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Nuinsco Resources Conducts Expanded Geophysical Survey at the Sunbeam Gold Project, Announces Flow Through and Hard Dollar Financing
TORONTO, ON / ACCESSWIRE / October 8, 2020 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) www.nuinsco.ca today announced that it has contrac
About this update from Nuinsco Resources Limited
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / October 8, 2020 / Nuinsco Resources Limited (\"Nuinsco\" or the \"Company\") (CSE:NWI) www.nuinsco.ca today announced that it has contracted a geophysical company to conduct induced polarization and magnetic surveys on the Sunbeam gold property (the \"Property\"), a high-grade gold project located near the town of Atikokan, northwestern Ontario. Funding for the geophysical work derives from a private placement financing by the Company that is currently in progress (the \"Private Placement\"). Mobilization of the geophysical crew to the project will commence shortly. The geophysical program will expand induced polarization and magnetic coverage to the east and west of a detailed survey done in 2018 over the past-producing Sunbeam Mine. When this program is completed, induced polarization coverage will for the first time cover a continuous strike length of approximately three kilometres along the Sunbeam gold mineralized lineament that is known to host three of at least 12 gold occurrences encompassed by the claim group, namely the Sunbeam Mine, the AL198 showing and the Road showing. The 2018 survey generated high-priority resistivity/chargeability targets associated with known gold mineralization; the intent of the current program is to incorporate those results into a more comprehensive survey that will map on-strike extensions to these anomalous domains. The other known gold occurrences on the property are candidates for geophysical coverage as the work program progresses. The Private Placement consists of two offerings: units (the \"Units\") and common shares issued on a flow through basis (the \"Flow Through Shares\"). Each Unit, priced at $0.01 per Unit, consists of one common share and one full common share purchase warrant (each a \"Warrant\"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.05 for a period of 24 months from closing of the Private Placement. The Flow Through Shares are priced at $0.01. The gross proceeds from the issuance of the Flow Through Shares will be used for Canadian Exploration Expenses, as defined in the Income Tax Act (Canada), on the Company's Canadian mineral properties. About the Sunbeam Gold Project The Property is traversed by at least three sub-parallel, northeast-trending, gold-mineralized, lineaments secondary to t...