Nubian Resources accelerates ownership in Esquilache
2020-08-18 08:14 ET – News Release
Mr. Martin Walter reports
NUBIAN ACCELERATES ITS OWNERSHIP IN THE ESQUILACHE SILVER PROJECT, PERU
Nubian Resources Ltd. has accelerated its purchase of the Esquilache silver project from Zinc One Resources Inc. with a one-time cash payment of $350,000. Under the terms of the amended agreement entered into in January, 2019 (press release of Jan. 18, 2019), Nubian agreed to pay Zinc One $661,806 in total advance royalty payments until October, 2025, which amount has been satisfied by the cash payment of $350,000. By negotiating and advancing this final payment, Nubian is now able to register its 100-per-cent ownership of the Esquilache silver project with the Peruvian Department of Mines allowing the company to accelerate development through further drilling and engineering. The 100-per-cent ownership clears the way for Nubian to apply for a mine permits and firm up the project community agreements.
The Esquilache silver project includes the historical Esquilache underground silver mine and adjacent Virgen de Chapi prospect located in the Puno department of southern Peru and features three main mineralized zones (Sepulvada, Creston and Mamacocha). The project covers more than 1,600 hectares across a set of hills (4,900 metres above sea level) and valleys (4,300 metres ASL) where more than 200 mineralized veins and breccia pipes of various widths have been mapped. Nubian filed a National Instrument 43-101 technical report on the Esquilache silver project in May, 2018. The project is located 28 km east of Buenaventura’s San Gabriel gold/silver deposit and historic drilling results at the Esquilache silver project include 24.2 metres of 131 g/t silver, 0.4 g/t gold including 8.1 metres of 292 g/t silver, 0.73 g/t gold. The project was last mined for silver by Hochschild Mining in the early 1960s and 1970s where historical reports mark the past mining production at approximately one million tonnes grading 3.4 ounces silver, 4.8 per cent zinc, 3.2 per cent lead and 0.3 per cent copper.
“We are very pleased to have accelerated this purchase and we’re looking forward to commencing community and development work on our high-grade, near-surface, drill-ready project,” stated Richard Brown, Nubian’s South American manager, who added, “With the upward trend in silver prices in the recent months and Nubian now well funded, the company is now well positioned to advance the Esquilache silver project along with its other projects.”
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (PGeo), a director of Nubian, who is a qualified person under the definitions established by the National Instrument 43-101.
About Nubian Resources Ltd.
Nubian Resources 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. In May, 2020, Nubian entered into an agreement to acquire and develop the Yandoit gold project in central Victoria, Australia, and in July, 2020, Nubian entered into an agreement to acquire Stavely Mineral Ltd.’s Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian’s main asset is the Esquilache silver project located within the Tintaya porphyry copper belt of southern Peru.
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