Nuinsco Evaluates Starter Pit MRE Sensitivity at Prairie Lake Critical Minerals Project with Significant Tonnage and Substantially Higher Grade P2O5 and REE
Nuinsco Evaluates Starter Pit MRE Sensitivity at Prairie Lake Critical Minerals Project with
Significant Tonnage and Substantially Higher Grade P2O5 and REE
Highlights:
• High-grade phosphate mineralization identified and quantified, as announced June 25, 2024.
• 5% P2O5 cut-off grade leads to 74% higher phosphate (“P2O5“) grade and corresponding increase in grade of
high-value neodymium (“Nd”) and praseodymium (“Pr”) rare earth elements (“REE”) than previously reported.
• P2O5 cut-off of 5% selected as a potential starter pit option for future engineering study.
Toronto, August 13, 2024 – Nuinsco Resources Limited (“ Nuinsco” or the “Company”) (CSE: NWI , FRA: NJX ) today
announced that recent review and sensitivity analysis of high grade P2O5 and REE mineralization at the Prairie Lake Critical
Minerals Project (“Prairie Lake” or the “Project”) has established substantially higher P2O5 and REE grades than previously
reported, which may have great significance to the development of the Project.
“The ongoing evaluation of Critical Minerals mineralization at Prairie Lake, using a 5% P2O5 cut-off grade, has led to 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% P2O5 within the existing, nearly 900 million tonne Mineral Resource Estimate (“MRE”),” said Paul
Jones, Nuinsco’s CEO. “This represents a near 74% increase in P 2O5 grade, 41% increase in neodymium grade and a 6%
increase in Praseodymium grade over the 2022 MRE , all other parameters remaining equal. The delineation of these
higher-grade phosphate and REE mineralization will allow greater leeway in planning and development – for instance
development of a starter pit. The higher-grade Mineral Resource sensitivity is defined by existing drill hole configuration
and, while already substantial, we are confident that additional work can expand the size of the MRE further. The Prairie
Lake Project is a large and vitally significant Critical Minerals asset located in the heart of North America, readily accessible
to existing transportation and logistics networks making it strategically significant to a secure supply chain.”
The P2O5 % cut-off in the 2022 MRE was 2% for Indicated and Inferred Mineral Resources; the 5% P2O5 cut-off sensitivity
was chosen as a potential starter pit option for a future engineering study.
The 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, has resulted in an MRE sensitivity,
using a 5% P2O5 cut-off grade, of an Inferred Mineral Resource sensitivity of 65 million tonnes grading 5. 9% P2O5 and an
Indicated Mineral Resource sensitivity of 1.2 million tonnes grading 5. 8% P2O5. Ample room exists to expand the
mineralization to other parts of the Project with similar geology.
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
2
*TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3;
tantalum, Ta2O5; 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 Nd 2O3, $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/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.
Prairie Lake is located near Terrace Bay, On tario. 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% P2O5 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.
Prairie Lake contains a large, well-located Mineral Resource of Critical Minerals in North America. It is a potential source
of elements needed for applications in transportation, power distribution, green technologies and a host of other
applications, including agriculture. It is of immense value to a secure Critical Minerals supply chain; a strategic concern
identified by numerous governments in the recent past and addressed with incentives and programs to encourage
development of the Critical Minerals sector. The Project is located near the north shore of Lake Superior, putting it in close
or easily accessible reach of:
• 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.
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
3
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. Eugene Puritch, P.Eng., FEC, CET, president of P&E
Mining Consultants Inc. and an independent Qualified Person has reviewed and approved the technical content of his
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 P roject 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.
Prairie Lake Project 2022 Pit-Constrained MRE(1-6)
Rare Earth Oxides Niobium Phosp
hate
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 E stimates, success of future development 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 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.
Paul Jones,
CEO
Sean Stokes,
Executive VP
Cathy Hume,
Consultant
@nuinscoresources
613-867-5902 416-712-7481 416-868-1079
877-838-1079
4
paul.jones@
nuinsco.ca
sean.stokes@
nuinsco.ca
@NWIResources