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Nuinsco Resources Extends Option Term at Sunbeam Gold Property
TORONTO, ON / ACCESSWIRE / July 23, 2020 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) today announced that the option term for the Sunbeam
About this update from Nuinsco Resources Limited
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / July 23, 2020 / Nuinsco Resources Limited (\"Nuinsco\" or the \"Company\") (CSE:NWI) today announced that the option term for the Sunbeam Gold Property (the \"Property\") near Atikokan in northwestern Ontario has been extended until 31 December, 2020 (the \"Extension\"). \"The Extension will allow us to increase geophysical coverage and prepare for diamond drilling on the largely untested parts of gold mineralized trends that traverse the property,\" said Paul Jones, CEO. Under the terms of the Extension, the optionors will immediately receive 3.1 million shares in the Company (200,000 shares plus shares valued at $29,000 and priced at $0.01, subject to regulatory approval). On 31 December, 2020 an amended cash payment of $90,000 is due to the optionors should Nuinsco exercise the option, at which time the Company will own 100% of the project. This 100% ownership would be subject to a 2.5% net smelter returns royalty (the \"Royalty\") and a $20,000 per annum pre-production payment deductible from any net smelter returns royalty payments made to the optionors. 1.5% of the Royalty can subsequently be purchased for $1,000,000. The Property is located in northwestern Ontario 27km northeast of the town of Atikokan and 12km southeast of Agnico Eagle's Hammond Reef gold deposit. It is accessible via well-maintained logging roads from Hwy 11. QP P.L. Jones, 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 Property. 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 completed an agreement to exploit the El Sid project in southeastern Egypt - this project requires little capital and can provide near-term revenue to the Company; the Company is in the process of sourcing funding to commence the process of building a plant on-site. Forward-Looking Statements This news release contains c...