Well, this program seems to be successful:
DECEMBER 11, 2002 - 12:41 EST
Nuinsco Confirms High Values Of Tantalum At Prairie Lake
TORONTO, ONTARIO--Nuinsco Resources Limited (NWI:TSX) today reported additional analyses from its recent field exploration program to identify high grade tantalum at its 100% owned Prairie Lake Property near Marathon, Ontario. The program confirms Dr. D.H. Watkinson's (Carleton University, Ottawa) observation of the existence of high tantlum values within pyrochlore mineralization.
All 212 samples were assayed using peroxide fusion methods. ALS Chemex reports that over 75% of the samples returned elemental tantalum values of greater than 10 p.p.m. and certified values up to 314 p.p.m. Check assays were performed by ACTLabs of Ancaster, Ontario as confirmation where values as high as 406 p.p.m. were reported. Significant niobium and uranium values were also confirmed.
"What we learned from this surface inspection is that the pyrochlore mineralization in the Prairie Lake Complex is anomalous and pervasive, reflecting a high tantalum content for the source magma," stated Doug Hume, Nuinsco's CEO. "We are extremely pleased with these preliminary results and can now plan the next geological program for 2003 that we expect will confirm that the mineralization continues to depth. In addition, carbonatite expert Dr. A.N. Mariano observed in his earlier studies that at Prairie Lake pyrochlore zones ranging from 10 to 20% by volume occur. These zones occur within the complex boundaries but are not yet pin-pointed," Mr. Hume added.
Nuinsco's carbonatite experts visualize an open pit mining plan that will extract and concentrate the highest grade pyrochlore zones for further tantalum processing. Using Dr. Mariano's lower end estimate of 10% pyrochlore in bedrock, and his observation of 2% to 5% tantalum would yield between 2 and 5 kilograms (4.4 pounds to 11 pounds) of tantalum per tonne for a value of US $176 to $440 per tonne of rock mined. Tantalite is quoted at US $40 per lb. Additional credits may be available for niobium and uranium by-products.
Nuinsco is an exploration company with other projects in
Thompson, Manitoba, northwestern Ontario and northwestern Quebec. Shares of Nuinsco trade on The Toronto Stock Exchange under the symbol NWI. U.S. S.E.C. exemption: 12g3-2(b)#82-1846.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Nuinsco Resources
H. Douglas Hume
President
(416) 626-0470
admin@nuinsco.ca
or
Hume, Kieran Inc.
Olav Svela
Investor Relations
(416) 868-1079
olav@humekieran.com
or
Hume, Kieran Inc.
Cathy Hume
Investor Relations
(403) 541-1225
cathy@humekieran.com
To receive Company news releases via e-mail, please advise Kam
Dhanjal (kam@humekieran.com) |
