TORONTO, March 3, 2021 /CNW/ - Nubian Resources Ltd.
(TSXV: NBR) ("Nubian" or the "Company") is pleased to provide an
update on the first phase of exploration work at its Yandoit Gold
Project (the "Project") located in the Central Victorian Goldfields
in Victoria, Australia.
Exploration has focused on the Sardinia Reef where historic
workings trend for more than 2 km in strike, with 10 drill targets
now prioritized.
Fourteen line-kilometres of Deep Ground Penetrating Radar
("DGPR") was completed across three gold targets. DPGR surveying is
a preferred geophysical tool for mapping of quartz reefs and
structure and in the Central Victorian Goldfields as it does not
respond to carboniferous shales which are problematic in other
geophysical survey types.
A total of 1,197 soil samples have been collected to date and
analysed utilizing a Portable X-ray Fluorescence spectroscopy
("pXRF") device. Prior studies indicate arsenic (As)
works as a suitable pathfinder element for gold in the Central
Victorian Goldfields, and as an exploration tool, the pXRF
technique provides acceptable accuracy, precision and
repeatability. From the 1,197 samples collected to date, pXRF
As ranges from below detection (3 ppm) to 697 ppm with an average
of 11 ppm and median of 8 ppm.
Nubian has implemented QA/QC procedures which include regular
use of standard samples, and 10% of samples sent to Gekko Systems
in Ballarat for ICP cross-check assay. Based on ICP data the pXRF
analyses of homogenised soil are considered qualitatively reliable
for arsenic, but should not be relied upon as there are inherent
uncertainties in the technique. Laboratory assay results provide a
more accurate and reliable grade estimate of the samples.
In addition to soil sampling, samples of sulphide-bearing quartz
vein material previously extracted from the historic Golconda mine
area are being analysed for gold and pathfinder elements, and these
results will be used as a guide for future drilling and geophysical
programs.
Data from the DGPR geophysical survey, along with ground mapping
and soil sampling has identified numerous drill targets (see
attached vertical cross sections and surface plan maps). A program
of 10 core drill holes is planned to test the highest priority gold
targets generated from the geophysical and geochemical (soils)
results, centered around historically mined quartz reef and vein
structures.
Martin Walter, President &
CEO of Nubian, commented, "The DGPR survey points to a number of
strong drill targets, and this result combined with mapping and
soil geochemistry, provides us with confidence in our planned
drilling program. Additional work to be undertaken during March
will provide the Company with important geological and geophysical
data to further define drill targets at Yandoit and facilitate an
expanded drilling program planned for early in the second quarter
of 2021."
The second phase of exploration work is now in progress at
Yandoit and includes additional DGPR surveying and soil sampling to
cover the historical gold mines at Golconda and Goldsmith, and the
Captains and Gravedigger reefs on the eastern portion of the
Project. In addition, the Criterion and Froggatts reefs which
lie immediately along strike from the active SPA gold mine (owned
and operated by a third party) will be surveyed and
sampled.
The Yandoit Project covers numerous gold-bearing quartz reefs
that define linear north-south geological structures, each with
evidence of sustained mining (e.g., Nuggetty – Sardinia, German – Criterion – Smiths Gully,
Spread Eagle – Hamburg -
Glamorgan, Malcolm – Canadian – Garibaldi – Steeles Pioneer). The
quartz reefs are developed on steep west-dipping faults within
which high-grade gold ore-shoots often formed where a west dipping
quartz reef cross-cuts the east limb of an anticline. High-grade
gold ore-shoots can also develop on flatspurs (tension-gash veins)
typically in the hanging-wall of a quartz reef, or within laminated
quartz veins bordering earlier massive quartz bodies (dilation
zones). Coarse gold has been found in association with narrow,
steep-dipping, laminated quartz veins where intersected by flat
structures or flat quartz veins.
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.
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
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.
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.