The initial MRE also includes niobium and phosphate in oxides, which along with the TREO, are intended to be key drivers of a preliminary economic assessment on the project— "that will commence shortly", Nuinsco said.

"Although this initial MRE demonstrates the scope of the mineralization present on the project, we regard it as a starting point," Nuinsco's CEO Paul Jones said.

He said that the MRE encompasses about 46% of the total surface area of the complex and other work conducted by Nuinsco has found "extensive domains" with grades similar to the MRE.

"Given that more than 50% of the surface area of the project lies outside of the resource estimate and that mineralization is known to occur at surface throughout the extent of the property expansion of the initial mineral resource is a distinct and realistic possibility," he said.

Jones said that the suite of "economically significant mineralization" includes neodymium, praseodymium, niobium, scandium, and phosphate, which are all expected to see increased demand in the coming years through expanding electrification and the implementation of "green" technologies to combat climate change.

Many of the commodities have been identified as critical elements under the Canadian Minerals and Metals Plan, he added.

Nuinsco has four properties in Ontario. The other three include the Sunbeam gold property near Atikokan, the Dash Lake gold property near Terrance Bay, and the lithium and tantalum Zing Zag Lake property near Armstrong.

It also has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.

Nuinsco's share price for the past 52-weeks has seen a high/low range of C$0.025 and C$0.01. The company has a market capitalization of C$8.51 million (US$6.72 million).