TORONTO, Aug. 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 at its
Yandoit Gold Project and across Exploration Licence 5193 (or
"EL5193") located in the central Goldfields of Victoria, Australia. The Company has now
deployed a diamond drilling rig at the project capable of drilling
deeper diamond core.
The RC drilling program was designed to test near surface
targets demonstrated as being prospective from either
reconnaissance soil sampling or shallow historic mining with a
notable gold production history. A total of 20 holes for a
total of 1,164 RC metres were drilled from four project locations.
Geological logging of the RC chips shows the drilling
intersected numerous quartz reefs down hole that vary from around
one metre to several metres in width. The reefs near
surface are completely weathered, however textural evidence
demonstrates that some quartz fragments exhibit weathered sulphide
mineralization. Pyrite alteration existing as a 'halo' is
found surrounding many quartz intersections, a common feature of
mesothermal gold deposits in central Victoria. Approximately 276 metres of
drilling was logged as containing equal to or greater than 20%
quartz, and approximately 132 metres were logged as containing 80%
or greater quartz. Assays are now pending for all holes and
results will be announced when the assays are received and reviewed
by the Company. All information gathered is expected to
be utilized by the Company to build a geochemical and structural
model for the Yandoit Goldfield to better manage further regional
exploration efforts.
The Company anticipates that the results of the RC drilling
program will provide a greater understanding of gold endowments and
distribution in EL5193 and throughout the Yandoit Goldfield, and
the associated mineralization of related elements, including
controlling fault geometries and their relationships with host
lithology. The preliminary results are expected to be integrated
with the upcoming diamond drilling data.
Martin Walter, President and CEO
stated, "Pending release of initial results from the assay
laboratory, the Company considers these qualitative results to date
as highly encouraging and recognizes this initial campaign as being
productive despite difficult conditions of protracted rain
throughout Victoria, with 2021
being one of the wettest winters in more than ten years."
The Company plans to commence diamond drilling in the coming
week beneath the historic Golconda Mine. Historic reports
indicate that gold was produced across a long and punctuated mining
history, believed to be sourced from a quartz lode up to
10m wide, with narrower widths worked
within the 'bulged' quartz lode shoot. Target generation is
dynamic, with the diamond drill capable of drilling to depths of
500 metres, allowing testing below historic
workings.
The diamond drill program is also expected to drill test below
many of quartz reefs that were intersected in the just completed
shallow RC program. A total of up to 2,000 metres of core
drilling has been planned for this initial phase. For
additional information, including photos, plans and geological
sections of the drilling program please refer to the Company
website at www.nubianr.com.
The Company also announces that the transfers of the adjacent
EL6274 and mining licence (MIN5503) to BIPM are still waiting final
authorization from Earth Resources Regulation, Department of Jobs,
Precincts and Regions ("Earth Resources Regulation"). The
appropriate paperwork to facilitate the transfers was filed with
Earth Resources Regulation in 2020, however approvals for these
transfers are still pending, due in part to the original license
holder having been placed into Administration, an event beyond the
Company's control, which has resulted in an extended review process
by Earth Resources Regulation. There is no certainty as to
when or if the required approvals for the transfer of these
licences will be obtained. Accordingly, there is a risk that
the transfers will not be completed in a timely manner or at all.
The Company is working diligently with all relevant parties
to assist with the review process with a view to obtaining the
necessary Earth Resources Regulation approvals for the license
transfers. Until such time as these transfers occur, the Company is
not able to conduct exploration or drilling programs in the areas
covered by these licenses. As a result, the current drilling
program is proceeding solely on EL5193 for now. If,
ultimately, the transfers of one or both of the tenements are not
approved by Earth Resources Regulation, the Company will assess its
options for appeal and exercise its rights, as provided for in the
purchase agreement, to reduce the outstanding consideration payable
in relation to the acquisition of the licenses.
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, including, without limitation,
statements regarding the Company's planned use of and reporting of
exploration results and data, is exploration plans and objectives,
and obtaining the required government approvals for the transfer of
EL6274 and MIN 5503 to BIPM. 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 obtaining required government approvals for license
transfers, 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.