Positive Analytical Results Increase Confidence in Potential to Quickly Move to Gold Production
TORONTO, ON / ACCESSWIRE / March 4, 2019 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE: NWI) today announced positive analytical results from sampling at the El Sid gold project in Egypt, with assays grading up to 35.50 g/t gold. The average grade of all 239 samples taken from the waste dump at the past-producing El Sid gold mine is 4.47g/t gold.
"These results are as expected and confirm the wide distribution of gold mineralization within waste dumps at El Sid," said Paul Jones, CEO. "Given that the waste pile has already been mined, is on surface and has been partially processed, the average gold grade is very encouraging from the perspective of economic viability. The Company is in the process of evaluating gold recovery from the El Sid project using conventional, low-cost processing methods to quickly generate cash flow to provide non-dilutive funding for Nuinsco's Prairie Lake and Sunbeam projects and for the evaluation of potential new project acquisitions."
Through its Egyptian subsidiary Z-Gold Resources Inc., Nuinsco won a competitive bid for the right to evaluate the viability of gold production from waste dumps and tailings at the past-producing El Sid mine in Egypt's Eastern Desert. Located approximately 90km west of the town of Quseir on the Red Sea coast, El Sid is easily accessible via a paved road that passes through the project site. Three past producing gold mines are located on the project – the largest of which is the El Sid Mine which operated primarily between 1947 and 1957 and was Egypt's largest gold producer.
Site evaluation, processing equipment selection and metallurgy are continuing, and the Company is rapidly moving toward a production decision. If the project proves to be economically viable the timeline to gold production is short – measured in months.
In addition to the 239 samples collected from the El Sid mine waste dumps for analysis, an additional 20 blank and standard samples were inserted into the sample stream for QA/QC purposes. The sampling program included the use of a backhoe to excavate trenches and pits into the waste pile in order to ascertain grades other than from the surface of the pile. The waste dump attains a maximum thickness of 15m, maximum trench depth was 4m while pits were excavated at between 10m and 15m below the upper surface of the waste dump. All analyses were conducted by ALS Limited at their analytical laboratory in Izmir, Turkey.
Laura Giroux, M.Sc., P. Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the El Sid Project.
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 (rare-earths, niobium, tantalum, phosphorus) 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.
Forward-Looking Statements
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 copper and/or gold 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.
El Sid Project sample location distribution – 239 samples collected from the surface of the waste dump and from trenches and pits excavated by back-hoe. (To view the full-size image, please click here)
Distribution of gold grade for the 239 samples collected from the El Sid waste pile. (To view the full-size image, please click here)
SOURCE: Nuinsco Resources Limited