TORONTO, Aug. 18, 2020 /CNW/ - Nubian Resources Ltd.
("Nubian" or the "Company") (TSXV: NBR) is pleased to announce that
the Company has accelerated its purchase of the Esquilache silver
project ("Esquilache Silver Project" or the "Project") from Zinc
One Resources Inc. ("Zinc One") with a one-time cash payment of
C$350,000. Under the terms of
the amended agreement entered into in January 2019 (press release of January 18, 2019), Nubian agreed to pay Zinc One
C$661,806 in total advance royalty
payments until October 2025, which
amount has been satisfied by the cash payment of C$350,000. By negotiating and advancing
this final payment, Nubian is now able to register its 100%
ownership of the Esquilache Silver Project with the Peruvian
Department of Mines allowing the Company to accelerate development
through further drilling and engineering. The 100% ownership
clears the way for Nubian to apply for a mine permits and firm up
the Project community agreements.
The Esquilache Silver Project includes the historical Esquilache
underground silver mine and adjacent Virgen de Chapi prospect
located in the Puno Department of Southern Peru and features three
main mineralized zones (Sepulvada, Creston and Mamacocha). The
Project covers more than 1,600 hectares across a set of hills
(4,900 meters ASL) and valleys (4,300 meters ASL) where more than
200 mineralized veins and breccia pipes of various widths have been
mapped. Nubian filed a National Instrument 43-101
technical report on the Esquilache Silver Project in May
2018. The Project is located 28 km east of Buenaventura's San
Gabriel Gold / Silver deposit and historic drilling results at the
Esquilache Silver Project include 24.2 metres of 131 g/t silver,
0.4 g/t gold including 8.1 metres of 292 g/t silver, 0.73 g/t
gold. The Project was last mined for silver by
Hochschild Mining in the early 1960's and 70's where historical
reports mark the past mining production at approximately one
million tonnes grading 3.4 oz silver, 4.8% zinc, 3.2% lead and 0.3%
copper.
"We are very pleased to have accelerated this purchase and we're
looking forward to commencing community and development work on our
high grade, near surface, drill ready Project," stated Richard Brown, Nubian's South American Manager,
who added, "With the upward trend in silver prices in the recent
months and Nubian now well-funded, the Company is now well
positioned to advance the Esquilache Silver Project along with its
other projects."
Technical information in this news release has been reviewed and
approved by Dr. Scott Jobin-Bevans
(P.Geo.), a Director of Nubian, who is a Qualified Person under the
definitions established by the National Instrument 43-101.
About Nubian Resources
Nubian Resources Ltd. is a public 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. In May 2020, Nubian
entered into an agreement to acquire and develop the Yandoit Gold
Project in central Victoria,
Australia and in July 2020,
Nubian entered into an agreement to acquire Stavely Mineral
Limited's Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian's main asset is the
Esquilache Silver Project located within the Tintaya porphyry
copper belt of southern Peru.
Neither 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.
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. Various assumptions or factors
are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Nubian. 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. While Nubian considers these assumptions to be
reasonable based on information currently available to them, they
may prove to be incorrect. 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 project parameters 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 the
acquisition of necessary licenses and permits, financing,
capitalization and liquidity risks, title and environmental risks
and risks relating to delay or failure to satisfy the closing
conditions of its recently announced property acquisitions.
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.