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Nubian Signs LOI to Acquire the Rio Pampas Copper Gold Porphyry Project in Southern Peru
Nubian Signs LOI to Acquire the Rio Pampas Copper Gold Porphyry Project in Southern Peru ...
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[{"type":"text","content":"\n\n\n\nNubian Signs LOI to Acquire the Rio Pampas Copper Gold Porphyry Project in Southern Peru\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, Aug. 14, 2017\n\n\n\nTORONTO, Aug. 14, 2017 /CNW/ - Nubian Resources Ltd. (the \"Company\") (TSX VENTURE: NBR) is pleased to announce that the Company has entered into a binding letter of intent (\"LOI\") to acquire the 800 hectare Rio Pampas Copper Gold Project located in the Pacobamba Chungui District of the Andahuaylas Province of Peru (the \"Project\").  \n\n\n \n \n\n \nHighlights:\n\n\nBinding LOI to acquire up to 100% ownership of 800 ha Cu Au project.\nLocated 80 km northeast of Andahualas in mining friendly southern Peru.\nSituated on the edge of the Eocene-Miocene aged Andahuaylas to Yauri Porphyry Copper Batholith.\nSurface mineralization on the Project shows a strong foot print of sulphide and oxide Cu mineralisation stretching across an area that appears to extend over 800 meters in a northwest direction and over a width of 300 metres.  The mineralization is consistent with that of Cu Au Porphyry, Quartz stockwork, mineralized breccias and poly-metallic skarn systems that exhibit low sulphidation epithermal mineralised quartz veins and disseminated sulphides within the surrounding rock. \n\nThe Rio Pampas Cu Au porphyry system sits on the northeastern edge of the Eocene-Miocene aged Andahuaylas to Yauri Porphyry Copper Batholith that stretches across southern Peru.  This belt of rocks hosts some of Peru's large Cu Au porphyry deposits such as the Southern Peru Copper's Los Chancas Project as well as the operating Tintaya and Las Bambas Copper Mines. \n\nUnder the terms of the LOI, Nubian has paid a US$50,000 deposit and has agreed to pay an additional US$50,000 annually from the signing of the definitive agreement for a period of 10 years to the Vendors.  Nubian has also agreed to invest US$500,000 in development work in the first 12 months to earn a 51% of the Project.  To earn an additional 9%, for a 60% interest, Nubian has agreed to invest an ad...