Nuinsco Reports on Expanded Geophysical Coverage and Preliminary Results from Sunbeam Gold Property
Nuinsco Reports on Expanded Geophysical Coverage and Preliminary
Results from Sunbeam Gold Property
Toronto, January 22, 2021 – Nuinsco Resources Limited (“Nu insco” or “the Company”) (CSE: NWI) today
announced that a recently completed geophysical survey comprisi ng induced polarization and magnetic methods,
conducted on its Sunbeam Gold property (the “Sunbeam Project”) near Atikokan in northwestern Ontario, has
added further anomalous target domains associated with known, h igh‐grade, gold mineralization for which
diamond drilling is recommended. The survey expanded geophysica l coverage to the east and west of the high‐
grade Sunbeam gold mine and now extends to three kilometres of continuous strike length along the Sunbeam
lineament that hosts three of at least ten gold occurrences encompassed by the Sunbeam Project.
“The ongoing exploration at the Sunbeam Project continues to pr oduce strong positive exploration results,” said
P a u l J o n e s , C E O . “ T h e i n t e r p r e t a t i o n r e c e i v e d f r o m t h e c u r r e n t survey when added to our earlier geophysical
coverage now identifies a number of chargeability/resistivity sources that define anomalous domains of more
than 2,500m along the trend of the Sunbeam lineament. These ano malous domains are spatially associated along
strike and down‐dip from known high‐grade gold mineralization a t the Sunbeam Mine as well as significant gold
mineralization at the Road Zone and possibly the AL198 Zone. Mo st of the remaining 25km of prospective, gold‐
mineralized lineaments encompassed by the claim group, and hosti n g a t l e a s t s e v e n o t h e r g o l d o c c u r r e n c e s ,
remain to be tested with geophysics. Given the known presence o f high‐grade gold mineralization with
disseminated sulphide in quartz veins in the Sunbeam mine‐workings the targets are very prospective and our
intention is to determinedly explore the project.”
The Sunbeam Gold Project encompasses numerous sites of gold min eralization and includes the historic,
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underground, Sunbeam Mine that operated between 1898 and 1905, as well as the Roy and Pettigrew deposits,
and a number of other gold showings. Mineralization at the Sunb eam Mine is hosted by a 30m wide sheared zone
of altered, schistose rock. Gold mineralization occurs within a southwest striking quartz vein/chloritic zone that
historically has been traced from surface to at least 100m vert ically and along strike for more than 300m in pits
and shafts. Similar mineralization has been observed along strike from the Sunbeam Mine and on sub‐parallel
structures. A 1903 plan of the Sunbeam Mine shows an average grade of ~13g/t Au in the historic workings.
There has been no exploration of the formerly patented mine sit e since the mine closed 115 years ago.
Intermittent exploration on mineral claims around the patent area was conducted between 1981 and 2012.
The Sunbeam Gold Project consists of 110 unpatented mining clai ms (218 cells), covering 48.8km 2, situated 27km
northeast of the town of Atikokan, Ontario, and 12km southeast of Agnico Eagle’s Hammond Reef gold deposit:
Measured and Indicated Mineral Resources of 208Mt at 0.67 g/t A u, 4.5 Moz contained gold, (as per Agnico Eagle
website www.agnicoeagle.com). It is easily accessible via well m a i n t a i n e d l o g g i n g r o a d s f r o m H w y 1 1 . T h e
property is traversed by at least three sub‐parallel, northeast ‐trending, gold‐mineralized lineaments secondary to
the regionally extensive, sub‐province bounding Quetico Fault. Collectively these lineaments now total
approximately 30 kilometres of mineralized target domain and ho st 10 gold occurrences. These lineaments
present an extensive exploration target that extends to all part s o f t h e p r o j e c t , h a v e s e e n o n l y i n t e r m i t t e n t
historic exploration and represent an excellent opportunity to b e c o m p r e h e n s i v e l y e x p l o r e d . A n u m b e r o f t h e
occurrences have returned high‐grade assays from grab‐samples a nd limited drilling. Elsewhere historic pits and
shafts have been excavated to conduct exploration at the Roy, Pettigrew and Road occurrences – all of which
contain gold mineralization that merits further exploration. Previous work also identified new occurrences of
strong anomalous gold mineralization from grab samples collected along the lineaments.
The Company contracted Simcoe Geoscience to conduct an Alpha IP wireless, time domain, distributed IP,
resistivity and induced polarisation survey and a magnetic surv ey over approximately 15 line kilometres of grid at
150m line spacing. The intent of the survey was to map the subsurface resitivity and chargeability responses
along a linear domain of deformat ion and gold mineralization te rmed the Sunbeam Lineament on strike from the
Sunbeam Mine workings. The survey was configured to be capable of detecting responses to approximately 200m
depth below surface.
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 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.
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.
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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