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Nubian to Acquire Stavely's Fosterville East & Tasmanian Gold Projects
TORONTO, ON / ACCESSWIRE / July 15, 2020 / Nubian Resources Ltd. (TSX-V:NBR) ("Nubian" or th...
About this update from Carlton Precious Inc
[{"type":"text","content":"Nubian to Acquire Stavely's Fosterville East & Tasmanian Gold ProjectsTORONTO, ON / ACCESSWIRE / July 15, 2020 / Nubian Resources Ltd. (TSX-V:NBR) (\"Nubian\" or the \"Company\") is pleased to announce that on July 11, 2020 the Company entered into a binding letter of intent (\"LOI\") with Stavely Minerals Limited (SVY) and its wholly-owned subsidiary Stavely Tasmania Pty Ltd. (collectively \"Stavely\") to acquire Stavely's interest in three projects: Fosterville East (map 1 attached) and the Lefroy and Mathinna projects (map 2 attached) (collectively the \"Projects\"), subject to final due diligence and negotiation of definitive agreements (the \"Acquisition\"). Together, the Projects comprise six exploration licenses that include the Fosterville East Project located in central Victoria, approximately 10 km east of Kirkland Lake Gold's Fosterville Gold Mine, and the Lefroy and Mathinna projects located in northeast Tasmania. Further details on the Projects are included below.Martin Walter, President & CEO of Nubian, commented, \"With the Fosterville East Project's close proximity to the Fosterville Mine and the Lefroy and Mathinna projects having similar geology as central Victoria, these exploration projects are a perfect addition to the Company's more advanced Yandoit Gold Project that is at development stage. The Company is working to finalize definitive documents for the Yandoit Gold Project and is looking forward to executing on its exploration and development plans in Australia.\"Chris Cairns, Executive Chairman and Managing Director of Stavely added, \"We are pleased to have undertaken this transaction with Nubian which allows Stavely to focus its efforts on exploration of our recent copper-gold discovery in western Victoria. Nubian's technically experienced team progressing a focused exploration campaign at these high-potential orogenic gold assets will provide Stavely with exposure to future upside from exploration success via a significant shareholding in Nubian at a time of significant investor interest in the Victoria gold exploration industry in the North American market.\"In exchange for acquiring 100% of Stavely's interest in the Projects, Nubian has paid an AU$100,000 (CA$94,900) non-refundable deposit and will issue Nubian shares equal to AU$2,400,000 (CA$2,278,000) based on the volume weighted average pric...