Nuinsco Resources Ltd NWI
Shares issued 54,266,740 Sep 4 2002 close $ 0.20
Wednesday September 4 2002 News Release
Mr. Douglas Hume reports
NUINSCO COMMENCES HIGH-GRADE TANTALUM EXPLORATION AT PRAIRIE ...
An exploration program has been launched seeking high-grade tantalum at
Nuinsco's Prairie Lake property, located about 35 miles northwest of Marathon,
Ont. This work is based on research studies conducted recently at Carleton
University, Ottawa. (For fuller details see Stockwatch May 28.)
Results of the Carleton studies proved to be quite remarkable. Rock types from
the southwest quadrant of the complex carried 8 per cent to 10 per cent Ta2O5
(by weight) in pyrochlore, values much higher than previously thought to
exist. Pyrochlore can host both tantalum and niobium mineralization.
Favourable results from this program can be expected to lead to a more
comprehensive exploration program to evaluate the economic potential of the
entire 1,250-acre complex. The Prairie Lake complex is known to host important
marketable metals such as tantalum, niobium and uranium as well as byproduct
industrial minerals apatite, wollastonite and high-grade calcium carbonate.
Tantalum, potentially the most valuable mineral targeted in the current
exploration effort, is used in many electronic devices such as cellphones,
computers and in a variety of aerospace applications.
Tracked mechanical equipment is being assembled for trenching and stripping
and will be on the ground within a few days. The known mineralization is
exposed at surface and could be amenable to open-pit or quarry-style mining.
Frank Crothers, the company's largest shareholder, was granted and agreed to
exercise incentive stock options to purchase 600,000 treasury shares at 18.5
cents per share to provide financing for the current Prairie Lake work
program.
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