Post by
stockstarker on Aug 11, 2021 10:07am
Prarie Lake news
Nuinsco Announces Two Intersections of more than 100m of Continuous Critical Metals & Phosphate Mineralization from Sampling Program at Prairie Lake Toronto, August 11, 2021 - Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) (www.nuinsco.ca) announces two additional significant intersections of 122m and 111m respectively of Critical Metals and phosphate mineralization from diamond drilling at its 100%owned Prairie Lake project near Terrace Bay, Ontario. Additional sampling of diamond drill core from holes NP0801 and NP0802 has now produced continuous mineralized intersections of 122.7m (NP0801: 2.3-125m) and 111.2m (NP0802: 4.8-116m) of niobium (Nb), tantalum (Ta), phosphate (P2O5), and rare earth elements (REE) including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd) and yttrium (Y). Ten drill holes have been sampled to date. The ongoing sampling program continues to provide information to support the Company's goal of establishing a mineral resource at Prairie Lake; it is focussing on drill holes collared to intercept the Southwest (SW) Area (see map below) - this domain alone has an Exploration Target ("ET") of 435-530 million tonnes with grades as tabulated in the "Prairie Lake ET" table below. "The Company is impressed with the results obtained from the infill sampling program. The expanded domains of continuous rare earth, niobium, tantalum and phosphate mineralization provide great scope for continuity and grade evaluation necessary to develop a resource," said Paul Jones, Nuinsco's CEO. "The value of the Prairie Lake project as an asset to the Company is emphasized by the REE neodymium alone; it is just one of several contained elements of interest and has increased in price from circa US$60/kg to circa $140/kg between 1 August 2020 and 1 August 2021 (source: kitco.com). The mineralization at Prairie Lake occurs at surface and extends to unknown depth below the deepest drilling conducted to date (circa 500m) - it represents a very significant domain of rock mineralized with a number of elements and compounds of economic interest including those defined as Critical Elements defined under the Canadian Minerals and Metals Plan ("CMMP") for which demand is projected to substantially increase and for which secure supply chains are sought." *Principal rock type: CRBT=carbonatite; IJ-PYX BX = breccia with crbt matrix & ijolite or pyroxenite clasts; MEL-IJ = melano-ijolite. ∑REE = Sum of Y, La, Ce, Nd, Sm; Y - yttrium, La - lanthanum, Ce - cerium, Nd - neodymium, Sm – samarium. P2O5 - phosphate, Nb2O5 – niobium oxide, Ta2O5 – tantalum oxide, 1g/t = 1 ppm When combined with previous sampling, the new results extend the continuous intersection in hole NP0801 to 112.7m of 0.196% Nb2O5 and 2.19% P2O5 with 0.0027 % (27 g/t) Ta2O5 and 1211 g/t ∑REE and in hole NP0802 to 111.2m of 0.159% Nb2O5 and 4.62% P2O5 with 0.0029 % (29 g/t) Ta2O5 and 1679 g/t ∑REE. In total of 86 drill core samples were collected from NP0801 and NP0802; two of ten holes from the southeast half of the SW Area target from which samples have been submitted for analyses so far this year (see map). Additional sampling, primarily from the northwest half of the SW Area target, will be completed later this summer. Previous diamond drilling on the Prairie Lake property (2007 to 2010) has returned assays up to: 1.008 % Nb2O5 over 1.0m (NP0711; 97.5-98.5m; carbonatite) 23.08 % P2O5 over 0.44m (NP1005; 336.27-336.71m; carbonatite) 474 g/t Ta over 1.0m (NP0711; 23.75-24.75m; ijolite) 2380 g/t Nd, 1910 g/t La and 4160 g/t Ce over 1.06m (NP1007; 428.0-429.06m; carbonatite) 590 g/t Sm and 887 g/t Y over 1.38m (NP1006; 165.92-167.3m; carbonatite) The Prairie Lake project consists of 46 mineral claims covering an area of ~630 ha. Logistically Prairie Lake is superbly located, with ready access to power, road, rail, and shipping infrastructure; it is easily accessed by an all-weather road from the TransCanada Highway 28 kilometres to the south. The mineralization identified is entirely contained within the Prairie Lake carbonatite complex; the ET of 515-630 million tonnes is defined by 59 diamond drill holes with grades as tabulated below. All samples were analysed by Activation Laboratories (ActLabs) in Ancaster, Ontario. Samples were analysed for a whole rock and trace element ICP analytical package as well as for niobium, tantalum, and zirconium oxides using a fusion XRF method. An internal Quality Control Quality Assurance (QAQC) program was implemented with four QAQC samples (blanks and reference standards) added into the sampling stream. Prairie Lake Drilling & Trenching by Target Area1: 1 Trench lengths are calculated as cumulative length of samples along trench. Prairie Lake ET2: 2 The potential quantity and grade of the ET is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource. There is no National Instrument 43-101 – Standards of Disclosure for Mineral Projects preliminary economic assessment in respect of the Prairie Lake ET. Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical contents of this news release.