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Nubian Closes Acquisition of Fosterville East & Tasmanian Gold Projects
Nubian Closes Acquisition of Fosterville East & Tasmanian Gold Projects T...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n \n \n \n Nubian Closes Acquisition of Fosterville East & Tasmanian Gold Projects\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Dec. 16, 2020\n \n /CNW/ - Nubian Resources Ltd. (TSX-V: NBR) (\"Nubian\" or the \"Company\") is pleased to announce that the Company has closed its acquisition of the Fosterville East project, located in\n \n Victoria, Australia\n \n and the\n \n Lefroy\n \n and Mathinna projects, located in\n \n Tasmania\n \n , Australia.  The Fosterville East Project (83 km\n \n 2\n \n ) is located within the Bendigo Structural Zone approximately 10 km east of\n \n Kirkland Lake Gold's\n \n Fosterville Gold Mine and immediately east of a recently lifted exploration moratorium area.  The Lefroy Project (28 km\n \n 2\n \n ) 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 km\n \n 2\n \n ) consists of four Exploration Licences that cover about 30 km of structural trend within the historical Alberton-Mathinna Goldfield.\n \n \n 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\n \n July 2020\n \n (see press release dated\n \n July 15, 2020\n \n ).  The common shares issued are subject to a statutory hold period of four months and one day in accordance with securities laws.\n \n \n 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\n \n Lefroy\n \n and Mathinna projects, and a share purchase agreement with Lantech Developments Pty Ltd, Long Weekend (QLD) Pty Ltd and a private ...