TORONTO, August 6, 2021 / CNW / – Nubian Resources Ltd. (TSXV: NBR) (“Nubian” or the “Company”) is pleased to announce that, through Ballarat Investment Project Management Pty Ltd (“BIPM”), a controlled subsidiary of the Company, it has completed an initial reverse circulation (“RC”) drilling program on its Yandoit gold project and through exploration permit 5193 (or “EL5193”) located in the central gold fields of Victoria, Australia. The Company has now deployed a diamond drilling rig on the project capable of drilling deeper diamond core.
The RC drill program was designed to test near-surface targets demonstrated to be promising from ground reconnaissance sampling or from a historic shallow mining operation with a history of notable gold production. A total of 20 holes for a total of 1,164 RC meters were drilled from four project locations. RC chip geological logging shows that drilling intersected numerous downhole quartz reefs that vary from about one meter to several meters in width. Reefs near the surface are completely weathered, but textural evidence shows that some quartz fragments exhibit weathered sulphide mineralization. Weathering of pyrite existing as a “halo” is found around many quartz intersections, a common feature of mesothermal gold deposits in the center. Victoria. About 276 meters of drilling were recorded as containing at least 20% quartz, and approximately 132 meters were recorded as containing 80% or more quartz. Assays are now pending for all holes and results will be announced when the assays are received and reviewed by the Company. All the information gathered should be used by the Company to build a geochemical and structural model for the Yandoit gold field in order to better manage future regional exploration efforts.
The Company expects that the results of the RC drilling program will provide a better understanding of the gold endowments and distribution in EL5193 and throughout the Yandoit gold field, as well as the associated mineralization of related elements, including the control of fault geometries. and their relationship to the host lithology. Preliminary results should be incorporated into upcoming diamond drill data.
Martin walter, President and Chief Executive Officer declared: “Pending the publication of the first results of the analytical laboratory, the Company considers these qualitative results to date as very encouraging and recognizes that this initial campaign has been productive despite difficult conditions of prolonged rain throughout Victoria, 2021 being one of the wettest winters in over ten years. “
The Company expects to begin diamond drilling in the coming week under the historic Golconda mine. Historical reports indicate that gold was produced over a long and punctuated mining history, believed to have originated from a quartz vein until 10m wide, with narrower widths worked inside the “domed” quartz vein. Target generation is dynamic, with the diamond drill capable of drilling to depths of 500 meters, allowing testing under historic job sites.
The diamond drill program is also expected to test drill under numerous quartz reefs that were intersected in the just completed shallow RC program. In total, up to 2,000 meters of core drilling have been planned for this initial phase. For more information, including photos, plans and geological sections of the drilling program, please visit the Company’s website at www.nubianr.com.
The Company also announces that the transfers of the adjacent EL6274 and the mining permit (MIN5503) to the BIPM are still pending final authorization from Earth Resources Regulation, Department of Jobs, Precincts and Regions (“Earth Resources Regulation”). Appropriate documents to facilitate transfers have been filed with the Land Resources Regulator in 2020, but approvals for these transfers are still pending, in part because the original license holder has been placed under administration, an event beyond the control of the company, which resulted in an extensive review process by Earth Resources Regulation. There is no certainty as to when or if the approvals required for the transfer of these licenses will be obtained. Therefore, there is a risk that transfers may not be made in a timely manner or at all. The Company works diligently with all parties concerned to assist in the review process to obtain the necessary approvals for the regulation of land resources for license transfers. Until these transfers occur, the Company is not in a position to conduct exploration or drilling programs in the areas covered by these permits. Therefore, the current drill program continues only on EL5193 at this time. If, ultimately, transfers of one or both buildings are not approved by Earth Resources Regulation, the Company will assess its appeal options and exercise its rights, as provided in the purchase contract, to reduce the unpaid consideration to be paid in connection with the acquisition of licenses.
The technical information contained in this press release concerning the Yandoit gold project has been approved by Marc Saxon, an advisor to Nubian, who is a “qualified person” within the meaning of National Instrument 43-101 Disclosure Standards for Mining Projects. Marc Saxon holds a bachelor’s degree specializing in geology from University of Melbourne, Fellow of the Australasian Institute of Mining and Metallurgy and Fellow of the Australian Institute of Geoscientists.
ABOUT LA NUBIENNE
Nubian Resources Ltd. is a base and precious metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals. Nubian’s projects are concentrated in the main mining jurisdictions of the center Victoria and Tasmania, Australia and Peru.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ATTENTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking information, including, without limitation, statements regarding the intended use and communication of results and exploration data by the Company, its plans and objectives. exploration and obtaining the necessary government approvals for the transfer of EL6274. and MIN 5503 at the BIPM. These statements relate to future events or future performance. The use of any of the words “may”, “intend”, “expect”, “believe”, “will”, “planned”, “estimated” and similar expressions and statements relating to Matters that are not historical facts are intended to identify forward-looking information and are based on Nubian’s current belief or assumptions about the outcome and timing of such future events. Actual future results may differ materially. Although these statements are based on reasonable assumptions by Nubian’s management, there can be no assurance that the conclusions or forecasts will prove to be correct.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by forward-looking information. These factors include the risks inherent in obtaining the required government approvals for license transfers, exploration and development of mineral deposits, including the risks associated with changes in project parameters as plans continue to be redefined. , risks related to changes in grade or recovery rates, risks related to changes in mineral prices and global demand and supply of minerals, risks related to the COVID-19 pandemic and conditions current global financial institutions, increased competition, access and supply risks, dependence on key personnel, operational risks, regulatory risks, including license and permit risks, financing risks , capitalization and liquidity and risks related to the title and the environment.
The forward-looking information contained in this press release is made as of the date hereof, and Nubian is not obligated to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, unless required by securities laws.
Due to the risks, uncertainties and assumptions contained in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.
For more information: Martin Walter, Managing Director, Nubian Resources Ltd., at + 1-416-389-5692 or [email protected] or Bill Mitoulas at + 1-416-837-7147 or [email protected]