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Nubian Resources set to enter promising copper gold district with new acquisition

Last updated: 09:03 14 Aug 2017 EDT, First published: 04:03 14 Aug 2017 EDT

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The site is in the Pacobamba Chungui district of Peru.

Nubian Resources Ltd (CVE:NBR) told investors it is set to acquire the 800 hectare Rio Pampas copper gold project in the Pacobamba Chungui district of Peru.

Surface mineralization shows a strong foot print of sulphide and oxide copper mineralisation stretching across an area that appears to extend over 800 meters in a northwest direction and over a width of 300 metres, the group said.

The geology is consistent with that of a copper gold porphyry, Quartz stockwork, mineralized breccias and poly-metallic skarn systems, it added.

"We are extremely excited with this acquisition securing Nubian an entry into one of South America's most promising Copper Gold districts," said Martin Walter, Nubian's chief executive.

The firm has inked a binding LOI (letter of intent) to acquire up to 100% ownership of the project, which lies 80 km northeast of Andahualas.

Nubian has paid a US$50,000 deposit and agreed to pay an additional US$50,000 annually from the signing of the definitive agreement for ten years to the vendors. 

Nubian has also agreed to invest US$500,000 in development work in the first 12 months to earn 51% of the property.

To earn an additional 9%, for a 60% interest, Nubian has agreed to invest an additional US$1mln in the first five years.