Nuinsco Resources Limited Provides Project Update
Nuinsco Resources Limited Provides Project Update
Toronto, February 20, 2019 – Nuinsco Resources Limited (“ Nuinsco” or the “Company”) (CSE: NWI) has resumed
trading with a listing on the Canadian Securities Exchange, eff ective today. During the period when the
Company’s shares were not listed for trading, the Company conti nued to actively evaluate exploration and
development opportunities and to advance its own projects. Currently the Company holds three projects:
El Sid – Nuinsco won a competitive bid for the right to evaluate the viability of gold production from waste dumps
and tailings at the past‐producing El Sid mine in Egypt. Locat ed in Egypt’s Eastern Desert, approximately 90km
west of the town of Quseir on the Red Sea coast, the El Sid project is easily accessible via a paved road that passes
through the project site. Three past producing gold mines are l ocated on the project – the largest of which is the
El Sid Mine which operated primarily between 1947 and 1957 and was Egypt’s largest gold producer.
T h e m i n e r a l i z a t i o n e x p l o i t e d a t E l S i d c o n s i s t e d o f s u l p h i d e a nd native gold‐bearing quartz veins in granite and
deformed volcanic rock. The mines were high‐grade – averaging more than 30 g/t gold. Of significance to Nuinsco
is the fact that the rock adjacent to the exploited veins also carried gold but was rejected and dumped as waste.
This waste, which runs to several grams per tonne gold, along w ith a considerable volume of tailings, is available
for processing and gold recovery. If the project proves to be economically viable the timeline to production is
short – measured in months – at which point the Company expects to have cash flow for non‐dilutive funding of
existing projects and evaluation of potential project acquisitions.
Sunbeam ‐ The Sunbeam Gold Property, optioned by Nuinsco in 2017, inclu d e s t h e h i s t o r i c S u n b e a m M i n e ‐ a
high‐grade underground gold min e which operated from 1898 to 19 05. The property consists of 101 unpatented
mining claims in northwestern Ontario, 27km northeast of the to wn of Atikokan and 15km southeast of Agnico
Eagle’s Hammond Reef gold deposit. It is accessible via well‐maintained logging roads from Hwy 11.
The Sunbeam Mine is hosted by a 30m wide sheared zone of altere d schistose rock; gold mineralization occurs
within a 2.5‐3.0m wide southwest striking quartz vein/chloritic zone. A 1903 plan of the mine shows an average
grade of ~13g/t Au in the historic workings. There has been no exploration of the formerly patented mine site
since the mine closed 115 years ago. Intermittent exploration s urrounding the patent area was conducted
between 1981 and 2012.
Prairie Lake ‐ The Prairie Lake Property consists of 46 claims owned 100 % by Nuinsco. The property is easily
accessed by an all‐weather forest access road from the TransCan ada Highway. It is located approximately 28km
north of Lake Superior’s northern shore and approximately 44km northwest of Marathon, Ontario.
Previous exploration on the property has focused on uranium, niobium, tantalum, rare earth elements (“REE”),
phosphorus (apatite), and wollastonite, depending on the economics of the time. Using the analytical results
obtained from the collective drilling programs an Exploration T arget was estimated in 2010 and updated in 2011.
The tabulated 2011 estimate is below.
2
All of Nuinsco’s current projects are easily accessible, very p rospective and can be rapidly developed. The
Company will conduct work programs to continue to evaluate and advance the opportunities and will provide
news as it becomes available.
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 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 won a competitive bid for rights to evaluate the viability of gold production from waste dumps
and tailings at the past‐producing El Sid mine in the Eastern Desert of Egypt – a project with the potential to
provide near‐term revenue.
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.
Main/SW Jim's Showing East NE Total
La (ppm) 275 ‐ 340 295 ‐ 360 305 ‐ 370 200 ‐ 250 280 ‐ 340
Ce (ppm) 650 ‐ 790 670 ‐ 820 670 ‐ 820 450 ‐ 550 650 ‐ 790
Sm (ppm) 55 ‐ 70 55 ‐ 70 55 ‐ 70 50 ‐ 60 55 ‐ 70
Nd (ppm) 295 ‐ 360 290 ‐ 360 320 ‐ 390 235 ‐ 290 300 ‐ 360
Y (ppm) 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
P2O5 (%) 3.0 ‐ 4.0 3.5 ‐ 4.5 2.5 ‐ 3.0 2.5 ‐ 3.5 3.0 ‐ 4.0
Nb2O5 (%) 0.095 ‐ 0.115 0.100 ‐ 0.120 0.040 ‐ 0.050 0.085 ‐ 0.105 0.090 ‐ 0.110
Ta2O5 (ppm) 18 ‐ 25 25 ‐ 30 5 ‐ 7 10 ‐ 12 18 ‐ 21
U3O8 (%) 0.005 ‐ 0.007 0.015 ‐ 0.020 0.002 ‐ 0.003 0.004 ‐ 0.005 0.006 ‐ 0.007
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
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
416 626‐0470 x 229 416 626‐0470 x 224 416 868‐1079 x 231