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Nuinsco Resources Limited ("Nuinsco")(TSX:NWI - News; www.nuinsco.ca),
today announced that P&E Mining Consultants Inc. ("P&E")
has completed an Exploration Target Mineralization Inventory (ETMI) estimate
that demonstrates the huge scale and potential economic significance of Nuinsco's 100% owned, Prairie Lake Project in
northwestern Ontario.
The ETMI sets the target estimate for
the two areas drill-tested to date, the SW Zone and Jim's Showing (see map
below), 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). In addition to phosphorous and niobium, the suite
of minerals of economic significance includes tantalum (Ta), uranium (U) and
rare earth elements (REE) (including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd) and yttrium (Y)).
"We are very encouraged by the modelling which confirms the potential for significant
tonnage at Prairie Lake, particularly given growing demand for tantalum,
niobium and REEs in the electronics and other industries" said Paul
Jones, President. "The ETMI compares very favourably
in terms of grade and tonnage with other reported programs on similar
targets, and Prairie Lake still has excellent exploration potential, as
evidenced by the fact that the surface area used to define the ETMI covers
just 12% of the total surface area of the Prairie Lake complex."
No drilling whatsoever has yet been
conducted into the north and east of the intrusive complex providing easily
accessible, unexplored, subsurface potential. The ETMI has been defined from
48 of the 66 existing diamond drill holes.
The ETMI, tabulated below, forms part of
a 43-101 Technical report to be released within 45 days of this press
release.
Prairie Lake Exploration Target Mineralization Inventory
(ETMI)(i)
---------------------------------------------------------------
SW Zone Jim's Showing Total
---------------------------------------------------------------
P2O5 (%) 3.5 - 3.7 3.7 - 4.0 3.5 - 3.7
---------------------------------------------------------------
Nb2O5 (%) 0.13 - 0.14 0.10 - 0.11 0.12 - 0.14
---------------------------------------------------------------
Ta2O5 (ppm) 26 - 27 27 - 28 26 - 27
---------------------------------------------------------------
U3O8 (%) 0.005 -0.006 0.017 - 0.018 0.007 - 0.018
---------------------------------------------------------------
La (ppm) 98 - 106 12 - 14 110 - 120
---------------------------------------------------------------
Ce (ppm) 293 - 319 37 - 41 330 - 360
---------------------------------------------------------------
Sm (ppm 60 - 66 57 - 63 58 - 64
---------------------------------------------------------------
Nd (ppm) 317 - 322 310 - 337 315 - 325
---------------------------------------------------------------
Y (ppm) 88 - 93 95 - 101 91 - 93
---------------------------------------------------------------
Combined REE (ppm) 1490 - 1525 1516 - 1597 1490 - 1536
---------------------------------------------------------------
volume (m3 millions) 98 - 106 12 - 14 110 - 120
---------------------------------------------------------------
tonnes (millions) 293 - 319 37 - 41 330 - 360
---------------------------------------------------------------
---------------------------------------------------------------
(i) 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.
The ETMI was estimated by Eugene Puritch, P.Eng and Antoine Yassa, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario
utilizing an average 3.0 tonne per cubic metre bulk density as determined from site visit
verification sample analyses performed by SGS Canada. The SW Zone and Jim's
Showing have sufficient drill-hole density to allow an ETMI; little or no
drilling has been conducted elsewhere on the intrusion.
Recent metallurgical testing by Nuinsco indicates that dense media separation and
magnetic separation processing are a means of producing concentrates from
Prairie Lake containing mineralization of sufficiently elevated grade to be
of potential economic interest (see Nuinsco news
release of October 19, 2009). In particular a non-magnetic concentrate
returned mean values of 9.4% P2O5, 0.29% Nb2O5, 35.9 ppm
Ta, and 2808 ppm combined rare earth elements.
Results of additional metallurgical testing will be reported shortly.
Project highlights are:
- Located just 28km north of the Trans Canada Highway and the CPR railway
and accessible year round by an all-weather gravel 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.
- Jim's Showing Area at Prairie Lake hosts a near-surface historic (non-
NI-43-101-compliant) uranium resource of over 180,000 tonnes grading
0.09% U3O8 and 0.25% Nb2O5.
- The ETMI was derived from core samples drilled at Prairie Lake from 1969
to 2008 with 2,502 Nb2O5 analyses, 2,484 P2O5 analyses and 1,755 Ta2O5
analyses.
- 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).(1)
- Higher grade intervals indicate potential for domains of elevated
grade(1):
-- 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)
(1) Analyses were conducted by Activation Laboratories of Ancaster, Ontario,
Canada.
Paul Jones, P.Geo.
President of Nuinsco and Eugene Puritch,
P.Eng.,
President of P&E Mining Consultants Inc. have reviewed and approved the
contents of this press release.
Cambridge House: Vancouver Resource
Investment Conference
Nuinsco Resources and Victory Nickel Inc. will
be attending The Vancouver Resource Investment Conference. Please visit us at
booth # F704 in the Fairmont Hotel, 900 West Georgia Street, Vancouver B.C on
January 17 and 18, 2010.
About Prairie Lake
Located about 45 kilometres
northwest of Marathon, Ontario, Nuinsco's Prairie
Lake property covers the entire 2.8 km2 (at surface) Prairie Lake Carbonatite Complex and is easily accessible from the
TransCanada Highway. The Prairie Lake Project hosts a near-surface historic
(non-NI-43-101-compliant) resource of over 180,000 tonnes
grading 0.09% U308 (1.656 lb/tonne) and 0.25%
niobium identified in limited exploration dating from the mid-1960s. The
Prairie Lake Carbonatite intrusion is a vast
exploration target that forms a prominent circular hill. Anomalous uranium
mineralization is widespread throughout the intrusion in association with the
minerals pyrochlore, uranpyrochlore
and betafite.
About Nuinsco
Resources
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 and Turkey and potentially Egypt. In addition to its property
holdings, Nuinsco owns approximately 9% of the
outstanding common shares of Gold Hawk Resources Inc. (TSX VENTURE:GHK
- News) and approximately
2% of the outstanding common shares of Victory Nickel Inc. (TSX:NI - News). 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 catarina@chfir.com and specify
"Nuinsco Resources" in the subject line.
The historic uranium resource estimate
quoted herein is based on prior data and reports obtained and prepared by
previous operators and the Company. The Company has not completed the work
necessary to verify the classification of the mineral resource estimate. The
Company is not treating the mineral resource estimate as NI 43-101 defined
resources verified by a qualified person. The historical estimate should not
be relied upon. This property requires considerable further evaluation which Nuinsco's management and consultants intend to carry out
in due course. FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements." All statements, other than statements
of historical 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.
To view Prairie Lake Project map, please
visit the following link:
http://media3.marketwire.com/docs/Prairie-Lake.pdf
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