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stockstarker on Jul 19, 2022 10:15am
News
Nuinsco Files 43-101 Technical Report for Prairie Lake Critical Minerals & Phosphate Project Toronto, July 18, 2022 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE: NWI) today announced the filing of a National Instrument 43-101 (“NI 43-101”) Technical Report (the “Technical Report”) for the initial Mineral Resource Estimate (“MRE”) for the Prairie Lake Critical Minerals and Phosphate Project located near Terrace Bay, Ontario (“Prairie Lake” or the “Project”). The Technical Report is available for review at www.sedar.com and the Company's website (www.nuinsco.ca). HIGHLIGHTS of the MRE Include: 871.8 million tonne Inferred Mineral Resource including 2.01 kg/t total rare earth oxides (“TREO”), plus niobium and phosphate. 15.6 million tonne Indicated Mineral Resource including 1.67 kg/t TREO, plus niobium and phosphate. Substantial potential remains to expand and upgrade the MRE. Situated in Ontario, Canada, a stable, mining friendly, jurisdiction – a potential key North American source of Critical Minerals to meet an anticipated enormous expansion in demand for such products. Project is exceptionally close to the TransCanada Highway, rail, electrical power, and shipping infrastructure. “The completion and filing of the Prairie Lake Project MRE is another step forward in the evaluation of the Project,” said Paul Jones, Nuinsco’s CEO. "The Company is also conducting preliminary economic studies and examining a metallurgical program to better define the characteristics of the mineralization and enhanced potential for recovery and concentration of elements of economic interest. The exceptional endowment of sought-after commodities in the Project, many identified as Critical Elements defined under the Canadian Minerals and Metals Plan, combined with outstanding technical and logistical attributes make Prairie Lake a very significant asset to the Company.” As tabulated below, the pit-constrained MRE consists of a 15.6 million tonne Indicated Mineral Resource and a very large 871.8 million tonne Inferred Mineral Resource in accordance with National Instrument 43-101. The MRE also includes niobium and phosphate in oxides which, along with the TREO, are expected to be key drivers of a Preliminary Economic Assessment on the Project that will commence shortly. Prairie Lake Project Pit-Constrained Mineral Resource Estimate(1-6) *TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3; tantalum, Ta2O5; yttrium, Y2O3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. US$ Metal prices used were $80/Kg Nd2O3, $80/Kg Pr6O11, $1,500/Kg Sc2O3, $50/Kg Nb2O5, $250/t P2O5, $1.35/Kg CeO2, $1.35/Kg La2O3, $3.50/Kg Sm2O3, Nil$/t Ta2O5 and $13/kg Y2O3, 0.78 FX all with combined process recoveries and payables of 50%, except P2O5 at 75%. The constraining pit optimization parameters were C$2.50/t mining cost for all material, C$25/t process cost, C$5/t G&A cost and 45-degree pit slopes with a C$30/t NSR cut-off. The Prairie Lake MRE was conducted in accordance with NI 43-101 standards of disclosure and the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and Best Practices (2019). The Project benefits from a location in a politically stable jurisdiction; is exceptionally well located near 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 mineralization of economic interest contained within the Prairie Lake complex occurs at surface and extends to unknown depths below the deepest drilling yet conducted (circa 525 metres vertically). There is no indication that mineralization diminishes with depth and is known to occur at surface throughout the extents of the complex. Prairie Lake consists of 46 mineral claims covering an area of ~630 ha and is superbly located, easily accessed by an all-weather road from the TransCanada Highway located 28 kilometres to the south. The MRE for the Project is based on 73 inclined diamond drill holes performed between 1969 and 2010 totalling 12,180 metres. Additionally 2,068 metres of surface trenching is included in the MRE. A total of 5,409 drill core samples and 1,042 channel samples are incorporated into the MRE, excluding QA/QC samples. A composite length of 1.5 metres was used and they were capped as follows: 1,850 g/t Nd2O3, 250 g/t Pr6O11, no cap Sc2O3, 1% Nb2O5, 14% P2O5, 3,700 g/t CeO2, 1,700 g/t La2O3, 520 g/t Sm2O3, no cap Ta2O5 and 570 g/t Y2O3. Grade interpolation was undertaken with the ID2 method on 10m x 10m x 10m blocks. Indicated Mineral Resources were classified within a 55m x 55m x 40m search ellipse and three drill holes while Inferred Mineral Resources were classified in two passes with a 110m x 110m x 80m search ellipse with two drill holes and subsequently a 220m x 220 m x 160m search ellipse with one drill hole. Historical drill core analyses were performed by Xray Assay Laboratories (Don Mills, Ontario) and Bondar Clegg and Company Ltd (Ottawa, Ontario). All analyses since 2007 have been performed at Activation Laboratories in Ancaster, Ontario (ISO/IEC 17025:2005); samples were delivered to the Activation Laboratories facility in Thunder Bay (ISO/IEC 17025:2005), Ontario for preparation and onward delivery to Ancaster. Eugene Puritch, P.Eng., FEC, CET acts as Nuinsco's independent Qualified Person under National Instrument 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release.