TORONTO, Sept. 8, 2021 /CNW/ - Nubian Resources Ltd. (TSXV: NBR) ("Nubian" or the "Company") is pleased to announce that Fender Geophysics has completed a 50-line km gravity survey on the Company's Fosterville East property (EL006668) in the Central Victorian Goldfields, Australia. The initial geophysical campaign comprised five east-west and one north-south lines utilizing existing road access where possible. Two lines passed close to historic gold workings in the area.
Martin Walter, President and CEO of Nubian stated, "We are pleased to have completed this geophysical survey on our 60 square kilometre Fosterville East exploration concession which lies only 18km east of Kirland Lake'sFosterville gold mine. The survey results will be combined with soil sampling to identify drill targets for a later drilling program. We look forward to advising shareholders of the structural geological interpretation of the gravity results over the next few weeks."
Geology
Kirkland Lake Gold'sFosterville mine with gold reserves of 2.6m oz (see https://www.kl.gold/) is located approximately 18 km from the western boundary of the Company's 100% owned Fosterville East property. The exploration licence is bounded to the east by the west dipping Mount William Fault, which also forms the boundary between the Melbourne Zone to the east and the Bendigo Zone to the west. The Bendigo Zone consists of a conformable sequence of Ordovician deep marine quartz-rich turbidites, underlain by Cambrian sediments and volcanics. It is these sedimentary sequences that host gold at the Fosterville mine. The Heathcote greenstone belt is on the western side of the exploration licence.
QUALIFIED PERSON
The technical information contained in this news release relating to the Fosterville East 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.
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