Nuinsco Identifies High Grade Apatite Mineralization at the Prairie Lake Critical Minerals Project

(TheNewswire)

Highlights:

• Very high apatite content observed indrill core. 

• High apatite content translates intoelevated phosphate and rare earth element (“REE”)content. 

• Intervals of tens of metres ofhigh-grade rock identified in drill core. 

• Provides added value and opportunityto an already enormous asset. 

Toronto – TheNewswire- May 23, 2024 – Nuinsco Resources Limited (“Nuinsco” or the“Company”) (CSE: NWI),(FRA: NJX) today announcedthat results from the re-logging of drill core and a review ofhistoric data (the “Study”) indicate the presence of highergrade domains of phosphate/apatite mineralization at the Prairie LakeCritical Minerals and phosphate project (“Prairie Lake” orthe “Project”) than reported in the Company’s mineral resource estimate(“MRE”) dated May 31, 2022 which could have a positive impact onthe Prairie Lake resource.

The Study identified the presence of substantialdomains of phoscorite rock containing higher-grade phosphatemineralization associated with elevated content of the mineralapatite. This indicates the potential for larger domains of high-gradephosphate and REEs occurring within the already very large CriticalMinerals MRE at the Project (see table below).  In places, abundantphoscorite rock with apatite mineralization is observed over tens ofmetres in drill core – resulting in sizeable, measured intersectionswith phosphate and REE grades substantially higher than the averagegrade of the MRE (see table below).  

Click Image To View Full Size

                       Prairie Lake Projectphoscorite rock in drill core containing abundant (circa 50%) apatite

                                                                        (sugary,pale-green mineral)

“The presence of phoscorite and domains containingabundant apatite mineralization is of significant interest to theProject,” said Paul Jones, Nuinsco’s CEO. “The 871.8 milliontonne Inferred and 15.6 million tonne Indicated MRE at the Project isa very substantial asset of vitally important critical minerals with,constantly expanding, global demand.  The presence of the apatiterich high-grade mineralization adds high-value domains and may improvethe robustness of the project and provide opportunities to enhance theMRE and plan next steps which is a very positive step in assessing theproject.”  

Tabulated Drill Hole Intersections - Prairie LakeProject

Prairie Lake, located near Terrace Bay, Ont., hasamongst the world’s highest known light rare earth element contentin apatite and contains a host of other REE bearing minerals, as wellas niobium-bearing pyrochlore, and phosphate mineralization.Metallurgical studies to date demonstrate that a clean phosphateconcentrate, grading 26% P2O5 at 76%recovery with ample room for improvement, and with valuablerare earth element co-concentrate, canbe reliably produced from Prairie Lakefeed.

The Prairie Lake project contains a large, well-located resource of critical minerals in NorthAmerica.  It is a potential source of elements needed forapplications in transportation, power distribution, green technologiesand a host of other applications, including agriculture. It is ofimmense value to a secure critical minerals supply chain; a strategicconcern identified by numerous governments in the recent past andaddressed with incentives and programs to encourage development of thecritical minerals sector. The Project is located near the north shoreof Lake Superior, putting it in close or easily accessible reachof:

• The towns of Marathon, Terrace Bay and other affectedcommunities - all able to supply a local, skilled workforce. 

• All weather forest access road crossing the project anddeposit. 

• Paved Highways 17 and 11 to the south andnorth. 

• Canadian Pacific Railway and Canadian National Railwaynetworks. 

• High capacity (230kV) electrical power transmissionline. 

• 50km from the Marathon deep water port project.Deep-water ports are also located at Thunder Bay and Sault Ste. Marie,able to handle ocean going ships. 

• The Marathon airport. 

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco'sQualified Person under National Instrument 43-101. Ms. Giroux hasreviewed and approved the technical contents of this news release.

About Nuinsco ResourcesLimited

Nuinsco Resources has over 50years of exploration suc­cess and is a growth-oriented,multi-commodity mineral explora­tion and development company focusedon prospective oppor­tunities in Canada and internationally.Currently the Company has   the large multi-commodity (phosphate,rare earth element, niobi­um, tantalum) Prairie Lake project nearMarathon-Terrace Bay, the Zig Zag Lake property (lithium, tantalum)near Armstrong optioned to First Class Metals PLC and retains a NSRroyalty on the Sunbeam gold property near Atikokan. In addition,Nuinsco has an agreement for gold exploitation at the El Sid projectin the Eastern Desert of Egypt.

Prairie Lake Project Pit ConstrainedMineral Resource Estimate(1-6)

*TREO = Total Rare Earth Oxides: neodymium,Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2;lanthanum, La2O3; samarium,Sm2O3; yttrium, Y2O3.

A full description of methodology used to estimate thePrairie Lake project Mineral Resource Estimate is contained in the NI43-101 compliant Technical Report, effective date 31 May 2022 preparedby P&E Mining Consultants Inc. that is filed on SEDAR.  

1.        Mineral Resources that are not MineralReserves do not have demonstrated economic viability.

The estimate of Mineral Resources may be materiallyaffected by environmental, permitting, legal, title, taxation,socio-political, marketing, or other relevant issues.

3.        The Inferred Mineral Resource in thisestimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could potentially be upgraded to an Indicated MineralResource with continued exploration.

• The Mineral Resources were estimated in accordance withthe Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions (2014) andBest Practices Guidelines (2019) prepared by the CIM StandingCommittee on Reserve Definitions and adopted by the CIMCouncil. 

5.        US$ Metal prices used were $80/KgNd2O3, $80/Kg Pr6O11, $1,500/Kg Sc2O3, $50/KgNb2O5, $250/t P2O5, $1.35/Kg CeO2,$1.35/Kg La2O3, $3.50/Kg Sm2O3, Nil$/t Ta2O5 and $13.00/kgY2O3, 0.78 FX all with combined processrecoveries and payables of 50%, except P2O5 at 75%.

6.        The constraining pit optimizationparameters were C$2.50/t mining cost for all material, C$25/t processcost, C$5/t G&A cost and 45-degree pit slopes with a C$30/t NSRcut-off.

Forward-LookingStatements

This news release contains certain"forward-looking statements." All statements, other thanstatements of historic fact, that address activities, events ordevelopments that Nuinsco believes, expects or anticipates will or mayoccur in the future are forward-looking statements. Forward-lookingstatements are often, but not always, identified by the use of wordssuch as "seek," "anticipate," "believe,""plan," "estimate, “expect," and"intend" and statements that an event or result"may," "will," "can,""should," "could," or "might" occur orbe achieved and other similar expressions. These forward-lookingstatements reflect the current expectations or beliefs of Nuinscobased on information currently available to Nuinsco. Forward-lookingstatements are subject to a number of risks and uncertainties that maycause the actual results of Nuinsco to differ materially from thosediscussed in the forward-looking statements, and even if such actualresults are realized or substantially realized, there can be noassurance that they will have the expected consequences to, or effectson Nuinsco. Factors that could cause actual results or events todiffer materially from current expectations include, among otherthings, failure to successfully complete financings, capital and othercosts varying significantly from estimates, production rates varyingfrom estimates, changes in world copper and/or gold markets, changesin equity markets, uncertainties relating to the availability andcosts of financing needed in the future, equipment failure, unexpectedgeological conditions, imprecision in resource estimates, success offuture development initiatives, competition, operating performance offacilities, environmental and safety risks, delays in obtaining orfailure to obtain tenure to properties and/or necessary permits andapprovals, and other development and operating risks. Anyforward-looking statement speaks only as of the date on which it ismade and, except as may be required by applicable securities laws,Nuinsco disclaims any intent or obligation to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise. Although Nuinsco believes thatthe assumptions inherent in the forward-looking statements arereasonable, forward-looking statements are not guarantees of futureperformance and accordingly undue reliance should not be put on suchstatements due to the inherent uncertainty therein.

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