New Option Agreement Significantly Increases Exploration Targets

TORONTO - Nuinsco Resources Limited has entered into an option agreement that has effectively doubled the size of the Sunbeam gold property land package and significantly expanded the scope and potential of exploration targets available to Nuinsco. The original Sunbeam gold property hosts 10 gold occurrences, including the past-producing high-grade Sunbeam gold mine and numerous localities of anomalous gold mineralization, on 15km of gold mineralized trends; the newly-optioned ground essentially doubles the total length of these mineralized trends to approximately 30km.

The newly-optioned ground comprises nine (9) mining claims (consisting of 117 cells). Terms of the option requires a cash payment of $10,000 on signing the agreement with subsequent payments of $12,000, $16,000 and $25,000 in years two, three and four. One million common shares of the Company will also be issued to the vendor upon signing.

"The expansion of Sunbeam gold property provides substantially greater exploration opportunity for Nuinsco," said Paul Jones, CEO. "Anomalous gold mineralization is known to be distributed throughout the length of the mineralized trends, now stretching to 30km of total strike length. We anticipate geophysical surveys to commence shortly to map subsurface extension of known gold mineralization."

The Sunbeam gold property is traversed by at least three sub-parallel, northeast-trending, gold-mineralized lineaments secondary to the regionally extensive, sub-province bounding Quetico Fault. Collectively these lineaments now total approximately 30 kilometers of mineralized target domain and host 10 gold occurrences. These lineaments present an extensive exploration target that extends to all parts of the project, have seen only intermittent historic exploration, and represent an excellent target to be comprehensively explored. A number of these occurrences have returned high-grade assays from grab-samples and limited drilling. Elsewhere historic pits and shafts have been excavated to conduct exploration at the Roy, Pettigrew and Road occurrences - all of which contain gold mineralization that merits further exploration. Previous work also identified strong anomalous gold mineralization from grab samples collected along the extent of the trends.

The Sunbeam gold property is underlain by the Marmion Lake Batholith that is host to eleven historic gold deposits as well as numerous other gold occurrences; Agnico Eagle's Hammond Reef deposit Measured and Indicated Mineral Resources of 208Mt at 0.67 g/t Au, 4.5 Moz contained gold, (as per Agnico Eagle website www.agnicoeagle.com) occurs near the northwest contact of the intrusion. The Sunbeam gold property hosts the Sunbeam Mine, the site of high-grade, underground gold production dating from the beginning of the 20th century. Numerous samples collected at surface from waste dumps at the former mine site have returned high-grade gold content, peaking at 898 g/t Au (as per Recommendations for Exploration, Ontario Geological Survey Resident Geologist Program, 2015-2016). Samples collected by Nuinsco from waste-rock at the mine returned analyses as high as 122 g/t gold (refer to the Nuinsco news release dated 21 March 2019); these findings concur with results reported in historic records.

Host mineralization at the Sunbeam Mine is a northeast-striking shear zone consisting of altered, chloritic, schistose, rock within which sulphide and gold bearing quartz veins occur. Historically pits and shafts were excavated to trace the quartz veining and schist along strike for more than 300m. Similar mineralization has been observed along strike from the Sunbeam Mine and on sub-parallel structures.

Nuinsco has identified prospective geophysical targets related to the Sunbeam Mine derived from an IP/Magnetic survey completed by the Company in 2018 and plans further coverage to test other parts of the mineralized trends. Diamond drill targets have also been identified and await testing.

The 48.5 km2 Property is very well located in north-western Ontario 27km northeast of the town of Atikokan and 12km southeast of Agnico Eagle's Hammond Reef gold deposit. It is directly accessible via well maintained logging roads from paved Hwy 11.