Toronto, Ontario, October 6, 2021 – Nubian Resources Ltd. (TSX-V: NBR | OTCQB: NBRFF) (“Nubian” or the “Company”) is pleased to provide an update on work underway on its maiden drill program at the Company’s Yandoit Gold Project in the Central Victorian Goldfields, Australia. To date, 1,164 metres of reverse circulation (“RC”) and 458 metres of diamond core has been completed at the Goldsmith and Golconda prospects. Assay results have been received from 20 holes including 2.0m @ 52.4 g/t gold in hole YRC008. This result highlights the potential for exceptional high-grade gold at the Yandoit Gold Project, consistent with the historical descriptions of production this under-explored goldfield.
Highlights from surface and drilling results at Goldsmith Line include:
• Bonanza grade gold from recent RC drilling returned 2m @ 52.4 g/t gold from 28m in hole YRC008
• Elevated gold mineralization demonstrated along a +550m trend at Goldsmith
• High grade surface rock chip samples up to 7.45 g/t gold
• Multiple quartz reefs mapped at surface
• Diamond drill testing beneath the Golconda Mine successfully completed, assays awaited
Martin Walter, President and CEO of Nubian stated, “The discovery of high grade gold in our first drill program at Yandoit is very exciting, and justifies our thinking that this goldfield presents potential for a major discovery. We have only tested a small part of the project, and look forward to drilling other reefs as the permitting process progresses and winter conditions subside. I thank our local Victorian team for delivering a safe and successful program during an unusually wet winter.”
Analytical results have been received from 20 RC holes as detailed in Table 1 with collar locations provided as Table 2 and Figure 1. All holes intersected quartz veins, sulphide and structural zones that are indicative of the reef positions targeted by historic mining. Gold mineralization in Central Victoria is “nuggety” in style with low grade gold, pathfinder elements and quartz-vein texture important indicators for near- mineralization intersections.
In addition to drilling, surface mapping of historic workings and sampling has continued. This program has discovered numerous gold mineralized samples on dumps, with 16 samples taken that range from 0.042 to 7.45 g/t gold, averaging 2.14 g/t. In combination with drilling, the surface sampling has extended the target at Goldsmith to over 500 metres in length. This sampling is in addition to that previously reported (see press release dated April 29, 2021) that highlighted the presence of gold in sulphide that was not recovered.
The Yandoit Gold Project is characterized by the presence of multiple north-south striking quartz vein systems, each spaced approximately 50 metres apart, marked by quartz float and abundant historic workings. The current program has focused on the northern extension of the Goldsmith and Golconda mines which were in production until approximately 1908, and were known for rich structurally controlled shoots of free gold.
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.
TECHNICAL NOTES
RC drilling was completed by Indicator Drilling Pty Ltd with a hole diameter of 95mm. Approximately 2kg of sample was bagged on site and sent for assay per 2m of drilling. Wet conditions necessitated spear sampling of bags. Alternating duplicates and certified reference materials were inserted as per industry standard. Assays were completed by Intertek Genalysis in Adelaide using Fire Assay Digest and Mass Spectroscopy analytical method.
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.
For further information, please contact:
Martin Walter, Chief Executive Officer, Nubian Resources Ltd., at +1-416-389-5692 or martin@nubianr.com
or Bill Mitoulas at +1-416-837-7147 or billm@venturenorthcapital.com
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.