Nubian closes acquisition of three Australian projects
2020-12-16 09:46 ET – News Release
Mr. Martin Walter reports
NUBIAN CLOSES ACQUISITION OF FOSTERVILLE EAST & TASMANIAN GOLD PROJECTS
Nubian Resources Ltd. has closed its acquisition of the Fosterville East project, located in Victoria, Australia, and the Lefroy and Mathinna projects, located in Tasmania, Australia. The Fosterville East Project (83 km2) is located within the Bendigo Structural Zone approximately 10 km east of Kirkland Lake Gold’s Fosterville Gold Mine and immediately east of a recently lifted exploration moratorium area. The Lefroy Project (28 km2) consists of one Retention Licence which covers the historical Pinafore and Chum mines, and one Exploration Licence which covers the majority of the remaining historical Lefroy Goldfield. The Mathinna Project (142 km2) consists of four Exploration Licences that cover about 30 km of structural trend within the historical Alberton-Mathinna Goldfield.
As consideration for the acquisitions, the Company paid AU$2,500,000 comprising AU$100,000 (CA$94,900) in cash as a deposit and issued 5,050,000 common shares of the Company in accordance with the letter of intent signed in July 2020 (see press release dated July 15, 2020). The common shares issued are subject to a statutory hold period of four months and one day in accordance with securities laws.
In connection with the acquisitions, the Company’s subsidiary, Blackwood Prospecting Pty Ltd., entered into a share Purchase Agreement with Van Diemens Gold Limited and Stavely Minerals Limited (“Stavely”) for the purchase of all of the issued and outstanding shares of Stavely Tasmania Pty Ltd, the owner of the Fosterville East project and the Lefroy and Mathinna projects, and a share purchase agreement with Lantech Developments Pty Ltd, Long Weekend (QLD) Pty Ltd and a private individual for the purchase of all of the issued and outstanding shares of Bestlevel Holdings Pty Ltd (“Bestlevel”), the part owner of three of Mathinna Exploration Licences. These three Exploration Licences in the Mathinna project had been held by Bestlevel and Stavely (as operator) pursuant to a farm-in agreement.
Martin Walter, President & CEO of Nubian, commented, “The finalization of the Stavely acquisitions concludes what has been a very good year for Nubian in acquiring and expanding its exploration footprint into Australia. The combination of the Fosterville East and the Yandoit Gold Project, located in Central Victoria, with the Lefroy and Mathinna projects that have similar geology, provide Nubian with a good combination of early exploration and more advanced development stage projects. The Company is looking forward to 2021, a year that will focus on exploration activities of these highly prospective properties.”
In connection with the acquisitions, the Company issued 126,832 common shares in the capital of the Company to Peter Huljich as a finder’s fee. Also, in connection with its previously announced acquisition of the Yandoit Gold Project, which was completed on November 26, 2020, the Company issued 333,333 common shares in the capital of the Company to Launchpad (Aus) Pty Ltd as a finder’s fee.
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, Australia, Tasmania, Peru and USA.
We seek Safe Harbor.
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