Nuinsco Evaluates Further Exploration at the Zig Zag Lake Lithium, Tantalum, Rubidium, Critical Minerals Property Considering New Historic High Lithium Prices
Nuinsco Evaluates Further Exploration at the Zig Zag Lake
Lithium, Tantalum, Rubidium, Critical Minerals Property
Considering New Historic High Lithium Prices
Toronto, February 9, 2022 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE: NWI, www.nuinsco.ca)
today announced that following the successful initial sampling conducted in the autumn of 2021 on the Zig Zag Lake
critical minerals property (the “Property”) located approximately 68 kilometres east‐northeast of Armstrong,
Ontario (see news release dated 16 November, 2021) it is examining next steps to evaluate this prospective project.
The incentive to expand exploration is the anticipated dramatic increase in global demand for lithium, reflected in
the current historically high price of lithium – now trading at approximately $59/kg for battery grade lithium
carbonate (Li2CO3) – a near nine‐fold price increase since the beginning of 2021. To add to the significance of the
project widespread tantalum and rubidium mineralization also occurs on the Property.
“Zig Zag Lake has over 800m of known strike. Our initial sampling program covered numerous locations along only
160m of that known strike length and resulted in the collection of widespread samples assaying for lithium as well
as other critical minerals,” said Paul Jones, CEO. “Zig Zag lak e was optioned by Nuinsco as a compliment to the
Company’s 100%‐owned Prairie Lake project to broaden Nuinsco’s presence in the critical minerals sector. The
initial sampling program is indicative of an extensive domain of critical minerals mineralization and the Company is
now in the process of determining next phase of exploration of this prospective lithium and critical minerals
property.”
Approximately two‐thirds of global lithium production is used to power electric and plug‐in hybrid vehicles; by 2025
sales of these are projected to quadruple from current levels – to about 15% of the global vehicle fleet, expanding
further to about 35% of the fleet by 2030. Other significant lithium uses include increasing implementation of
energy storage devices and the shift to 5G technology and infrastructure, adding enormously to demand and
requiring significant new sources of supply. Tantalum has wide application in electronic capacitors used in an ever‐
expanding myriad of industrial and consumer products.
The initial sampling program by the Company returned very strong lithium grades peaking at 3.55% Li2O, with
remarkable tantalum, and rubidi um results peaking at 836 ppm Ta 2O5, and 4,003 ppm Rb 2O. The mineralization
occurs within a pegmatite intrusion encompassed by the Zig Zag claims; the pegmatite body is known to be at least
800m in length, up to 20m thick a t surface, and is fully encomp assed by the Property. The sampling has provided
c o n f i r m a t i o n o f i m p r e s s i v e m i n e r a l e n d o w m e n t a n d f o l l o w s s t r o n g analytical results obtained from previous
workers(1.2) in widely spaced, surface pitting, and trenching; these results include Li2O intervals of 1.53% over 7.32m,
1.28% over 9.75m, 1.68% over 7.93m, and 1.64% over 6.31m. Limited, shallow, historic drilling(3) at several points
along the occurrence has also returned significant lithium inte rsections, including 1.08% Li2O over 6.1m (between
12.45‐18.55m downhole). Tantalum values are equally impressive with Ta 2O5 intervals in trenches (1,2) of 0.205%
over 2.54m, 0.30% over 1.07m, 0.168% over 2.54m, 0.022% over 14.17m while an intersection of 399.82ppm Ta2O5
over 2.92m (between 15.50‐18.42m) is recorded from drilling (3). The occurrence is open along strike and to depth
and is yet to be comprehensively evaluated in the context of the fast‐developing and ever‐growing applications for
such elements resulting from expanding global electrification, and concern over supply chain issues for critical
minerals.
The Property encompasses pegmatite hosted lithium‐tantalum (plus rubidium) mineralization with significant
cesium mineralization also reported. Critical minerals such as lithium and tantalum are essential in the accelerating
transition to a low‐carbon economy while rubidium has applications in, amongst other things, electronics, medical
imaging, and specialty glass.
2
The Government of Canada has identified 31 critical minerals, including many of those identified at the Company’s
Zig Zag Lake and Prairie Lake properties, that are considered essential for the sustainable economic success of
Canada and its allies under its Canadian Minerals and Metals Plan (“CMMP”). As part of its commitment under the
CMMP, the Government is identifying initiatives designed to bolster Canadian critical minerals projects and supply
chain development to help advance the competitiveness of the country’s minerals and metals sector.
The Zig Zag Lake property consists of six (6) claim units acces sible via an all‐weather gravel road leading east from
Armstrong that approaches to within two kilometres of the claims.
Photo shows Zig Zag Lake pegmatite (grey) with very coarse gained
lithium bearing spodumene crystals (pale green).
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 three properties in Ontario – the high‐grade Sunbeam gold prospect near Atikokan, the
large multi‐commodity (rare‐earths, niobium, tantalum, phosphorus) Prairie Lake project near Terrace Bay, and the
Zig Zag Lake property (lithium, tantalum, rubidium, cesium) near Armstrong. 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.
3
1 Pye, 1968: Dempster Explorations Ltd, channel sampling,
2 Platinova Resources Ltd, 2002: channel sampling program
3 Canadian Orebodies, 2011: eight diamond drill hole program
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 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‐lookin g 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, p roduction rates varying from estimates, changes in world copper and/or gold markets, changes
in equity markets, uncertainties relating to the availability a nd costs of financing needed in the future, equipment failure, unexpected geological conditions,
imprecision in resource estimates, success of future developmen t 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 mad e 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 otherw ise. 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.
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
Instagram:
@nuinscoresources