Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

November 30, 2009 08:00 ET

Nebu Reports Extremely High Grade Gold Mineralization in West Timmins Drilling

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Nebu Resources Inc. (the "Company") (TSX VENTURE:NBU) is pleased to announce drill core assay results from Hole DE-09-4 from its ongoing diamond drill program adjacent to the Lakeshore Gold Corp.'s land position (formerly West Timmins Mining Inc.'s property) approximately 35 km west of the main part of the prolific Timmins, Ontario gold camp.

Length weighted assays for the main quartz zone in hole DE-09-4 averaged 98.41 g/t (2.84 oz/ton gold) over a core interval of 4.7 metres (15.4 feet) from 78.3 metres (256.8 feet) down hole. This very high grade interval includes an extremely high grade section that assayed 413.57 g/tonne gold over 1.0 metre (12.063 oz gold per ton over 3.28 feet).

Initial repeat fire assays on this interval showed some significant variation, though by checking the assays using a pulp and metallic assay technique ("PM", which is a more thorough and representative assay technique – see below), the grade of the entire interval was more accurately determined and was confirmed to be very high grade. This interval of sulphide rich quartz vein material contained several sightings of fine gold although with no real accumulation of coarse gold, indicating that the gold is likely rather evenly distributed through the interval and is related to the overall sulphide accumulation in the quartz rich vein system. Sulphide mineralization in the interval is dominated by pyrrhotite and includes lesser amounts of chalcopyrite, pyrite, sphalerite and arsenopyrite. Total sulphide content of the interval is approximately 15%.

Brian Murray, President and CEO, commented: "We are very excited to report the assay results for hole 4, knowing this is one of the highest grade drill hole intersections ever drilled west of the main Timmins Gold Camp. While the overall significance of this drill intersection is not known at this time, the addition of a second drill rig now allows us the flexibility to carry out detailed drilling in the area of holes 4, 5 and 6 while continuing to test other new areas of high potential on our properties in the area."

The following table summarizes the most significant assay results in drill hole DE-09-04.

Interval start (metres)Length(metres)Gold Assay ValuePM method (g/t)Gold Assay ValuePM method (oz/ton)Interval(feet)
75.51.57.720.225 
77.01.30.020.001 
78.31.217.570.512 
79.51.0413.5712.063 
80.51.012.470.364 
81.51.02.050.06 
82.50.526.710.779 
     
Averages    
78.34.798.412.8715.4
75.57.563.221.8424.6

Note that the second interval was not assayed by using the Pulp and Metallic method, only the normal fire assay technique.

As reported November 12, 2009, drill holes DE-09-4, DE-09-5 and DE-09-6, were drilled in section with hole DE-09-04 being the deepest hole drilled. What appears to be the same vein set was intersected at shallower depth in drill hole DE-09-05 (above drill hole DE-09-4) and assayed 8.45 g/t gold over a 5.9 metre (19.3 foot) interval. Drill hole DE-09-6 drilled between these two holes also intersected the veins with one interval of the vein assaying 4.46g/t over 1.1 metres (3.6 feet).

Information from the holes drilled in this area to date appears to indicate that the vein system has a more northerly strike than previously thought resulting in the best mineralized veins not being intersected in some other holes. A second drill rig has recently been mobilized to this area and follow-up drilling has commenced to further evaluate this area of gold mineralization. A number of drill holes will be required to evaluate the full extent, grade and thickness of the gold zone. The Company has not completed any drilling below the high grade gold intersection. It should be noted that the intersections of gold mineralization in drill holes DE-09-4, 5, and 6 is very shallow, ranging from approximately 15 to 55 metres below surface. The true width of the mineralization in the holes drilled to date has not been determined but is known to be less than the drilled width.

Drilling with one drill rig continues to focus on other targets on the property and the recently mobilized second drill rig has commenced detailed drilling in the vicinity of the high grade mineralization reported in this release.

Quality Control and Assurance

Assay results reported by the Company are from halved drill core samples collected from diamond drill holes recently completed by contractors to the Company. Core samples were collected by consultants in the employ of the Company and are subject to the Company's quality control program. Sampling was conducted in Timmins, Ontario and sealed samples were transported to Swastika Labs preparation facilities in Swastika, Ontario. Samples are regularly assayed for gold by standard fire assay- ICP finish with a 30 gram charge. While this technique was used in the assaying of intervals from this hole, a number of intervals were also assayed using a pulp and metallic method as described on the Swastika Laboratories website (www.swastikalaboratories.ca). The remaining half of the drill core is stored in Timmins.

The pulp and metallic sieve analysis includes:

· crushing and pulverizing the entire sample
· screening the entire sample through a 100 mesh screen
· assaying the entire 100 mesh fraction
· duplicate 30G assays on the -100 mesh fraction
· weighted average for Gold in the entire sample reported

For quality control purposes, blank, duplicate and reference standards were inserted into the sample stream at irregular intervals.

Mr. Bruce Durham, P.Geo, a Qualified Person, is the Company's Qualified Person (QP) and is the non-independent Qualified Person responsible for the information contained in this press release. The Qualified Person is experienced in all aspects of the work completed, has visited the project site, examined the drill core samples reported and has verified that the reported results meet the Company's quality control standards.

No determination of the true width of the mineralized quartz vein system has been possible at this early stage of the drilling.

Nebu has the right to earn up to a 90% interest in the claims to which this release pertains. The Company has recently notified its partner in this property that it has now met its earn-in provision under the agreement.

Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in 3 specific and distinct areas: West Timmins, Quest Lake in the Thunder Bay mining district and Burntbush, Ontario, exploring the Ontario extension of the Casa Berardi Deformation Zone. Nebu's shares are listed for trading on the TSX Venture Exchange under the symbol NBU.V. Nebu currently has 47,151,063 common shares issued and outstanding.

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 the contents of this release.

Contact Information

  • Nebu Resources Inc.
    R. Brian Murray
    (416) 985-7810
    or
    Nebu Resources Inc.
    John V. Hickey
    (416) 903-6649
    www.neburesources.com
    or
    CMC
    Clark Kent
    (647) 519-2646
    or
    Contact Financial
    Keir Reynolds
    (604) 689-7422