announces Positive Geophysical Results from Sunbeam Gold Property
Sixteen Strong Gold Targets Identified Adjacent to Sunbeam Gold Mine
Toronto, February 28, 2019 – Nuinsco Resources Limited (“Nuinsco” or “the Company”) (CSE: NWI) today
announced that a recent geophysical survey conducted on its Sun beam Gold Property near Atikokan in
northwestern Ontario has identified sixteen high‐priority drill targets near to the past‐producing, high‐grade
Sunbeam gold mine.
“We are very encouraged by the positive geophysical results,” said Paul Jones, CEO. “The interpretation of the
survey results by Abitibi Geophysics identified sixteen resisti vity and/or chargeability sources along‐strike and/or
down‐dip from the Sunbeam mine for which diamond drilling is recommended. Given the known presence of
high‐grade gold mineralization with disseminated sulphide in quartz veins in the Sunbeam mine workings, the
targets are very prospective and our intention is to drill test them.”
The Sunbeam Gold Property, optioned by Nuinsco in 2017, encompasses numerous sites of gold mineralization
and includes the historic Sunbeam mine, a high‐grade undergroun d gold 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, s chistose rock. Gold mineralization occurs within
a southwest‐striking quartz vein/chloritic zone that has been t raced from surface to at least 100m vertically. A
1903 plan of the mine shows an average grade of ~13g/t Au in the historic workings (no qualified person, as
defined by NI 43‐101, has conducted sufficient verification to treat the reported grade as other than an historic
grade). There has been no exploration of the formerly patented mine site since the mine closed 115 years ago.
Intermittent exploration surrounding the patent area was conducted between 1981 and 2012.
The Sunbeam Gold Property consists of 101 unpatented mining claims situated 27km northeast of the town of
Atikokan, Ontario, and 15km southeast of Agnico Eagle’s Hammond Reef gold deposit. It is easily accessible via
well maintained logging roads from Hwy 11.
The Company contracted Abitibi Geophysics to conduct an OreVisi on® time domain resistivity and induced
polarisation survey and a magnetic survey over approximately 20 line kilometres of grid at 40m line spacing. The
intent of the survey was to map the subsurface resitivity and c hargeability responses at and on strike from the
Sunbeam Mine workings. The survey was configured to be capable of detecting responses to approximately 200m
depth below surface.
About Nuinsco Resources Limited
Nuinsco Resources has over 45 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
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 – a project with the potential to provide near‐term revenue.
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,
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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.
Interpretation plan of Sunbeam gold property chargeability/resi stivity survey results. The target
f e a t u r e s m a r k e d b y r e d b a r s a r e P r i o r i t y 1 t a r g e t s – s i g n i f y i n g a s t r o n g c o m b i n a t i o n o f
chargeabilty and resistivity responses.
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
416 626‐0470 x 229 416 626‐0470 x 224 416 868‐1079 x 231