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Nuinsco Resources Options Zig Zag Lake Project to Provide Non-Dilutive Funding to Advance its Prairie Lake Phosphate/Critical Minerals Project
Toronto – TheNewswire - March 9, 2023 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE:NWI) today announced that it has optioned its Zig Zag Projec
About this update from Nuinsco Resources Limited
[{"type":"text","content":"Toronto – TheNewswire - March 9, 2023 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE:NWI) today announced that it has optioned its Zig Zag Project to First Class Metals PLC (“FCM”). The option, executed on March 8, 2023, will provide the Company with additional non-dilutive funding as it increasingly focusses on its extraordinary Prairie Lake phosphate/Critical Minerals Project located near Marathon in northwestern Ontario. The Prairie Lake project is a very large phosphate/Critical Minerals resource, superbly located in a Tier 1 mining jurisdiction in North America. It is a potential source of vital elements needed for applications in agriculture/food production, transportation, power distribution, energy storage, green technologies and a host of others. It is of immense value to a secure critical minerals supply chain; an issue identified by numerous governments and agencies in the recent past. Prairie Lake is located near the north shore of Lake Superior, putting it in close or easily accessible reach of: The towns of Marathon and Terrace Bay, able to supply skilled, local workforce. Paved Highways 17 and 11. Canadian Pacific Railway and Canadian National Railway networks. High capacity (230kV) electrical power transmission line. Only 50km from the Marathon deep water port project. Deep-water ports also located at Thunder Bay and Sault Ste. Marie – ready access to global markets. Paul Jones, Nuinsco’s CEO, stated: “We are pleased with the completion of the option agreement on the Zig Zag project with First Class Metals. It will provide additional funding to allow us to further work on the Company’s Prairie Lake project with all of its potential to contribute significantly to the global phosphate/Critical Minerals supply chain.” Terms of the deal: FCM has an option to earn-in up to an 80% interest in the Zig Zag project mining claims. The payments for the exercise of this option include a cash component of $CAD500,000 and a share component of $CAD250,000 in FCM shares spread across approximately 3.5 years. Additionally, FCM has committed to undertake exploration related expenses on the property over the same period to a value of $CAD550,000. Table 1 Zigzag Option Schedule Cash (CAD$) FCM Shares (CAD$) An...