Nubian Begins Maiden Drilling Program at Its Yandoit Gold Project, Victoria, Australia
TORONTO, June 8, 2021 /CNW/ - Nubian Resources Ltd. (TSXV: NBR) ("Nubian" or the "Company") is pleased to announce the commencement of diamond drilling at its Yandoit Gold Project (the "Project") within the Central Victorian Goldfields, Australia. This maiden drilling program will target seven locations within the Project area along a north south trending gold mineralized corridor defined by historical mine shafts and workings. Targets have been defined by a combination of recent geophysical surveys, soil geochemistry and geological mapping alongside past mine production records.
Drilling shall begin at the North Sardinia Prospect which consists of at least four major gold bearing reefs that were exploited and last mined around the 1860's. Drilling is planned to test these reefs at depth and to expand on known gold mineralization in the area. Mapping and sampling by Nubian has highlighted the prospectivity of North Sardinia, and revealed significant quantities of gold within sulphide that was not recoverable when mining previously occurred (see press release dated 29th April 2021).
"This is very good news for Nubian and its shareholders and congratulations go to our very experienced geological team working at Yandoit. The Yandoit Gold Project lies within the heart of the Central Victorian Goldfields, surrounded by multi-million-ounce gold producers like Bendigo, Ballarat and Fosterville. We are testing numerous gold targets at our Sardinia and Golconda prospects, and look forward to advising shareholders of the drilling results over coming months," stated Martin Walter, Nubian's President and CEO.
In other news, the Company announces the appointment of Venture North Capital Inc. of Toronto for investor relations services. The contract provides for an initial term of three months at $7,500 per month and the grant of 188,000 stock options to purchase common shares of Nubian at $0.435 per share for a period one year, such options vesting one-quarter per quarter over a one year period. The Company confirms that Venture North Capital is an arm's length party and that the contract and grant of stock options are subject to the approval of the TSX Venture Exchange.
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.
Company Codes: TorontoVE:NBR
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