Nubian Resources Ltd. (TSX-V: NBR) (OTCQB: NBRFF) 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 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.

Table 1 – RC Drilling Results from Yandoit Project, Central Victoria above 0.1 g/t Au

Table 2 – Drill Hole collar locations in EL5193, Yandoit Project

In addition to drilling, surface mapping of historic workings and sampling has continued.  This program has discovered numerous gold mineralized samples on dumps, with 16 samples taken that range from 0.042 to 7.45 g/t gold, averaging 2.14 g/t.  In combination with drilling, the surface sampling has extended the target at Goldsmith to over 500 metres in length.  This sampling is in addition to that previously reported (see press release dated April 29, 2021) that highlighted the presence of gold in sulphide that was not recovered.

The Yandoit Gold Project is characterized by the presence of multiple north-south striking quartz vein systems, each spaced approximately 50 metres apart, marked by quartz float and abundant historic workings.  The current program has focused on the northern extension of the Goldsmith and Golconda mines which were in production until approximately 1908, and were known for rich structurally controlled shoots of free gold.

QUALIFIED PERSON

The technical information contained in this news release relating to the Yandoit Gold Project has been approved by Mark Saxon, an advisor 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.

TECHNICAL NOTES

RC drilling was completed by Indicator Drilling Pty Ltd with a hole diameter of 95mm.  Approximately 2kg of sample was bagged on site and sent for assay per 2m of drilling. Wet conditions necessitated spear sampling of bags.  Alternating duplicates and certified reference materials were inserted as per industry standard.  Assays were completed by Intertek Genalysis in Adelaide using Fire Assay Digest and Mass Spectroscopy analytical method.

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 and Tasmania, Australia and Peru.

Figure 1: Drill locations for RC holes from Yandoit Project, Central Victoria. (CNW Group/Nubian Resources Ltd.)

Figure 2: Map at Goldsmith including significant rock sample grades. (CNW Group/Nubian Resources Ltd.)