NWI.CN · 2022-02-23 12:00:00

Nuinsco Provides Update on Prairie Lake Critical Minerals & Phosphate Project and Maiden Resource Estimate

Corporate Updates

Nuinsco Provides Update on

Prairie Lake Critical Minerals & Phosphate Project and Maiden Resource Estimate

Toronto, February 23, 2022 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE: NWI) today provided

an update on progress at its Prairie Lake Critical Minerals and phosphate project located near Terrace Bay, Ontario

(“Prairie Lake” or the “Project”).

Throughout 2021 the Company completed a substantial program of drill hole sampling that produced a number of

significant continuous intersections of 100m or more containing rare earth elements (“ REE”s), niobium, tantalum

and phosphate mineralization; this mineralization commences at or near surface and none of the intersections are

c l o s e d o f f a t d e p t h . O t h e r r e c e n t w o r k a t t h e P r o j e c t i n c l u d e d mineralogical studies to develop increased

understanding of distribution of minerals and elements of econo m i c i n t e r e s t . M e t a l l u r g i c a l s t u d i e s h a v e

demonstrated the potential to significantly upgrade the neodymi um and other REE grades in concentrate. All of

t h i s w o r k i s n o w b e i n g u s e d t o p r e p a r e a m a i d e n m i n e r a l r e s o u r ce estimate (“MRE”) under NI 43‐101 and

subsequent economic evaluation of Prairie Lake.

“In addition to expanding the domain of critical mineral‐endowed rock in the Southwest area (“SW Area”) at Prairie

Lake through the Company’s sampling program (refer to press rel eases issued between July and November, 2021)

w e h a v e r e v i s i t e d a n d c l o s e l y e x a m i n e d a s p e c t s o f t h e g e o l o g y , mineralogy and metallurgy as they pertain to

distribution, processing, and recovery of the suite of elements of economic interest at the Project,” said Paul Jones,

Nuinsco’s CEO. “Earlier studies commissioned by the Company have demonstrated the widespread nature of REEs,

niobium, tantalum, and phosphate mineralization, process testing has demonstrated the potential to produce high‐

value rare earth and phosphate‐bearing concentrates and soon we expect to be able to confirm and publicly discuss

these positive results with the completion of the maiden MRE.”

The Project benefits from being in a politically stable jurisdiction; is exceptionally located near to available rail, road,

shipping, and power infrastructure; and is ideally placed in North America with respect to current supply chain

concerns for critical minerals.

The recent work conducted by the Company focused on expanding t he mineralized intersections in the SW Area.

The SW Area is more than one kilometre in length, between 100m and 750m wide and contains an Exploration

Target of 435‐530 Mt (see “Prairie Lake ET” table below) of rock endowed with critical elements of economic

i n t e r e s t . R e c e n t m i n e r a l o g i c a l s t u d i e s c o m m i s s i o n e d b y t h e C o m pany have identified a suite of REE‐bearing

minerals including apatite, monazite, bastnaesite, carbocernaite/burbankite, and ancylite, and niobium‐bearing

pyrochlore in the rocks of the complex. Understanding the mine ralogy of the critical element‐bearing phases is

central to obtaining positive results from potential extractive processes that might be applied to exploit Prairie Lake

mineralization.

Prairie Lake hosts a suite of elements of economic interest identified as Critical Elements defined under the

Canadian Minerals and Metals Plan (“CMMP”), including:

Phosphate (P2O5) – trading at circa US$173/t (phosphate concentrate). This compound has enormous agricultural

applications as a fundamental component of fertilizers (it is t he P in the N‐P‐K rating of fertilizer). As such it is

central to global food production. Global phosphate shipments (all applications) are approximately 72Mt per

annum and are expected to expand as the global population incre ases and greater food production is required. In

late 2019, Nuinsco received a listing by the Organic Materials Review Institute (https://www.omri.org/) of the

project's calcium carbonate rock for use in organic food produc tion or food processing and handling according to

the USDA's National Organic Program regulations, yet another in dication of Prairie Lake's increasing value.

Phosphate‐bearing calcium carbonate rock (also known as phosrock) such as is found at Prairie Lake can be used as

a soil amendment to revitalize land which has lost its fertility as a result of excessive chemical farming.

Niobium (Nb) – trading at circa US$50/kg (Nb205 in concentrate). This element has broad applications in structural

steel and in the transportation sector. Nb added to steel produces lightweight and strong alloys that reduce vehicle

and aircraft weight and material requirements in buildings and structures, thus improving energy efficiency and

reducing adverse environmental emissions.

Tantalum (Ta) – trading at circa $250/kg (Ta 205 in concentrate). The most significant use for tantalum is in t he

production of electronic components used in mobile phones, compu t e r s , a n d a u t o m o b i l e s . I t i s a l s o u s e d t o

produce alloys with applications in aerospace, processing equipment, and medicine.

Neodymium (Nd) – trading at circa US$190/kg (Nd‐oxide 99.5% pure). This eleme nt is central to the development

and production of permanent magnets used in traditional, electric and hybrid vehicles and wind turbines. Demand

for these applications is projec ted to expand substantially wit h the electrification of the global vehicle fleet and

expansion of the capacity for renewable electric‐power generation worldwide.

Scandium (Sc) – trading at circa US$1,250/kg (Sc‐oxide 99.9% pure). Scandium has applications in fuel‐cell

technology, lighting components, and is alloyed with aluminum t o impart heat‐resistance and strength where it is

used in aerospace components. Greatly expanded use in aerospac e and automobile sectors is projected with the

expansion of supply.

In addition to the elements listed above, Prairie Lake contains substantial grades of lanthanum, yttrium, and

praseodymium mineralization.

Prairie Lake consists of 46 mineral claims covering an area of ~630 ha. Prairie Lake is superbly located, easily

accessed by an all‐weather road from the TransCanada Highway located 28 kilometres to the south. The ET is

defined by 59 diamond drill holes.

Prairie Lake Drilling & Trenching by Target Area1:

1 Trench lengths are calculated as cumulative length of samples along trench.

Prairie Lake ET2:

2 A full description of methodology used to estimate the Prairie Lake Project Exploration Target is contained in the Technical Report dated 30

S W Jim's Showing East NE Other

Areas Total

Historic Drill Holes

(1969‐1983)

Drill Holes 16 11 1 0 17 45

Metres 1351.7 938.4 34.1 0 1528.5 3852.7

Drill Holes (2007‐

2010)

Drill Holes 21 10 0 0 1 32

Metres 6632 1692.4 0 0 101 8425.4

Trenches (2010) Trenching 1 0 2 2 0 5

Metres 377.7 0 433.0 754.55 0 1562.2

SW Jim's Showing East NE Total

REEs

La (ppm) Lanthanum 275 ‐ 340 295 ‐ 360 305 ‐ 370 200 ‐ 250 280 ‐ 340

Ce (ppm) Cerium 650 ‐ 790 670 ‐ 820 670 ‐ 820 450 ‐ 550 650 ‐ 790

Sm (ppm) Samarium 55 ‐ 70 55 ‐ 70 55 ‐ 70 50 ‐ 60 55 ‐ 70

Nd (ppm) Neodymium 295 ‐ 360 290 ‐ 360 320 ‐ 390 235 ‐ 290 300 ‐ 360

Y (ppm) Yttrium 85 ‐ 100 90 ‐ 110 80 ‐ 100 135 ‐ 170 85 ‐ 100

La+Ce+Sm+Nd+Y (ppm) 1360 ‐ 1660 1400 ‐ 1720 1430 ‐ 1750 1070 ‐ 1320 1370 ‐ 1660

Additional Elements (as oxides)

P2O5 (%) Phosphate 3.0 ‐ 4.0 3.5 ‐ 4.5 2.5 ‐ 3.0 2.5 ‐ 3.5 3.0 ‐ 4.0

Nb2O5 (%) Niobium 0.095 ‐ 0.115 0.100 ‐ 0.120 0.040 ‐ 0.050 0.085 ‐ 0.105 0.090 ‐ 0.110

Ta2O5 (ppm) Tantalum 18 ‐ 25 25 ‐ 30 5 ‐ 7 10 ‐ 12 18 ‐ 21

Volume ‐ m3 (million) 140 ‐ 175 12 ‐ 14 13 ‐ 16 2 ‐ 3 170 ‐ 210

Tonnes (million) 435 ‐ 530 35 ‐ 45 40 ‐ 50 7 ‐ 8 515 ‐ 630

November 2018 prepared by P&E Mining Consultants Inc. that is filed on SEDAR. The potential quantity and grade of the ET is conceptual in

nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery

o f a m i n e r a l r e s o u r c e . T h e r e i s n o N a t i o n a l I n s t r u m e n t 4 3 ‐ 1 0 1 – Standards of Disclosure for Mineral Projects preliminary economic

assessment in respect of the Prairie Lake ET.

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualifi ed 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 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 four properties in Ontario – the high ‐grade Sunbeam gold property near Atikokan, the

Dash Lake gold property near Terrace Bay, the large multi‐commodity (rare‐earths, niobium, tantalum, phosphate)

Prairie Lake project near Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near Armstrong. In addition,

Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.

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 visit www.nuinsco.ca or contact:

Paul Jones, CEO Sean Stokes, Executive VP Cathy Hume, Consultant Instagram:

@nuinscoresources

[email protected] [email protected] [email protected]

Twitter:

@NWIResources

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