Nubian to Re-Start Exploration at the Fosterville East Gold Project and Announces Non-Brokered $600,000 Private Placement
12 April 2024 - 3:41AM
Nubian Resources Ltd. (TSX-V: NBR | OTCQB: NBRFF) (“Nubian” or the
“Company”) is pleased to announce that the Company is moving
forward with the next phase of exploration work including a
comprehensive air-core drilling program at its Fosterville East
Gold project in Victoria, Australia (“Fosterville East” or the
“Project”). Fosterville East covers an area of 82 km2 and lies
approximately 12 km east of the Fosterville Gold Mine that is owned
and operated by Agnico Eagle Mines Limited. Due to the Project’s
thick unconsolidated cover, geophysical surveys have been employed
to define deeper geological structures and drilling targets below
the cover. The Project covers a large suite of sedimentary rocks
potentially folded and faulted within the Bendigo Zone that host
the Bendigo Gold Deposits (historical production of 22 million
ounces gold; e.g., Li et al., 19981)) and Agnico Eagle’s
Fosterville Mine. Nubian plans on commencing a systematic
program of low cost air-core drilling which has proven to be an
effective tool to penetrate through overburden that varies up to 15
metres (50 feet) to test for gold and arsenic leader (vein-style)
mineralization within the rocks below.
Martin Walter, Nubian’s CEO, stated, “Recently
announced discoveries by Southern Cross Gold and Great Pacific Gold
have highlighted Victoria’s abundant gold tenure and potential.
Nubian has operated in Victoria since 2020 when it acquired its two
main projects - Fosterville East and the Yandoit Gold projects. Due
to poor mining markets and low interest levels in the exploration
for precious metals, Nubian slowed its exploration efforts in
Victoria in mid-2022. With the recent rise in the gold and silver
prices, we are pleased to have made the decision to re-start
exploration efforts in Victoria.”
Non-Brokered Private
Placement
Nubian also announced that it will undertake a
non-brokered private placement to raise up to $600,000 through the
issuance of up to 10,000,000 units (the “Private Placement”), each
Unit being priced at $0.06 and comprising one common share and
one-half common share purchase warrant (each whole warrant, a
“Warrant”). Each Warrant will be exercisable at $0.08 for a period
of 24 months post the closing date. In connection with the private
placement, the Company may pay finder’s fees of 7% cash and 7%
compensation warrants in accordance with the policies of the TSX
Venture Exchange. The proceeds of the Private Placement will
be utilized to undertake exploration activities at Fosterville East
and for general working capital purposes.
QUALIFIED PERSON
The technical information contained in this news
release relating to the Fosterville East project has been reviewed
and approved by Dr. Scott Jobin-Bevans (P.Geo.), who is a Qualified
Person under the definitions established by the National Instrument
43-101.
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
on key mining jurisdictions including Peru and Australia (central
Victoria and Tasmania).
For further information, please contact:
Martin Walter, Chief Executive Officer, Nubian
Resources Ltd., at +1-416-389-5692 or martin@nubianr.com.
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", "may" 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 beliefs 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, including
the closing of the Private Placement and use of proceeds. 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.
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https://www.sciencedirect.com/science/article/abs/pii/S0169136897000279
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