Nuinsco Continues to Evaluate Drill Targets at the Sunbeam Gold Project
Nuinsco Continues to Evaluate Drill Targets at the Sunbeam Gold Project
Toronto, August 4, 2020 – Nuinsco Resources Limited (“ Nuinsco” o r t h e “Company”) ( CSE: NWI ) today
announced that continued review of data from the Sunbeam Gold P roject (the “Project”) further emphasizes the
abundance and quality of targets identified to date on the Proj ect. In particular a review of historic data from the
Sunbeam Mine combined with geophysical data obtained from a recently‐completed, Company‐commissioned,
survey indicates very good target potential down‐dip from the historic mine workings and mineralization.
“The Company’s ongoing project evaluation makes clear the targe t potential at the Sunbeam Project,” said Paul
Jones, CEO. “The high gold grades reported in historic records from the workings in the Sunbeam Mine, the
reported presence of high‐grade mineralization in the deepest historic workings, and the recently identified,
down‐dip, IP geophysical targets all provide good indication of depth extension to the known mineralization.
W h e n vi e w ed i n t h e c on te x t of t h e 15 k m of g ol d m i n e r al i ze d tr ends traversing the Project and the ten known
gold occurrences, the Company believes that further exploration is certainly warranted on a number of
prospective targets.”
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T h e l o n g i t u d i n a l s e c t i o n a b o v e i s o r i e n t e d n o r t h e a s t ‐ s o u t h w e s t , inclined at 50° to the northwest and viewed
looking southeast. The contour interval depicted on the longitudinal section is 0.1 oz/ton gold (3.11 g/t gold).
The distribution of contours depicting elevated gold grade in t h e h i s t o r i c w o r k i n g s i n d i c a t e s t h a t t h e m i n e
w o r k i n g s d i d n o t e x t e n d t o t h e f u l l e x t e n t s o f t h e g o l d m i n e r a lization in the zone and potential exists for
extension down‐dip and along strike. The presence of gold mine ralization elsewhere on the same trend and on
sub‐parallel trends traversing the Project provide additional prospective exploration targets (refer to Nuinsco
media release dated July 27, 2020) . The historic data from the Sunbeam Mine was obtained from a longitudinal
section, dated 1903, recording the gold grades returned from systematic underground sampling of the mine
workings (no qualified person, as defined by NI 43‐101, has con ducted sufficient verification to treat the reported
grades as other than historic grades). Recent sampling by Comp any geologists of mine waste dump material at
surface and debris in the Sunbeam mine‐shaft have returned gold grades consistent with those reported on the
historic longitudinal section (refer to Nuinsco media release dated 21 March, 2019: grab samples are selected
samples and are not representative of the mineralization hosted on the property). Geophysical responses
(induced polarisation) are plotted from the interpreted results obtained by a Company commissioned survey
(refer to Nuinsco media release dated February 28, 2019) and def i n e d r i l l ‐ r e a d y , “ P r i o r i t y 1 ” t a r g e t s ( P r i o r i t y 1
targets are defined by the geophysical contractor, Abitibi Geop hysics, as a having strong, combined chargeability
and resistivity responses) extending well over 100m down‐dip from the mine mineralization.
The Sunbeam Project is underlain by the Marmion Lake Batholith that is host to eleven historic gold deposits as
well as numerous other gold occurrences. Agnico Eagle’s Hammon d Reef deposit (208Mt at 0.67 g/t Au, 4.5 Moz
contained gold) occurs near the northwest contact of the intrus ion approximately 12km from the Property. The
Project is traversed by at least three sub‐parallel, northeast‐ trending, gold‐mineralized, lineaments secondary to
the regionally extensive, sub‐province bounding Quetico Fault. Collectively these lineaments total more than 15
kilometres of mineralized target domain and host at least 12 gol d o c c u r r e n c e s . T h e y p r e s e n t a v e r y s i g n i f i c a n t
exploration target that remains to be comprehensively explored. A number of these occurrences have returned
high‐grade assays from grab‐samples and limited drilling (refer to map). 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.
The Project is located in northwestern Ontario 27km northeast o f the town of Atikokan. It is accessible via well‐
maintained logging roads from Hwy 11.
QP
P.L.Jones., P. Geol., is a qualified person as defined by NI 43 ‐101 and has reviewed and approved the technical
contents of this press release regarding the Property.
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 completed an agreement to exploit the El Sid project in southeastern Egypt – this project
requires little capital and can provide near‐term revenue to the C o m p a n y ; t h e C o m p a n y i s i n t h e p r o c e s s o f
sourcing funding to commence the process of building a plant on‐site.
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.
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
416 868‐1079 x 231