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(Kitco News) – Nuinsco Resources (CSE: NWI) yesterday announced an initial mineral resource estimate (“MRE”) on its Prairie Lake critical minerals and phosphate project located near Terrace Bay, Ontario.
The company said that the pit constrained MRE consists of a 15.6 million tonne indicated mineral resource including 1.67 kg/t total rare earth oxides (“TREO”), plus niobium and phosphate; and a very large 871.8 million tonne inferred mineral resource including 2.01 kg/t TREO, plus niobium and phosphate.
Nuinsco added that substantial potential remains to expand and upgrade the initial mineral resource estimate. Further drilling to increase quantity and quality of the initial mineral resource is planned.
Importantly, the company noted that 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.
CEO Paul Jones said 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.
“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,” he added.
Nuinsco has four properties in Ontario – the Sunbeam gold property near Atikokan, the Dash Lake gold property near Terrace Bay, the large multi-commodity (rare-earths, niobium, tantalum, phosphate) Prairie Lake project near Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near Armstrong.
In addition, Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.
For Kitco News
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