Nubian Provides Update ON Excelsior Springs Follow-up Drilling BY Athena GOLD Corporation
NUBIAN PROVIDES UPDATE ON EXCELSIOR
SPRINGS FOLLOW-UP DRILLING BY ATHENA
GOLD CORPORATION
TORONTO
,
Nov. 1, 2022
/CNW/ - Nubian Resources Ltd. (TSXV: NBR) (OTCQB: NBRFF)
("Nubian" or the "Company") is pleased to announce that Athena Gold Corporation (CSE: ATHA)
("Athena") has begun a follow-up Reverse Circulation drilling program at the Excelsior Springs
Project, located in
Esmeralda County, Nevada
("Excelsior Springs"). This follow-up drill program has
been planned to further test the previously announced high grade gold discovery through a focused
step out drilling program (see Nubian's press release of
June 29, 2022
).
Nubian owns 50 million shares of Athena representing a 39.6% ownership stake in Athena and holds
a 1% net smelter returns royalty on Excelsior Springs. Nubian is considering plans to distribute the
50 million shares held by it, pro rata, to Nubian shareholders as a return of capital transaction (see
press release of
June 22, 2022
). A registration statement on Form S-1 covering the resale and
distribution by Nubian to its shareholders of the Athena shares held by Nubian was filed by Athena
with the U.S. Securities and Exchange Commission. The Board of Directors believes it is in the best
interests of the Company to evaluate the follow-up drill program prior to making a decision on the
timing of the return of capital transaction. Nubian expects to evaluate its options again in 2023 with
respect to the Athena shares and further update shareholders at that time.
ABOUT NUBIAN RESOURCES
Nubian is a publicly traded precious and base metals exploration company 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, including, without limitation, the approval of
the registration statement on Form S-1 with the SEC, the distribution of Athena Shares by Nubian to
its shareholders, and the potential upside of the Property and value of the Athena Shares. The use
of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "may" and
similar expressions and statements relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Athena and Nubian's current beliefs 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 Athena and/or
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, President and CEO, Nubian Resources Ltd., at +1-416-
389-5692 or [email protected]
CO: Nubian Resources Ltd.
CNW 14:50e 01-NOV-22