Nubian Resources Ltd.

10/06/2021 | Press release | Distributed by Public on 10/06/2021 08:50

Nubian Intersects 52.4 g/t Au Over 2 Metres at Yandoit Gold Project, Victoria, Australia

Toronto, Ontario, October 6, 2021 - Nubian Resources Ltd. (TSX-V: NBR | OTCQB: NBRFF) ("Nubian" or the "Company") is pleased to provide an update on work underway on its maiden drill program at the Company's Yandoit Gold Project in the Central Victorian Goldfields, Australia. To date, 1,164 metres of reverse circulation ("RC") and 458 metres of diamond core has been completed at the Goldsmith and Golconda prospects. Assay results have been received from 20 holes including 2.0m @ 52.4 g/t gold in hole YRC008. This result highlights the potential for exceptional high-grade gold at the Yandoit Gold Project, consistent with the historical descriptions of production this under-explored goldfield.

Highlights from surface and drilling results at Goldsmith Line include:

• Bonanza grade gold from recent RC drilling returned 2m @ 52.4 g/t gold from 28m in hole YRC008

• Elevated gold mineralization demonstrated along a +550m trend at Goldsmith

• High grade surface rock chip samples up to 7.45 g/t gold

• Multiple quartz reefs mapped at surface

• Diamond drill testing beneath the Golconda Mine successfully completed, assays awaited

Martin Walter, President and CEO of Nubian stated, "The discovery of high grade gold in our first drill program at Yandoit is very exciting, and justifies our thinking that this goldfield presents potential for a major discovery. We have only tested a small part of the project, and look forward to drilling other reefs as the permitting process progresses and winter conditions subside. I thank our local Victorian team for delivering a safe and successful program during an unusually wet winter."

Analytical results have been received from 20 RC holes as detailed in Table 1 with collar locations provided as Table 2 and Figure 1. All holes intersected quartz veins, sulphide and structural zones that are indicative of the reef positions targeted by historic mining. Gold mineralization in Central Victoria is "nuggety" in style with low grade gold, pathfinder elements and quartz-vein texture important indicators for near- mineralization intersections.