Nuinsco Resources Ltd. announced Monday that drill results from its Olympian Gold Project in the Lake of the Woods region are not sufficiently prospective to justify further expenditure at this time.
As a result, the company will not make further payments on th Olympian option agreements, but instead focus on its other exploration projects in Canada, Egypt, and Turkey.
“Our objective was to quickly evaluate the viability of the Olympian project to determine if we wanted to move forward prior to additional option payments being made,” said Nuinsco president Paul Jones.
“Given the results obtained from work at Triggs-Olympian to date, and the outstanding quality of our other projects . . . the decision was made to allocate our resources elsewhere and return the Triggs portion of the Olympian project to the optioners,” he added.
Nuinsco’s other projects include the Bukari and Umm Samra gold concessions in Egypt, the Canadian Diabase Peninsula uranium project and the Prairie Lake rare metals project, and the Berta and Elmalaan projects in Turkey.