Nuinsco Expands Ontario Gold Property Holdings with Option on Dash Lake Gold Project Near Fort Francis
Nuinsco Expands Ontario Gold Property Holdings with Option on Dash Lake Gold
Project Near Fort Francis
Toronto, March 19, 2021 – Nuinsco Resources Limited (“ Nuinsco” o r t h e “Company”) ( CSE: NWI ) today
announced the expansion of its prospective gold property holdings through an option agreement to acquire a
100% interest in the Dash Lake gold project (the “ Project” or the “ Property”) located 50 kilometres northwest of
Fort Francis, Ont. in the prolifically gold mineralized Kakagi‐Rowan Lake Greenstone Belt.
The Project is underexplored, encompasses and is near several h istoric gold showings, and is easily accessible via
logging roads. The terrain is well known to the Company which has extensive experience conducting exploration
in the region. The Company’s work programs have led to gold di scoveries at Cameron and Rowan lakes and in
Richardson Township at what is now the producing Rainy River Mine.
“This option brings Nuinsco back to its roots,” said Paul Jones, CEO. “This is a region the Company and its
shareholders know very well, having explored there extensively and having discovered and developed significant
projects such as the Cameron Deposit (now owned by First Mining ) and the Rainy River Mine (now operated by
Newgold) – for both deposits the Company conducted work program s that led to maiden resource estimates. The
Dash Lake Project is well located in relation to regional structures controlling gold mineralization and provides
excellent exploration potential.”
The newly‐optioned project comprises nine (9) mining claims (consisting of 121 cells) encompassing 24.5 km2.
Terms of the option requires a cash payment of $10,000 on signi ng the agreement with subsequent payments of
$20,000, $25,000 and $30,000 in years two, three and four. A s hare issuance of 1.4 million common shares of the
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Company is also due to the vendors upon signing. The property is subject to a 1.5% net smelter return royalty (the
“Royalty”); the Company has the right to purchase 0.5% of the Royalty for $500,000.
The Dash Lake property is located in the Kakagi‐Rowan greenston e belt of the Wabigoon Subprovince
approximately 50 km NW of the town of Fort Frances. To the wes t the claim group straddles the contact of the
Sabaskong Batholith a known locus of gold mineralization in the area and to the east the property abuts the
Helena‐Pipestone Lakes Fault that controls a number of gold occ urrences locally. The property is little explored,
underlain by mafic to felsic metavolcanic rocks and mafic to fe lsic intrusions. Numerous historic gold occurrences
are situated near and on the Property demonstrating a range of mineralization style and grades. The occurrences
derive from historic work programs conducted between 1984 and 2011 and include the Hook Bay occurrence
where diamond drilling returned 31.1g/t Au over 1.35m, the Dash Lake occurrence where grab samples returned
assays up to 6.2g/t Au, and the Bethune occurrence with grab sa mples up to 30.6 g/t Au. At the Dash Lake South
occurrence, located on the property, grab samples obtained from a pyrite mineralized felsic intrusion returned
numerous anomalous grades up to 2.88 g/t Au. All data is obtain ed from the Ontario Mineral Deposits Inventory
available at www.geologyontario.MNDM.gov.on.ca. The Cameron Dep osit is located 24km to the north and the
Rainy River Mine is 38km to the SW.
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 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 for gold exploitat ion at the El Sid project in the Eastern Desert of
Egypt and has completed a metallurgical sampling and testing program on the project (August 12, 2020 Press
Release).
QP
L.A. 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,
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