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Nuinsco Resources Announces Exercise of Option and Acquisition of 100% Interest in Original Sunbeam Gold Property Claims
TORONTO, ON / ACCESSWIRE / February 2, 2021 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) today announced that that it has exercised its op
About this update from Nuinsco Resources Limited
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / February 2, 2021 / Nuinsco Resources Limited (\"Nuinsco\" or the \"Company\") (CSE:NWI) today announced that that it has exercised its option to acquire a 100% interest in the mineral claims optioned in February 2018 (the \"Initial Sunbeam Claims\") that comprise approximately 45% of the area of the Company's 49.4 km2 Sunbeam gold property (the \"Sunbeam Property\" or the \"Property\") located 27km northeast of Atikokan in northwestern Ontario. In February, 2018, the Company entered into an option agreement (the \"Agreement\") to acquire 100% of the Initial Sunbeam Claims then comprising the Sunbeam Property. The Agreement granted a 2.5% net smelter return royalty held by the vendors on the Initial Sunbeam Claims, 1% of which is subject to a right to purchase for $1 million. In October 2020, the Company entered into an option agreement with a different vendor on claims adjacent to the Initial Sunbeam Claims encompassing nine additional mining claims (the \"Additional Sunbeam Claims\") that effectively doubled the size of the Sunbeam Property land package and significantly expanded the scope and potential of exploration targets available to Nuinsco (see news release dated October 27, 2020). The option agreement on the Additional Sunbeam Claims remains in force. \"The encouraging results obtained from exploration conducted on the Sunbeam Property coupled with the presence of known gold mineralization on the Initial Sunbeam Claims meant that exercise of the option on the Initial Sunbeam Claims was the logical next step for the Company,\" said Paul Jones, CEO. \"The Property encompasses extensive domains of gold mineralization that warrant comprehensive investigation. At least ten gold occurrences have been identified to date on the Initial Sunbeam Claims, but prospecting and sampling have further expanded identification of anomalous gold mineralization along subparallel trends that extend the full width of the Property which, with the inclusion of the Additional Sunbeam Claims, is now 30km in strike length. As reported previously the ongoing work at the Sunbeam Property also continues to produce strong, optimistic, geophysical responses, so far along a trend of more than 2,500m, associated with gold mineralization, and obvious prospective exploration targets.\" The Sunbeam Property encompasses numerous g...