Nubian Begins Exploration at Yandoit Gold Project, Victoria, Australia

Nubian Begins Exploration at Yandoit Gold

Project, Victoria, Australia

TORONTO

,

Dec. 23, 2020

/CNW/ - Nubian Resources Ltd. (TSXV: NBR) ("Nubian" or the

"Company") is pleased to announce the commencement of exploration at the Yandoit Gold Project

(the "Project"), which covers 32 sq km within three exploration licences in the historic Daylesford

gold corridor of the Central Victorian Goldfields,

Australia

. The Company closed the Yandoit Gold

Project acquisition in late November, and has begun two detailed exploration programs to map and

define drill targets within the extensive trends of prior mining, mapped quartz reefs and prospective

fault zones.

The Company's geologists have prioritized an 8 kilometre long north-south trending gold mineralized

corridor that extends throughout the Project and hosts up to eight historically mined gold bearing

quartz reefs within a sequence of folded sedimentary rock units. One of these gold bearing reefs

was bulk sampled and mined as recently as 2018 by the Project vendor in a shaft to

27m

depth.

The first program is deep auger soil sampling on an extensive and close-spaced grid to test for gold

and other metals within thin soils that cover parts of known mineralized corridors. The second

program is an 18 kilometre Deep Penetrating Ground Radar (DPGR) geophysical survey. The

Company has contracted Loza Radar Australia to complete and interpret the geophysical data.

The DPGR survey will provide blanket coverage of known reefs and map their trends under cover

where historic mining did not occur. Survey results will be utilized to target future drilling which is

planned for Q1 2021. DPGR surveying is a preferred geophysical tool that is widely employed in the

Central Victorian Goldfields and elsewhere to identify and map geological structure and quartz reefs

at depth within sedimentary hosted rock assemblages.

Martin Walter

, President & CEO of Nubian, commented, "The Central Victorian Goldfields are one of

the hottest gold exploration districts globally, due to the exceptional success of

Kirkland Lake's

Fosterville

gold mine. We are very pleased to have commenced exploration on our three highly

prospective exploration licenses at Yandoit. The 1,100 soil sample program being undertaken at 25

metre spacing combined with the DGPR survey will provide the Company with important geological

and geophysical data towards defining drill targets for a drill program planned in the first quarter of

2021."

In other news, Nubian announces that the Company has granted, pursuant to its stock option plan, to

directors, management and consultants of the Company an aggregate of 2,495,000 stock options.

Each such stock option entitles the holder to purchase one common share of the Company at a price

of

$0.42

until

December 22, 2023

.

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, Australia

,

Tasmania

,

Peru

and USA.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of

this release.

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.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking information. These

statements relate to future events or future performance. The use of any of the words "could",

"intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements

relating to matters that are not historical facts are intended to identify forward-looking information

and are based on Nubian's current belief or assumptions as to the outcome and timing of such future

events. Actual future results may differ materially. Although such statements are based on

reasonable assumptions of Nubian's management, there can be no assurance that any conclusions

or forecasts will prove to be accurate.

Forward looking information involves known and unknown risks, uncertainties and other factors which

may cause the actual results, performance or achievements to be materially different from any future

results, performance or achievements expressed or implied by the forward-looking information. Such

factors include risks inherent in the exploration and development of mineral deposits, including risks

relating to changes in parameters of the Projects as plans continue to be redefined, risks relating to

variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide

demand for and supply of minerals, risks related to the COVID-19 pandemic and current global

financial conditions, increased competition, access and supply risks, reliance on key personnel,

operational risks, regulatory risks, including risks relating to licenses and permits, financing,

capitalization and liquidity risks and title and environmental risks.

The forward-looking information contained in this release is made as of the date hereof, and Nubian

is not obligated to update or revise any forward-looking information, whether as a result of new

information, future events or otherwise, except as required by applicable securities laws.

Because of the risks, uncertainties and assumptions contained herein, investors should not place

undue reliance on forward-looking information. The foregoing statements expressly qualify any

forward-looking information contained herein.

SOURCE

Nubian Resources Ltd.

View original content:

http://www.newswire.ca/en/releases/archive/December2020/23/c8929.html

%SEDAR: 00024798E

For further information:

For further information, please contact Martin Walter, Chief Executive

Officer, Nubian Resources Ltd., at +1-416-389-5692 or [email protected].

CO: Nubian Resources Ltd.

CNW 15:22e 23-DEC-20