TORONTO, Dec. 23, 2020 /CNW/ - Nubian Resources Ltd.
(TSXV: NBR) ("Nubian" or the "Company") is pleased to announce the
commencement of exploration at the Yandoit Gold Project (the
"Project"), which covers 32 sq km within three exploration licences
in the historic Daylesford gold corridor of the Central Victorian
Goldfields, Australia.
The Company closed the Yandoit Gold Project acquisition
in late November, and has begun two detailed exploration programs
to map and define drill targets within the extensive trends of
prior mining, mapped quartz reefs and prospective fault
zones.
The Company's geologists have prioritized an 8 kilometre long
north-south trending gold mineralized corridor that extends
throughout the Project and hosts up to eight historically mined
gold bearing quartz reefs within a sequence of folded sedimentary
rock units. One of these gold bearing reefs was bulk sampled
and mined as recently as 2018 by the Project vendor in a shaft to
27m depth.
The first program is deep auger soil sampling on an extensive
and close-spaced grid to test for gold and other metals within thin
soils that cover parts of known mineralized corridors. The second
program is an 18 kilometre Deep Penetrating Ground Radar (DPGR)
geophysical survey. The Company has contracted Loza Radar
Australia to complete and interpret the geophysical data.
The DPGR survey will provide blanket coverage of known reefs and
map their trends under cover where historic mining did not
occur. Survey results will be utilized to target future
drilling which is planned for Q1 2021. DPGR surveying is a
preferred geophysical tool that is widely employed in the Central
Victorian Goldfields and elsewhere to identify and map geological
structure and quartz reefs at depth within sedimentary hosted rock
assemblages.
Martin Walter, President &
CEO of Nubian, commented, "The Central Victorian Goldfields are one
of the hottest gold exploration districts globally, due to the
exceptional success of Kirkland
Lake's Fosterville gold
mine. We are very pleased to have commenced exploration on
our three highly prospective exploration licenses at Yandoit.
The 1,100 soil sample program being undertaken at 25 metre spacing
combined with the DGPR survey will provide the Company with
important geological and geophysical data towards defining drill
targets for a drill program planned in the first quarter of
2021."
In other news, Nubian announces that the Company has granted,
pursuant to its stock option plan, to directors, management and
consultants of the Company an aggregate of 2,495,000 stock
options. Each such stock option entitles the holder to
purchase one common share of the Company at a price of $0.42 until December 22,
2023.
ABOUT NUBIAN
Nubian Resources Ltd. is a publicly traded precious and base
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 focused in key
mining jurisdictions in central Victoria,
Australia, Tasmania,
Peru and USA.
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.
QUALIFIED PERSON
The technical information contained in this news release
relating to the Yandoit Gold Project has been approved by
Mark Saxon, an advisor to Nubian,
who is a "qualified person" within the meaning of National
Instrument 43-101, Standards of Disclosure for Mineral
Projects. Mark Saxon is an
Honours BSc graduate in Geology from the University of Melbourne, a Fellow of the
Australasian Institute of Mining and Metallurgy and a Member of the
Australian Institute of Geoscientists.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "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
as to the outcome and timing of such future events. Actual future
results may differ materially. Although such statements are
based on reasonable assumptions of Nubian's management, there can
be no assurance that any conclusions or forecasts will prove to be
accurate.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in parameters of the Projects
as plans continue to be redefined, risks relating to variations in
grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks
related to the COVID-19 pandemic and current global financial
conditions, increased competition, access and supply risks,
reliance on key personnel, operational risks, regulatory risks,
including risks relating to licenses and permits, financing,
capitalization and liquidity risks and title and environmental
risks.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, 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.