TORONTO, Oct. 6, 2021 /CNW/ - Nubian Resources Ltd.
(TSXV: 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.
Table 1 - RC Drilling Results from Yandoit Project,
Central Victoria above 0.1 g/t
Au
Prospect
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Goldsmith
North
|
YRC001
|
46
|
48
|
2
|
0.19
|
|
YRC002
|
28
|
30
|
2
|
0.11
|
|
YRC003
|
20
|
22
|
2
|
0.24
|
|
YRC004
|
38
|
40
|
2
|
0.25
|
|
|
44
|
50
|
6
|
0.31
|
|
YRC005
|
34
|
38
|
4
|
0.12
|
|
YRC006
|
30
|
32
|
2
|
0.34
|
Goldsmith
|
YRC007
|
38
|
43
|
5
|
0.92
|
|
YRC008
|
28
|
30
|
2
|
52.43
|
|
|
38
|
42
|
4
|
0.30
|
|
YRC009
|
42
|
48
|
6
|
0.21
|
|
YRC010
|
38
|
44
|
6
|
0.19
|
Froggets
|
YRC011
|
No significant
mineralization
|
|
YRC012
|
24
|
26
|
2
|
0.23
|
|
YRC013
|
No significant
mineralization
|
|
YRC014
|
36
|
38
|
2
|
0.59
|
|
YRC015
|
24
|
28
|
4
|
0.13
|
|
YRC016
|
40
|
42
|
2
|
0.22
|
|
YRC017
|
No significant
mineralization
|
Frenchmans
|
YRC018
|
34
|
36
|
2
|
0.16
|
|
|
56
|
62
|
6
|
0.19
|
|
YRC019
|
24
|
28
|
4
|
0.28
|
|
YRC020
|
20
|
26
|
6
|
0.14
|
Note: True widths
are presently unknown, but are estimated to be more than 60% of
drilled width based on drill hole cross-sections
and surface geometry of the quartz reef.
|
Table 2 - Drill Hole collar locations in EL5193, Yandoit
Project
Hole
ID
|
EAST
MGA
Zone
55
|
NORTH
MGA
Zone
55
|
RL
|
Depth
|
Azi
grid
(degrees)
|
Declination
(degrees)
|
YRC001
|
240507.9
|
5873573
|
380
|
54
|
70.8
|
-57.9
|
YRC002
|
240522.5
|
5873577
|
380
|
42
|
75
|
-59
|
YRC003
|
240531.8
|
5873577
|
380
|
26
|
67
|
-58.5
|
YRC004
|
240507.5
|
5873563
|
380
|
58
|
110.2
|
-60
|
YRC005
|
240515.3
|
5873561
|
380
|
48
|
108.2
|
-58.6
|
YRC006
|
240527.2
|
5873560
|
380
|
36
|
104.5
|
-60.4
|
YRC007
|
240488.2
|
5873348
|
398
|
54
|
95.6
|
-59.9
|
YRC008
|
240487.7
|
5873365
|
402
|
96
|
90.2
|
-60
|
YRC009
|
240481.3
|
5873359
|
402
|
98
|
90
|
-70
|
YRC010
|
240491
|
5873386
|
402
|
87
|
90
|
-60
|
YRC011
|
240881.2
|
5873907
|
338
|
48
|
87.9
|
-61.2
|
YRC012
|
240877.2
|
5873916
|
349
|
45
|
88.5
|
-60.4
|
YRC013
|
240875.1
|
5873934
|
340
|
93
|
86
|
-63.3
|
YRC014
|
240853.7
|
5873941
|
34.
|
57
|
87.8
|
-63
|
YRC015
|
240864.8
|
5873992
|
347
|
57
|
90
|
-60
|
YRC016
|
240844.6
|
5873992
|
347
|
45
|
90
|
-60
|
YRC017
|
240852.2
|
5874077
|
347
|
48
|
90
|
-60
|
YRC018
|
240704.7
|
5874426
|
380
|
66
|
90
|
-80
|
YRC019
|
240699.8
|
5874396
|
380
|
70
|
97
|
-82.4
|
YRC020
|
240711
|
5874396
|
380
|
36
|
90
|
-90
|
GDD001
|
240555.5
|
5873194
|
382.5
|
225.5
|
151.3
|
-77
|
GDD002
|
240555.5
|
5873195
|
382
|
232.4
|
113.4
|
-80.8
|
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.
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.