Nuinsco Identifies 10 Gold Occurrences, 15 Km Strike Length at Sunbeam Gold Property
Nuinsco Identifies 10 Gold Occurrences, 15 Km Strike Length at Sunbeam Gold Property
Gold mineralization and host‐structure now known to extend below the depth‐extent of historic work
Toronto, July 27, 2020 – Nuinsco Resources Limited (“ Nuinsco” or the “ Company”) (CSE: NWI) today announced
that the compilation of data on the Sunbeam Gold Property (the “Property”), including the recently announced
drill results, indicates that at least 10 gold occurrences, including the past‐producing high‐grade Sunbeam gold
mine, occur on the 15km of strike length identified along gold mineralized trends on the Property.
“The Sunbeam Gold Property offers a great exploration opportunit y f o r N u i n s c o , e s p e c i a l l y g i v e n t h e r e c e n t
advances in the price of gold,” said Paul Jones, CEO. “The abun dance of high‐grade gold mineralized occurrences
will be systematically evaluated. In addition to the broad stri ke extent of gold mineralized structures at surface
and known gold occurrences, the gold mineralization and host‐structure are now known to extend below the
depth‐extent of historic work. This presents an extensive target domain.”
T h e P r o p e r t y i s t r a v e r s e d b y a t l e a s t t h r e e s u b ‐ p a r a l l e l , n o r t heast‐trending, gold‐mineralized lineaments
secondary to the regionally extensive, sub‐province bounding Quetico Fault. Collectively these lineaments total
m o r e t h a n 1 5 k m o f m i n e r a l i z e d t a r g e t d o m a i n a n d h o s t a t l e a s t 10 g o l d o c c u r r e n c e s . T h e y p r e s e n t a l a r g e
exploration target that extends to all parts of the project, has seen only intermittent historic exploration, and
remains to be comprehensively explored. A number of these occur rences have returned high‐grade gold assays
from grab‐samples and limited drilling in previous exploration (refer to the map attached). Elsewhere historic pits
and shafts were 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 eleven historic gold deposits as well as
numerous other gold occurrences; Agnico Eagle’s Hammond Reef d eposit (208Mt at 0.67 g/t Au, 4.5 Moz
contained gold) occurs near the northwest contact of the intrus ion approximately 12km from the Property. The
Property hosts the Sunbeam Mine, the site of high‐grade, underg round gold production dating from the
beginning of the 20 th Century. Numerous historic samples collected at surface from w aste dumps at the former
mine site have returned high‐grade gold content, peaking at 898 g / t A u . S a m p l e s c o l l e c t e d b y N u i n s c o f r o m
waste‐rock at the mine returned analyses as high as 122g/t gold (refer to the Nuinsco news release dated 21
March, 2019; grab samples are sele cted samples and are not repr esentative of the mineralization hosted on the
property); these findings concur with results reported in historic records.
Host mineralization at the Sunbeam Mine is a northeast‐striking shear zone consisting of altered, chloritic,
schistose, rock within which sulphide and gold bearing quartz v eins occur. Historically pits and shafts were
excavated to trace the quartz veining and schist along strike i n excess of 300m. Similar mineralization has been
observed along strike from the Sunbeam Mine and on sub‐parallel structures.
Nuinsco has identified prospective geophysical targets related to the Sunbeam Mine derived from an IP/Magnetic
survey completed by the Company in 2018 and plans further coverage to test other parts of the mineralized
trends. Diamond drill targets have also been identified and await testing.
The 21km2 Property is very well located in north‐western Ontario 27km northeast of the town of Atikokan and
12km southeast of Agnico Eagle’s Hammond Reef gold deposit. It is directly accessible via well maintained logging
roads from paved Hwy 11.
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QP
P.L. Jones, 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.
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 has completed an agreement to exploit the El Sid project in southeastern Egypt – this project
requires little capital and can provide near‐term revenue to the C o m p a n y ; t h e C o m p a n y i s i n t h e p r o c e s s o f
sourcing funding to commence the process of building a 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. 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
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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