Nuinsco Looks to Increase 330-360 Million Tonne ETMI at Prairie Lake
June 01 2010 - 11:45AM
Marketwired Canada
Nuinsco Resources Limited ("Nuinsco") (TSX:NWI), (www.nuinsco.ca) reports that a
large scale trenching program totalling over 2 kilometres has begun at its 100%
owned Prairie Lake Project in northwestern Ontario. This program focuses on
parts of the property that to date have seen little or no systematic exploration
and are not included in the 330 to 360 million tonne Exploration Target
Mineralization Inventory (ETMI) estimate(1) which was announced earlier this
year.
"The ETMI released in January demonstrates the huge scale and potential economic
significance of this multi-commodity deposit, however with only 12% of the total
surface area of the Prairie Lake complex included in the ETMI we have barely
scratched the surface," said President Paul Jones. "The ambitious trenching
program will provide exposure in areas of the intrusive complex where no diamond
drilling whatsoever has been conducted (the north and east). Results of
systematic trench sampling will be used to develop additional work plans aimed
at further evaluating the subsurface potential of the project."
The work will build on the results of the National Instrument 43-101 compliant
ETMI estimated at between 330 and 360 million tonnes averaging 3.5% to 3.7% P2O5
and 0.12% to 0.14% Nb2O5 (1.2 to 1.4 kg/tonne) (see news release dated January
13, 2010). In addition to phosphorous and niobium, the suite of minerals of
economic significance at Prairie Lake includes tantalum (Ta), uranium (U), rare
earth elements (REE), wollastonite and carbonate.
Recent metallurgical testing by Nuinsco indicates that Dense Media Separation,
Magnetic Separation and low-cost flotation methods are capable of producing
concentrates from Prairie Lake containing mineralization of sufficiently
elevated grade to be of potential economic interest (see Nuinsco news releases
of October 19, 2009 and February 4, 2010). In particular, the results show that
significant upgrading of P2O5, up to 23.4%, is possible producing a concentrate
that also contains niobium and REEs.
Niobium and phosphorous values from drill core, beginning at surface, compare
favourably with those identified by Commerce Resources Corp. ("Commerce") at its
Upper Fir carbonatite in BC. By way of comparison, average grades for the 17
diamond drill holes completed by Commerce during 2006(2) at Upper Fir were 0.11%
Nb2O5, and 3.69% P2O5 and 0.018% Ta2O5, whereas the weighted average of all core
samples drilled at Prairie Lake from 1969 to 2008 is 0.13% Nb2O5, 3.93% P2O5 and
0.003% Ta2O5.
Prairie Lake project highlights are:
-- It is located just 28km north of the Trans-Canada Highway and the CPR
railway and is accessible year round by an all-weather road which
actually crosses the property.
-- The Prairie Lake Carbonatite Complex has a surface area of 2.8 km2
(approximately 2km north-south by 1.7km east-west) with a pronounced
circular topographic expression and relief of 5-70m above the
surrounding plain, further enhancing access to the project.
-- The Jim's Showing Area at Prairie Lake hosts a near-surface historic
resource of over 180,000 tonnes grading 0.09% U3O8 and 0.25% Nb2O5(3).
-- Mineralization occurs at surface and carbonatite rock continues to
depths of at least 500m with grades similar to those at and near
surface. For example: 3.16% P2O5, 0.104% Nb2O5, and 32ppm Ta2O5 over
82.32m (DDH NP0809; 443 to 525.58m) and 3.96% P2O5, 0.082% Nb2O5 and
25ppm Ta2O5 over 372m (DDH NP0810; 125 to 497m).
-- Higher grade intervals indicate potential for domains of elevated grade:
-- 18.05% P2O5, 0.76% Nb2O5 and 0.018% Ta2O5 over 1 metre (DDH NP0709;
49-50m)
-- 6.12% P2O5, 1.01% Nb2O5 and 0.007% Ta2O5 over 1 metre (DDH NP0711;
97.5-98.5m)
-- 4.41% P2O5, 0.37% Nb2O5 and 0.059% Ta2O5 over 1 metre (DDH NP0711;
23.75-24.75m)
Annual and Special Meeting
As a reminder, the Company's Annual and Special Meeting for Shareholders ("ASM")
will take place on Wednesday, June 2, 2010 at 4:00 p.m. Toronto Time at the
Toronto Board of Trade, 1 First Canadian Place, Toronto, Ontario. The ASM will
be webcast and can be accessed through Nuinsco's website at www.nuinsco.ca. For
those attending via webcast who wish to ask questions, please e-mail
sean.stokes@rogers.blackberry.net.
About Nuinsco
Nuinsco is a growth-oriented, multi-commodity mineral exploration and
development company that is focused on uranium, copper, zinc and gold
exploration and development in world-class mineralized belts in Canada, Turkey
and Egypt. In addition to its property holdings, Nuinsco owns approximately 9%
of the outstanding common shares of Gold Hawk Resources Inc. (TSX VENTURE:GHK)
and approximately 1.4% of the outstanding common shares of Victory Nickel Inc.
(TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol
NWI.
Please visit the Company's website at www.nuinsco.ca. Should you wish to receive
Company news via email, please email chelsea@chfir.com and specify "Nuinsco
Resources" in the subject line.
(1) The potential quantity and grade of the ETMI 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.
(2) Technical Report on the Upper Fir Tantalum-Niobium-Bearing Carbonatite June
20, 2007.
(3) A qualified person has not done sufficient work to classify the historical
estimate as current mineral resources. The issuer is not treating the historical
estimate as current mineral resources and the historical estimate should not be
relied upon.
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.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and
"intend" and statements that an 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
statements are subject to a number of risks and uncertainties that may cause the
actual results of Nuinsco to differ materially from those discussed in the
forward-looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on Nuinsco. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things, failure to successfully complete financings, capital and other
costs varying significantly from estimates, production rates varying from
estimates, changes in world copper and/or gold markets, changes in equity
markets, uncertainties relating to the availability and costs of financing
needed in the future, equipment failure, unexpected geological conditions,
imprecision in resource estimates, success of future development initiatives,
competition, operating performance of facilities, environmental and safety
risks, delays in obtaining or failure to obtain necessary permits and approvals
from government authorities, 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 required by applicable securities laws, Nuinsco disclaims any
intent or obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise. Although
Nuinsco believes that the assumptions inherent in the forward-looking statements
are reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements
due to the inherent uncertainty therein.
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From May 2024 to Jun 2024
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jun 2023 to Jun 2024
