OMRI Listing Means Continued Improvement in Value Proposition for Well-Located, Multi-Commodity Project
TORONTO, ON / ACCESSWIRE / December 10, 2019 / Nuinsco Resources Limited (“Nuinsco” or “the Company”) (CSE:NWI) continues to advance the potential of its 100%-owned Prairie Lake project (“Prairie Lake”) near Marathon in northwestern Ontario. The Company recently received a listing by the Organic Materials Review Institute (“OMRI”) of the project’s calcium carbonate rock for use as a soil amendment and in organic food production or food processing and handling according to the USDA’s National Organic Program regulations, yet another indication of Prairie Lake’s increasing value. Phosphate-bearing calcium carbonate rock (also known as phosrock) such as is found at Prairie Lake can be used to revitalize land which has lost its fertility as a result of excessive chemical farming.
In addition to the phosrock the Prairie Lake mineralization also contains a variety of rare earth elements (“REEs”), niobium and tantalum. The mineralization identified is entirely contained within the Prairie Lake carbonatite complex, presently encompassing an exploration target (“ET”) of 515-630 million tonnes defined by 46 diamond drill holes.
“The Prairie Lake project encompasses a very large domain of phosphate mineralized carbonate rock; the use of this rock as a soil amendment and fertilizer has great potential economic significance for Nuinsco,” said Paul Jones, CEO. “The ever increasing demand for food and for the means to maximize global agricultural production, the growing necessity to revitalize agricultural land worldwide, and the increasing significance of organic food production all point to the potential of a very large market for the OMRI-listed Prairie Lake phosphate rock. The relative ease with which Prairie Lake could potentially be exploited from surface using quarry methods points to the significance of Prairie Lake within Nuinsco’s property portfolio.”
The Prairie Lake project consists of 46 mineral claims covering an area of 630 ha. Logistically the project is superbly located, with ready access to power, road, rail and shipping infrastructure; it is easily accessed by an all-weather road from the TransCanada Highway 28 kilometres to the south.
About Nuinsco Resources Limited
Nuinsco Resources has over 45 years of exploration success and is a growth oriented, multi-commodity mineral exploration and development company focused on prospective opportunities in Canada and internationally. Currently the Company has two properties in Ontario – the high-grade Sunbeam gold prospect near Atikokan and the large, multi-commodity) Prairie Lake project near Terrace Bay. In addition, Nuinsco has recently completed an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt – a project with the potential to provide near-term revenue.
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 commodities 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 tenure to properties and/or necessary permits and approvals, 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 learn more, please contact:
Paul Jones, CEO
Sean Stokes, Executive VP
Cathy Hume, Consultant
SOURCE: Nuinsco Resources Limited
View source version on accesswire.com: