Nuinsco Enters Option Agreement on the Sunbeam Gold Project

TORONTO, ON / ACCESSWIRE / October 4, 2022 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) today announced that it has entered into an option agreement (the "Agreement") with First Class Metals PLC ("FCM") on the Company's Sunbeam gold project (the "Project") near Atikokan, Ontario.

Under the terms of the Agreement, FCM can acquire a 100% interest in the Project on the following basis:

• making aggregate payments to Nuinsco of C$700,000 in three tranches comprising:
  • C$400,000 within 10 (ten) business days of the execution of the Agreement;
  • C$150,000 prior to the four-month anniversary of execution of the Agreement; and,
  • C$150,000 prior to the eight-month anniversary of execution of the Agreement;
• expending on the Project C$750,000 in exploration expenses within three years of executing the Agreement, of which $50,000 must be spent in the first year;
• paying to Nuinsco C$250,000 upon estimating an Indicated Resource containing 250,000 ounces of gold, and paying to Nuinsco an additional C$250,000 upon estimating an additional Indicated Resource containing 250,000 ounces of gold (for a total Indicated Resource containing 500,000 ounces of gold); and,
• providing to the Company a 1% net smelter return royalty.

"Nuinsco is very pleased to have entered this Agreement which will see the ongoing exploration and development of the Sunbeam gold project," said Paul Jones, CEO. "It will provide the Company with immediate, non-dilutive, funding that will allow Nuinsco to advance its 100%-owned Prairie Lake Critical Minerals Project near Terrace Bay, Ontario for which we recently announced a maiden resource estimate highlighting the potential of this highly-prospective asset. Further, the terms of the Agreement provide the Company with the potential for future participation in the Project through the staged cash payments and retention of a royalty."

About Nuinsco Resources Limited
Nuinsco Resources has over 50 years of exploration suc­cess and is a growth-oriented, multi-commodity mineral explora­tion company focused on prospective oppor­tunities in Canada and internationally. Currently the Company has four properties in Ontario - the large, multi-commodity (rare-earths, niobi­um, tantalum, phosphate) Prairie Lake project near Terrace Bay; the high-grade Sunbeam Gold Property near Atikokan (currently under option to First Class Metals PLC); the Dash Lake Gold Property near Terrace Bay; and the Zig Zag Lake Property (lithium, tantalum) near Armstrong. In addition, Nuinsco has an agreement for gold exploitation at the El Sid Project in the Eastern Desert of Egypt.