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Nubian Signs Binding Letter of Intent to Acquire Advanced Gold Project in Victoria, Australia
Nubian Signs Binding Letter of Intent to Acquire Advanced Gold Project in Victoria, Austra...
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[{"type":"text","content":"\n\n\n\nNubian Signs Binding Letter of Intent to Acquire Advanced Gold Project in Victoria, Australia\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\nCanada NewsWire\nTORONTO, May 28, 2020\n\n\n\nTORONTO, May 28, 2020 /CNW/ - Nubian Resources Ltd. (TSX-V:NBR) (\"Nubian\" or the \"Company\") is pleased to announce that on May 21, 2020 the Company entered into a binding letter of intent (\"LOI\"), subject to final due diligence and negotiation of definitive agreements, to acquire the Yandoit Gold Project, situated in the historic Daylesford gold corridor of central Victoria, Australia. The approximately 38 square kilometre (3,800 ha) property consists of one Mining Licence and one Exploration Licence, collectively the \"Project\".  The vendor, B.S.B. Mining Pty Ltd. (\"BSB Mining\"), an arm's length party to Nubian, is currently finalizing the purchase of a second Exploration Licence that has six historic gold mines.\nLocated about 39 km northeast of the city of Ballarat and 100 km northwest of Melbourne, the advanced-stage Yandoit Gold Project is in a region that has seen punctuated periods of hard rock and alluvial gold mining over the past 160 years.  Local geological environments are very similar to that seen in the higher activity Bendigo (e.g., Fosterville Mine, 70 km to the northeast), Castlemaine, and Malmsbury gold corridors located to the north and northeast.  Sustained higher gold prices and recent success in understanding the gold depositional geology by Kirkland Lake Gold at its Fosterville Gold Mine has caused a modern day gold rush in the region.\nMartin Walter, President & CEO of Nubian, commented, \"Nubian is very pleased to have secured an opportunity to explore and develop an advanced-stage project in this exciting gold district of Australia.  The Project is drill-ready with extensive deep radar geophysics being completed over 16 line kms.  The goal is to fast-track the Project towards mine development.  In conjunction with its aggressive plans to develop the Project, the Company is planning to undertake a private plac...