Nuinsco Acquires Gold Project in Lake of the Woods Region
Nuinsco Resources Limited announced it has optioned a claim package, collectively referred to as the Olympian Project, that hosts numerous previously identified gold occurrences. The project area lies 5 km northeast along strike from the Kenora region’s most significant past producer, the Wendigo Mine.
“Adding the Olympian Project to our portfolio allows Nuinsco to draw upon its considerable experience in the Lake of the Woods region having already made two significant gold discoveries there: the Cameron Lake Deposit near Sioux Narrows in 1983 and the Rainy River 17 Zone near Emo in 1995,” said Paul Jones, President. “We intend to begin a work program immediately, quickly leading to diamond drilling.”
The Olympian Project is easily accessible by gravel road from paved Highway 71 about 28 km southeast of Kenora. Mineralization consists of a series of gold, silver and copper-bearing veins traced for up to 800 metres and hosted by mafic metavolcanic rocks. A number of reports are available which show multi-gram gold grades from these veins. The past producing, geologically similar Wendigo Mine produced 67,423 oz gold, 14,762 oz silver, and 1.886 million lb copper. The average gold grade of ore milled was 0.33 oz/ton (as reported in Ontario Geological Survey files).
The Olympian Project consists of 18 mining claims and three patented mining claims totalling 14.05 km2 extending approximately 7km between Hwy 71 and Witch Bay on Lake of the Woods. The claims were assembled through four option agreements with local individuals. Each option agreement consists of cash and shares, and gives Nuinsco the option to acquire a 100% interest. Each of the option agreements relating to the Olympian Project is subject to approval by the Toronto Stock Exchange.
