ABBOTSFORD, British Columbia, July 14, 2011 /PRNewswire/ --
Nubian Resources Ltd ("Nubian") (NBR: TSX.V) reports that drilling will commence at the Excelsior gold project in Nevada next week. Nubian holds a 100% lease of the property and has an option agreement to allow Global Geoscience Ltd ("Global") to earn a 70% interest in the Excelsior project by spending $3 million on exploration over four years and by making cash payments totalling USD $100,000.
Global plans to drill about 2000m of RC (Reverse Circulation) to follow-up a number of significant drill intersections and to test several new targets it has identified since acquiring the project that have not been previously drill tested.
Several holes are planned at the Buster zone where drilling by previous explorers has yielded a number of very significant intersections at shallow depths. The mineralisation at Buster is open along strike and at depth. Significant intersections include:
- EX02: 33m at 2.7g/t Au from 70m including 18m at 4.7g/t Au
- EX13: 15m at 2.5g/t Au from 0m
- EX18: 6m at 5.4g/t Au from 43m
- EX30: 47m at 1.5g/t Au from 71m including 7.6m at 3.9g/t Au, 8g/t Ag
The Excelsior project covers a zone of gold mineralisation more than 3km long and 200-400m wide, hosted within strongly altered calcareous sediments and limestone.
Since entering into an agreement with Nubian on the Excelsior project in March 2011, Global has completed extensive surface work including a three square kilometre Induced Polarisation (IP) geophysical survey, geological mapping, re-logging drill chips and the collection of more than 800 geochemical samples. This work has led to the identification of three other targets - none of which have been drilled previously.
President and CEO of Nubian, Graham Chisholm comments: "Work completed by Global to date at Excelsior indicates the presence of a large and extensive mineralised system, and only a relatively small area - the Buster zone - has been tested by drilling. Given the very encouraging drill results at the Buster zone to date, we are pleased to announce that targets to be drill tested have been identified and drilling will commence shortly."
Ken Brook, B.Sc, M.Sc, RPG. a qualified person (QP) as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
President & CEO
To see the figures accompanying this press release please click here: http://files.newswire.ca/979/Nubian_figures.pdf
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company. 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.
For further information:
Web Page: http://www.nubianr.com
SOURCE Nubian Resources Ltd.