Nubian begins exploration at Yandoit
2020-12-23 15:30 ET – News Release
Mr. Martin Walter reports
NUBIAN BEGINS EXPLORATION AT YANDOIT GOLD PROJECT, VICTORIA, AUSTRALIA
Nubian Resources Ltd. has commenced exploration at the Yandoit gold project, which covers 32 square kiloemtres within three exploration licences in the historic Daylesford gold corridor of the Central Victorian goldfields, Australia. The company closed the Yandoit gold project acquisition in late November, and has begun two detailed exploration programs to map and define drill targets within the extensive trends of prior mining, mapped quartz reefs and prospective fault zones.
The company’s geologists have prioritized an eight-kilometre-long north-south-trending gold-mineralized corridor that extends throughout the project and hosts up to eight historically mined gold-bearing quartz reefs within a sequence of folded sedimentary rock units. One of these gold-bearing reefs was bulk sampled and mined as recently as 2018 by the project vendor in a shaft to 27 metres in depth.
The first program is deep auger soil sampling on an extensive and close-spaced grid to test for gold and other metals within thin soils that cover parts of known mineralized corridors. The second program is an 18 km deep-penetrating ground radar (DPGR) geophysical survey. The company has contracted Loza Radar Australia to complete and interpret the geophysical data.
The DPGR survey will provide blanket coverage of known reefs and map their trends under cover where historic mining did not occur. Survey results will be utilized to target future drilling, which is planned for Q1 2021. DPGR surveying is a preferred geophysical tool that is widely employed in the Central Victorian goldfields and elsewhere to identify and map geological structure and quartz reefs at depth within sedimentary-hosted rock assemblages.
Martin Walter, president and chief executive officer of Nubian, commented: “The Central Victorian goldfields are one of the hottest gold exploration districts globally, due to the exceptional success of Kirkland Lake’s Fosterville gold mine. We are very pleased to have commenced exploration on our three highly prospective exploration licences at Yandoit. The 1,100 soil sample program being undertaken at 25-metre spacing combined with the DGPR survey will provide the company with important geological and geophysical data towards defining drill targets for a drill program planned in the first quarter of 2021.”
In other news, the company has granted, pursuant to its stock option plan, to directors, management and consultants of the company, an aggregate of 2,495,000 stock options. Each such stock option entitles the holder to purchase one common share of the company at a price of 42 cents until Dec. 22, 2023.
Qualified person
The technical information contained in this news release relating to the Yandoit gold project has been approved by Mark Saxon, an adviser 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 Resources Ltd.
Nubian is a precious and base metals exploration company. 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, Australia, Tasmania, Peru, and the United States.
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