Nuinsco Expanding Geological Coverage at Prairie Lake Critical Minerals Project
Nuinsco Expanding Geological Coverage at Prairie Lake Critical Minerals Project
Toronto, September 13, 2023 – Nuinsco Resources Limit ed (“ Nuinsco” or the “Company”) (CSE: NWI) today
announced that additional geological mapping and sampling is being conducted at its Prairie Lake Critical Minerals
and phosphate project located near Terrace Bay, Ontario (“Prairie Lake” or the “Project”).
The field work is focussing on the northern part of the Prairie Lake Complex; an area that has seen little past
exploration. The area is north of the domain s hosting the very significant mineral resource estimate (“MRE”), as
reported on 31 May 2022 and tabulated below, currently comprising nearly 890Mt of identified Critical Minerals
endowment. The deposit has amongst the world’s highest known light rare earth element (“ LREE”) conten t in
apatite and contains other REE bearing minerals including monazite, bastnaesite, carbocernaite/ burbankite, and
ancylite, as well as niobium-bearing pyrochlore.
“The extension of coverage outside the MRE is an important step in addition to the ongoing metallurgical studies
at SGS-Lakefield Laboratory, environmental baseline evaluation and expansion of geological understanding of the
Prairie Lake Complex,” said Paul Jones, Nuinsco’s CEO. “ We are fully aware of the scope of the mineralization on
the project, the potential for expansion of the MRE, and the possibility that domains of higher-grade mineralization
exist within the MRE or for that matter elsewhere on the project outside of the existing resource. The attributes of
the project are very favourable to development, and we are diligently conducting work to do so.”
The Prairie Lake project contains a large, well-located 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
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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.
• 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.
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 contents of this news release.
About Nuinsco Resources Limited
Nuinsco Resources has over 50 years of exploration suc cess and is a growth -oriented, multi-commodity mineral
exploration and development company focused on prospective oppor tunities in Canada and internationally.
Currently the Company has three properties in Ontario – the high-grade Sunbeam gold property near Atikokan
currently optioned to First Class Metals PLC, the large multi-commodity (phosphate, rare earth element, niobium,
tantalum) Prairie Lake project near Marathon-Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near
Armstrong also optioned to First Class Metals PLC. In addition, Nuinsco has an agreement for gold exploitation at
the El Sid project in the Eastern Desert of Egypt.
Prairie Lake Project Pit Constrained Mineral Resource Estimate(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$/t M g/t g/t g/t g/t g/t g/t g/t g/t kg/t % %
Indicated 30 15.6 344 96 15 754 300 58 28 100 1.67 0.16 3.71
Inferred 30 871.8 409 82 18 905 388 79 17 127 2.01 0.10 3.39
*TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium,
Sm2O3; yttrium, Y2O3.
A full description of methodology used to estimate the Prairie Lake project Mineral Resource Estimate is contained in the NI 43-101 compliant
Technical Report, effective date 31 May 2022 prepared by P&E Mining Consultants Inc. that is filed on SEDAR.
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-
political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred
Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM), CIM Standards on Mineral Resourc es and Reserves, Definitions (2014) and Best Practices Guidelines (2019)
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. US$ Metal prices used were $80/Kg Nd2O3, $80/Kg Pr6O11, $1,500/Kg Sc2O3, $50/Kg Nb2O5, $250/t P2O5, $1.35/Kg CeO2,
$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 f or 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.
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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 resource estimates, 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
paul.jones@
nuinsco.ca
sean.stokes@
nuinsco.ca
@NWIResources