Initial Mineral Resource Estimate On The Prairie Lake Critical Minerals And Phosphate Project

TORONTO – Nuinsco Resources Limited reported on the Mineral Resource Estimate (MRE)  on its Prairie Lake Critical Minerals and Phosphate Project located near Terrace Bay, Ontario. 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, 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.”