Nubian Engages Geological Team to Re-Evaluate Silver-Zinc Resources at the Esquilache Project, PERU
NUBIAN ENGAGES GEOLOGICAL TEAM TO
RE-EVALUATE SILVER-ZINC RESOURCES AT
THE ESQUILACHE PROJECT, PERU
TORONTO
,
April 19, 2022
/CNW/ - Nubian Resources Ltd. (TSXV: NBR) (OTCQB: NBRFF)
("Nubian" or the "Company") is pleased to announce the appointment of Steven Park as Project
Manager for
South America
and
Walter Cuba
as Senior Geologist. The Company has also retained
the services of two independent geological consulting groups, Atticus Geoscience Consulting S.A.C.
and Caracle Creek Chile SpA for mineral resource modelling and to work with the new geological
team to evaluate silver and zinc resources at Nubian's 100% owned Esquilache Silver Project
("Esquilache" or the "Project") located in southern Peru.
Steven Park
is a professional exploration geologist and Qualified Person, as defined by National
Instrument 43-101 ("NI 43-101"), with over 35 years of mineral exploration experience focused on
greenfield and brownfield precious metals exploration in
South America
, primarily in
Peru
. Mr. Cuba
has substantial geological field experience in
Peru
and brings a wealth of knowledge and continuity
to the Project having previously served as Project Manager on Esquilache when it was under
development by Vena Resources Inc. ("Vena") in 2013.
Esquilache last saw production in 1962, when Peruvian silver producer Hochschilds Mining plc
reported mining and processing 1,000,000 tonnes of ore at 116.57 g/t Ag, 3.2% Pb, 4.8% Zn, 0.3%
Cu over a 12-year period from 1950 to 1962. The new geological team will review previously
compiled Esquilache Ag-Zn resource estimations with the aim to support a small (up to 500 tonnes
per day) mining operation from both surface and underground workings. Esquilache has been on
hold since 2020, due primarily to low commodity prices and COVID-19 pandemic restrictions.
Nubian now aims to take advantage of favourable silver and base metal prices by moving the project
towards a feasibility evaluation, following resource modelling, metallurgical data review, and updates
to the Project's past engineering plans and environmental studies.
Esquilache covers the mineralized core of a large caldera structure that hosts a system of
polymetallic, low- to intermediate-sulphidation, epithermal to mesothermal veins containing silver,
lead, zinc, copper and significant gold grades. An initial NI 43-101 technical report was prepared for
Vena in 2011 by Coffey Mining Consultants based on data from trenching and two core drilling
programs that identified more than 200 mineralized veins and breccia showings across the
Esquilache concession holdings of 1,600 hectares. A more recent NI 43-101 technical report titled
"Esquilache Silver-Lead-Zinc Project, Puno State,
Peru
" prepared by author
Neal Reynolds
, PhD of
CSA Global Canada Geosciences Ltd. dated effective
April 1, 2018
(the "2018 Technical Report")
was prepared following a diamond drilling campaign and surface sampling from trenches. The 2018
Technical Report (filed on the Company's SEDAR profile) recommended that the Company move
forward with the Project's exploration and development.
Esquilache is located in the Cordillera Occidental of southern
Peru
and
Bolivia
, on trend with major
silver, gold, and copper projects including Las Bambas, Tintaya, San Gabriel in
Peru
and Eloro's
Potosi
silver deposit in
Bolivia
. Esquilache is located only 32 km (20 miles) east of Buenaventura's
San Gabriel Mine project that recently announced the receipt of all required permits to begin mine
construction, with projected production of between
120K
to
150K
ounces of gold per year over a
10+ year mine life.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Company's Property.
The Company also announces the grant of a combined 300,000 options to purchase the Company's
common shares at
15 cents
to Mr. Park and Mr. Cuba.
QUALIFIED PERSON
The technical information contained in this news release relating to Esquilache has been approved by
Steven Park
, Project Manager for Nubian, who is a Qualified Person within the meaning of National
Instrument 43-101, Standards of Disclosure for Mineral Projects.
Steven Park
earned his MSc. from
the Mackay School of Mines,
University of Nevada
–
Reno
and is a Certified Professional Geologist
and member of the American Institute of Professional Geologists.
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
and
Tasmania, Australia
and
Peru
.
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.
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.
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For further information:
Martin Walter, Chief Executive Officer, Nubian Resources Ltd., at +1-416-
389-5692 or [email protected]
CO: Nubian Resources Ltd.
CNW 12:18e 19-APR-22