Nuinsco Resources Conducts Expanded Geophysical Survey at the Sunbeam Gold Project, Announces Flow Through and Hard Dollar Financing
Nuinsco Resources Conducts Expanded Geophysical Survey at the Sunbeam Gold
Project, Announces Flow Through and Hard Dollar Financing
Toronto, October 8, 2020 – Nuinsco Resources Limited (“ Nuinsco” or the “ Company”) (CSE: NWI )
www.nuinsco.ca today announced that it has contracted a geophysical company to conduct induced
polarization and magnetic surveys on the Sunbeam gold property ( the “ Property”), a high -grade gold
project located near the town of Atikokan, northwestern Ontari o. Funding for the geophysical work
derives from a private placement financing by the Company that is currently in progress (the “ Private
Placement”). Mobilization of the geophysical crew to the project will commence shortly.
The geophysical program wil l expand induced polarization and magnetic coverage to the east and
west of a detailed survey done in 2018 over the past -producing Sunbeam Mine. When this program is
completed, induced polarization coverage will for the first time cover a continuous strik e length of
approximately three kilometres along the Sunbeam gold mineralized lineament that is known to host
three of at least 12 gold occurrences encompassed by the claim group, namely the Sunbeam Mine, the
AL198 showing and the Road showing. The 2018 s urvey generated high -priority resistivity/chargeability
targets associated with known gold mineralization; the intent of the current program is to incorporate
those results into a more comprehensive survey that will map on -strike extensions to these anomal ous
domains. The other known gold occurrences on the property are candidates for geophysical coverage
as the work program progresses.
The Private Placement consists of two offerings: units (the “ Units”) and common shares issued on a flow
through basis (the “ Flow Through Shares ”). Each Unit, priced at $0.01 per Unit, consists of one common
share and one full common share purchase warrant (each a “ Warrant”). Each Warrant entitles the holder
to purchase one common share of the Company at a pr ice of $0.05 for a period of 24 months from
closing of the Private Placement. The Flow Through Shares are priced at $0.01. The gross proceeds from
the issuance of the Flow Through Shares will be used for Canadian Exploration Expenses, as defined in the
Income Tax Act (Canada), on the Company’s Canadian mineral properties.
About the Sunbeam Gold Project
The 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 total more than 15 kilometres of mineralized target domain that remains to be
comprehensively explored. A number of these occurrences have returned high -grade gold assays from
grab-samples and lim ited 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.
The Property is underlain by the Marmion Lake Batholith that is host to 11 historic gold deposits as well as
numerous other gold occurrences including Agnico Eagle’s Hammond Reef deposit (208Mt at 0.67 g/t
Au, 4.5 Moz contained gold) located approximately 12km northwest of the Property. The Sunbeam Mine
has been the site of high -grade, underground, gold production dating from the beginning of the 20 th
Century. Numerous samples collected at surface from waste dumps at the former mine site have
returned high -grade gold content, peaking at 8 98 g/t Au; samples collected by Nuinsco from waste -
rock at the mine returned analyses as high as 122 g/t gold (refer to Nuinsco media release dated 21
March 2019); these findings concur with results reported in historic records.
QP
P.L.Jones., P. Geol., is a qualified person as defined by NI 43-101 and has reviewed and approved the
technical contents of this press release regarding the Property.
2
About Nuinsco Resources Limited
Nuinsco Resources has over 45 years of exploration success and is a growth oriented, multi-commodity
mineral exploration and development company focused on prospective opportunities in Canada and
internationally. Currently the Company has two properties in Ontario – the high-grade Sunbeam gold
property 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 to exploit the El
Sid project in southeastern Egypt. With a low projected capital cost, El Sid has the potential to provide
near-term revenue to the Company. The Company is in the process of sourcing funding to commence
the process of building a gold-recovery plant on-site.
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.
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