TORONTO, Dec. 7, 2022
/CNW/ - Nubian Resources Ltd. (TSXV: NBR) (OTCQB: NBRFF) ("Nubian"
or the "Company") is pleased to provide an update on its 100% owned
Esquilache Silver-Zinc Project ("Esquilache" or the "Project")
located in southern Peru.
Nubian contracted Atticus Geoscience Consulting S.A.C.
("Atticus") of Lima, Peru for data
compilation, 3D geological modelling, and mineral resource
estimation of silver, zinc and gold mineralization on the
Esquilache Project which comprises approximately 1,600 hectares of
mining concessions.
After revision of the historical database, compiled by previous
operators, the Nubian geological staff and Atticus have re-modelled
26 primary and secondary veins and have identified 26 additional
veins containing significant mineralization that were not
previously recognized on surface by historical geological
mapping. The Project database includes 7,075 samples from
surface and underground sampling and from two historical drilling
programs, totalling approximately 5,500 metres (Vena Resources
Ltd., 2009-2011 and 2014-2015).
The main Esquilache vein system consists of 12 sub-parallel,
sub-vertical, primary veins (>1.0
m width) found in the Mamacocha and Creston zones, along
with more than 40 secondary veins (0.3 – 0.5
m width) occurring in vein swarms in dilatant structural
settings. Two mineralized breccia bodies have been recognized
along structural jogs in the Elvira Vein located in the Mamacocha
Zone. Mineralization in these veins has been shown to range
consistently between 3.0 and 12.0 oz/t Ag. A gold-rich
zone also has been recognized in the Mamacocha Zone with an average
of 1.94 g/t Au, 138 g/t Ag, and 1% Zn from the Ivet Vein.
Atticus is currently modelling these vein sets with the
objective of establishing drill targets to locate high-grade silver
zones that would warrant initiating pre-feasibility studies as a
preliminary step towards eventual production on a selective
basis. As yet, no field work has been conducted by Nubian to
verify all of the veins and vein systems.
Martin Walter, President and CEO
of Nubian stated, "Nubian has maintained Esquilache on hold since
2020 due to low commodity prices and COVID-19 pandemic
restrictions. During this time, Nubian has continued its
engagement with the local community in constructive conversations
towards renewing previous surface agreements. Upon completion
of the current resource modelling, the Company will design infill
drill programs on prospective veins with the objective of moving
the Project towards a feasibility evaluation following a
metallurgical data review and update the Project's past engineering
plans and environmental studies."
Esquilache covers the mineralized core of a large caldera
structure that hosts a system of polymetallic, low- to
intermediate-sulfidation, epithermal to mesothermal veins
containing silver, lead, zinc, copper and significant gold
grades. Esquilache last saw production in 1962 when Peruvian
silver producer Hochschild Mining reported the mining and
processing of 1,000,000 tonnes of ore at 116.57 g/t Ag, 3.2% Pb,
4.8% Zn, 0.3% Cu over a 12-year period from 1950 to 1962.
Esquilache is located in the Cordillera Occidental of southern
Peru and Bolivia, on trend with major silver, gold, and
copper projects including Las Bambas, Tintaya, San Gabriel in
Peru and Eloro's Potosi silver deposit in Bolivia.
Esquilache is located 32 km (20 miles) east of Buenaventura's San
Gabriel Mine project that recently announced the receipt of all
required permits to begin mine construction, with projected
production of between 120K to
150K ounces of gold per year over a
10+ year mine life.
Mineralization hosted on adjacent and/or nearby properties is
not necessarily indicative of mineralization hosted on the
Company's Property.
Table 1. List of historical drill holes with
significant mineralization, Mamacocha Zone (Vena Resources,
2009-2015).
Drill
Hole
|
Target/Vein
|
Drill
Angle
|
From
(m)
|
To
(m)
|
Interval
(m) *
|
Ag
g/t
|
Au
g/t
|
Cu
%
|
Pb
%
|
Zn
%
|
|
|
ESH-09-03
|
Ivet
|
-45
|
23.4
|
25.3
|
1.9
|
2.2
|
2.04
|
--
|
--
|
--
|
|
ESQ-24-2011
|
Ivet
|
-55
|
102.0
|
124.0
|
22.0
|
348.4
|
1.93
|
--
|
--
|
--
|
|
114.0
|
124.0
|
10.0
|
--
|
--
|
0.09
|
0.68
|
2.15
|
|
164.0
|
167.2
|
3.2
|
977.0
|
4.88
|
0.10
|
0.52
|
2.31
|
|
ESH-25-2011
|
Ivet
|
-50
|
0.0
|
13.4
|
13.4
|
204.0
|
--
|
|
|
|
|
ESH-26-2011
|
Ivet
|
-52
|
98.5
|
101.0
|
2.5
|
--
|
--
|
0.07
|
0.75
|
1.75
|
|
130.3
|
131.7
|
1.4
|
4.9
|
2.31
|
--
|
--
|
--
|
|
ESH-27-2011
|
Ivet
|
-60
|
48.8
|
59.0
|
10.3
|
47.0
|
0.52
|
--
|
0.10
|
0.69
|
|
ESH-28-2011
|
Ivet
|
-60
|
63.3
|
68.7
|
5.4
|
--
|
--
|
0.92
|
--
|
--
|
|
ESH-29-2011
|
Ivet
|
-60
|
30.7
|
56.2
|
25.5
|
--
|
1.15
|
--
|
--
|
--
|
|
56.2
|
60.3
|
4.1
|
--
|
4.95
|
--
|
--
|
--
|
|
76.5
|
78.5
|
2.0
|
139.0
|
0.10
|
--
|
--
|
--
|
|
ESH-30-2011
|
Ivet
|
-80
|
188.2
|
191.1
|
2.9
|
254.5
|
0.11
|
0.99
|
7.14
|
11.87
|
|
MADDHS15-01
|
Ivet
|
-70
|
79.8
|
81.3
|
1.5
|
--
|
6.60
|
--
|
--
|
--
|
|
193.0
|
204.6
|
11.6
|
--
|
--
|
1.03
|
--
|
--
|
|
MADDHS15-02
|
Ivet
|
-60
|
32.4
|
45.6
|
13.2
|
--
|
0.62
|
--
|
--
|
--
|
|
41.9
|
50.0
|
8.1
|
291.7
|
--
|
--
|
--
|
--
|
|
ESH-09-04
|
Gold Zone
|
-50
|
24.0
|
27.3
|
3.3
|
44.2
|
3.41
|
--
|
--
|
--
|
|
59.5
|
63.8
|
4.3
|
11.0
|
0.96
|
--
|
--
|
--
|
|
70.6
|
78.8
|
8.2
|
8.5
|
3.63
|
--
|
--
|
--
|
|
78.8
|
86.8
|
8.0
|
--
|
--
|
0.08
|
0.61
|
1.44
|
|
ESH-10-04-B
|
Gold Zone
|
-48
|
98.4
|
98.8
|
0.4
|
--
|
--
|
0.05
|
3.40
|
1.85
|
|
ESH-09-01
|
Mamacocha
|
-45
|
150.2
|
150.5
|
0.3
|
231.7
|
0.12
|
0.04
|
23.31
|
1.39
|
|
ESH-10-06
|
Mamacocha
|
-40
|
47.1
|
47.6
|
0.5
|
2,970.0
|
--
|
--
|
--
|
--
|
|
ESH-10-05
|
Mamacocha
|
-57
|
122.8
|
123.3
|
0.5
|
--
|
--
|
0.02
|
7.68
|
2.99
|
|
ESH-31-2011
|
Mamacocha
|
-70
|
57.1
|
63.0
|
5.9
|
506.0
|
0.16
|
--
|
--
|
--
|
|
ESH-10-20
|
Julian-Katy
|
-45
|
159.3
|
168.2
|
8.9
|
108.1
|
--
|
--
|
--
|
--
|
|
167.2
|
168.2
|
0.9
|
--
|
--
|
0.23
|
3.42
|
0.72
|
|
ESH-10-12
|
Mercedes Bx
|
-42
|
117.2
|
118.4
|
1.3
|
120.3
|
--
|
0.57
|
0.56
|
1.92
|
|
ESH-10-14
|
Mercedes Bx
|
-40
|
7.8
|
8.5
|
0.7
|
--
|
--
|
0.13
|
0.62
|
3.21
|
|
13.1
|
14.1
|
1.0
|
194.0
|
--
|
--
|
--
|
--
|
|
ESH-10-11
|
Mercedes Bx
|
-40
|
33.7
|
42.5
|
8.9
|
--
|
--
|
−
|
1.64
|
0.14
|
|
88.6
|
89.8
|
1.2
|
--
|
--
|
−
|
7.54
|
0.68
|
|
ESH-10-19
|
Mercedes Bx
|
-40
|
33.1
|
35.1
|
2.0
|
107.4
|
--
|
--
|
--
|
--
|
|
ESH-16-2011
|
Mercedes Bx
|
-64
|
139.6
|
140.1
|
0.5
|
160.0
|
7.73
|
−
|
21.07
|
7.30
|
|
ESH-17A-2011
|
Mercedes Bx
|
-80
|
95.4
|
102.3
|
7.0
|
47.0
|
0.05
|
−
|
4.64
|
0.24
|
|
ESH-09-02
|
Sta. Rosa
|
-45
|
42.3
|
45.1
|
2.8
|
102.7
|
0.04
|
0.34
|
3.78
|
11.5
|
|
Table 2. Significant drill intersections from the
Sepulveda Vein, Creston Zone (Vena
Resources, 2014).
Drill
Hole
|
Vein
|
Drill
Angle
|
From
(m)
|
To
(m)
|
Interval
(m) *
|
Ag
g/t
|
SEVDDHS14-01
|
Sepúlveda
|
-30
|
13.5
|
26.0
|
12.5
|
75.6
|
including
|
|
19.5
|
20.2
|
0.7
|
162.0
|
SEVDDHS14-02
|
Sepúlveda
|
-45
|
15.7
|
28.0
|
12.4
|
86.7
|
including
|
|
21.4
|
24.3
|
2.9
|
199.7
|
SEVDDHS14-03
|
Sepúlveda
|
-30
|
13.2
|
19.0
|
5.8
|
152.9
|
including
|
|
13.2
|
13.9
|
0.7
|
239.0
|
SEVDDHS14-04
|
Sepúlveda
|
-60
|
17.6
|
26.3
|
8.7
|
144.6
|
Including
|
|
1.4
|
2.5
|
1.1
|
374.0
|
Including
|
|
20.5
|
22.0
|
1.5
|
314.0
|
SEVDDHS14-05
|
Sepúlveda
|
-30
|
0.0
|
13.1
|
13.1
|
166.6
|
including
|
|
6.1
|
8.1
|
2.0
|
593.0
|
SEVDDHS14-06
|
Sepúlveda
|
-60
|
5.1
|
10.9
|
5.8
|
83.2
|
including
|
|
7.3
|
9.1
|
1.9
|
104.0
|
* The Company notes
that in Tables 1 and 2, true widths are not known. As such,
assay intervals are reported as drill core lengths.
|
QUALIFIED PERSON
The technical information contained in this news release
relating to Esquilache has been approved by Steven Park, Project Manager for Nubian, who is
a Qualified Person within the meaning of National Instrument
43-101, Standards of Disclosure for Mineral Projects.
Steven Park earned his MSc. from the
Mackay School of Mines, University of
Nevada – Reno and is a
Certified Professional Geologist and member of the American
Institute of Professional Geologists.
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 including Peru and
Australia (central Victoria and Tasmania).
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.