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Nuinsco Resources Ltd. - Ordinary Shares
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Last updated: May 31, 2022, 10:07 AM ET
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Nuinsco Announces Initial Mineral Resource Estimate on the Prairie Lake Critical Minerals & Phosphate Project
TheNewsWireMay 31, 2022 8:30 AM EDT
(TheNewswire)
HIGHLIGHTS:
871.8 million tonne Inferred Mineral Resource including 2.01 kg/t TREO, plus niobium and phosphate.
15.6 million tonne Indicated Mineral Resource including 1.67 kg/t total rare earth oxides (“TREO”), plus niobium and phosphate.
Substantial potential remains to expand and upgrade the initial Mineral Resource Estimate.
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, power and shipping infrastructure.
Preliminary Economic Assessment to commence shortly.
Further drilling to increase quantity and quality of the initial Mineral Resource is planned.
Toronto – TheNewswire - May 31, 2022 – Nuinsco Resources Limited (“ Nuinsco ” or the “ Company ”) (CSE:NWI), (OTC:NWIFF) today announced an initial Mineral Resource Estimate (“ MRE ”) on its Prairie Lake Critical Minerals and Phosphate Project located near Terrace Bay, Ontario (“ Prairie Lake ” or the “Project” ).
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.
“We are of course delighted with this initial MRE,” said Paul Jones, Nuinsco’s CEO. "It has been clear to us for a long time that the Prairie Lake Project contains an exceptional endowment of sought after commodities, many of which have been identified as Critical Elements defined under the Canadian Minerals and Metals Plan. Combined with outstanding technical and logistical attributes, Prairie Lake has the potential to be an enormously significant asset to the Company. The suite of economically significant mineralization identified in the MRE includes neodymium, praseodymium, niobium, scandium, and phosphate; demand for all is projected to steeply increase over the coming years through expanding electrification and implementation of “green” technologies to combat climate change, and to sustain and improve agricultural productivity globally. Although this initial MRE demonstrates the scope of the mineralization present on the project, we regard it as a starting point. The surface expression of the MRE encompasses approximately 46% of the total surface area of the Prairie Lake Complex; other work conducted by the Company external to the MRE has identified extensive domains with grades similar to those of the MRE. Given that more than 50% of the surface area of the Project lies outside of the Resource Estimate and that mineralization is known to occur at surface throughout the extent of the property expansion of the initial Mineral Resource is a distinct and realistic possibility.”
Prairie Lake Project Pit Constrained Mineral Resource Estimate (1-6)
Rare Earth Oxides
Niobium
Phosphate
Class
Cut-Off
Tonnes
Nd 2 O 3
Pr 6 O 11
Sc 2 O 3
CeO 2
La 2 O 3
Sm 2 O 3
Ta 2 O 5
Y 2 O 3
TREO
Nb 2 O 5
P 2 O 5
NSR C$/t
M
g/t
g/t
g/t
g/t
g/t
g/t
g/t
g/t
kg/t
%
%
Indicated
30
15.6
344
96
15
754
300
58
28
100
1.67
0.16
3.71
Inferred
30
871.8
409
82
18
905
388
79
17
127
2.01
0.10
3.39
*TREO = Total Rare Earth Oxides: neodymium, Nd 2 O 3 ; praseodymium, Pr 6 O 11 ; scandium, Sc 2 O 3 ; Cerium, CeO 2 ; lanthanum, La 2 O 3 ; samarium, Sm 2 O 3 ; tantalum, Ta 2 O 5 ; yttrium, Y 2 O 3.
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. US$ Metal prices used were $80/Kg Nd 2 O 3 , $80/Kg Pr 6 O 11 , $1,500/Kg Sc 2 O 3 , $50/Kg Nb 2 O 5 , $250/t P 2 O 5 , $1.35/Kg CeO 2 , $1.35/Kg La 2 O 3 , $3.50/Kg Sm 2 O 3 , Nil$/t Ta 2 O 5 and $13.00/kg Y 2 O 3 , 0.78 FX all with combined process recoveries and payables of 50%, except P 2 O 5 at 75%.
6. 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 National Instrument 43-101 (" NI 43-101 ") standards of disclosure and the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). 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 most significant drivers to economic viability at the Prairie Lake project and their main uses are listed below:
Neodymium (Nd) – currently trading at circa US$140-145/kg (Nd-oxide 99.5% pure). This element is central to the development and production of permanent magnets used in traditional, electric and hybrid vehicles and wind turbines. Demand for these applications is projected to expand substantially with the electrification of the global vehicle fleet and expansion of the capacity for renewable electric-power generation worldwide.
Praseodymium (Pr) – currently trading at circa US$140-145/kg (Pr-oxide 99.5% pure). This element can be used as a substitute for neodymium in fabrication of permanent magnets and consequently, as with neodymium, demand is projected to expand substantially. It also has uses in alloys with magnesium in aircraft engines. It has additional use in colouring glass and ceramics.
Scandium (Sc) – currently trading at circa US$1,500/kg (Sc-oxide 99.9% pure). Scandium has applications in fuel-cell technology, lighting components, and is alloyed with aluminum to impart heat-resistance and strength where it is used in aerospace components. Greatly expanded use in aerospace and automobile sectors is projected with the expansion of supply.
Niobium (Nb) – currently trading at circa US$50/kg (Nb 2 0 5 in concentrate). By far the greatest use of this element is in applications in structural steel and in the transportation sector. Nb added to steel produces lightweight and strong alloys that reduce vehicle and aircraft weight and material requirements in buildings and structures, thus improving energy efficiency and reducing adverse environmental emissions. Ceramics containing niobium oxide can be used to make capacitors and have wide application in electronics product (e.g. cell phones).
Tantalum (Ta) – currently trading at circa $250/kg (Ta 2 0 5 in concentrate). The most significant use for tantalum is in the production of electronic components used in mobile phones, computers, and automobiles. It is also used to produce alloys with applications in aerospace, processing equipment, and medicine.
Phosphate (P 2 O 5 ) – currently trading at circa US$250/t (phosphate concentrate >30%). This compound has enormous agricultural applications as a fundamental component of fertilizers (it is the P in the N-P-K rating of fertilizer). As such it is central to global food production. Global phosphate shipments (all applications) are approximately 72Mt per annum and are expected to expand as the global population increases and greater food production is required.
The mineralization of economic interest contained within the Prairie Lake complex occurs at surface and extends to unknown depths below the deepest drilling yet conducted (circa 525 metres vertically). There is no indication that mineralization diminishes with depth and is known to occur at surface throughout the extents of the complex.
Prairie Lake Project Mineral Resource Estimate Sensitivity to NSR Cut-Off
Class
Cut-Off
Tonnes
Nd 2 O 3
Pr 6 O 11
Sc 2 O 3
CeO 2
La 2 O 3
Sm 2 O 3
Ta 2 O 5
Y 2 O 3
TREO*
Nb 2 O 5
P 2 O 5
NSR C$/t
M
g/t
g/t
g/t
g/t
g/t
g/t
g/t
g/t
kg/t
%
%
Indicated
50
14.5
358
100
16
787
306
60
28
101
1.73
0.17
3.75
40
15.2
349
98
15
766
302
59
28
101
1.69
0.17
3.73
30
15.6
344
96
15
754
300
58
28
100
1.67
0.16
3.71
20
15.7
343
96
15
751
300
58
27
100
1.66
0.16
3.70
10
15.7
343
96
15
751
300
58
27
100
1.66
0.16
3.70
Inferred
50
815.1
419
83
19
930
394
81
17
127
2.06
0.10
3.43
40
860.1
412
82
19
911
389
80
17
128
2.02
0.10
3.40
30
871.8
409
82
18
905
388
79
17
127
2.01
0.10
3.39
20
873.4
409
82
18
904
387
79
17
127
2.01
0.10