Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

February 09, 2011 10:38 ET

Nebu Intersects Significant Gold Mineralization in Initial Drill Holes at Beehive Property, Timmins

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2011) - Nebu Resources Inc. (TSX VENTURE:NBU) ("Nebu") -

BEEHIVE PROPERTY

Nebu is pleased to report significant assay results of the initial 4 diamond drill holes program, totaling approximately 2400 metres, completed on the Beehive Property in Timmins, Ontario, in November and December of 2010.

The gold mineralization in the drill results reported in this release is from the area interpreted to be the strike extension of the Desantis and MacEneny gold zones (see below).

The first of the four holes intersected a strong quartz carbonate tourmaline vein zone that returned a number of gold values ranging up to 17.3 g/t over a core length of 0.5 metres. Less than 10 metres below this high grade interval, a series of gold values over a 9.7 metre core length averaged 2.73 g/t and included a 1.7 metre interval that assayed 6.83 g/t gold.

Hole NM-10-2 intersected narrow zones of similar material although no interval assayed more than 1 g/t gold.

Hole NM-10-3 drilled 50 metres to the north of, and therefore deeper than hole NM-10-1 intersected similar mineralization at two locations in the hole with the upper intersection assaying 2.39 g/t over 2.4 metres and about 50 metres deeper, 7.56 g/t over 1.9 metres.

The fourth hole, NM-10-4 was drilled approximately 300 metres to the west and also intersected alteration and quartz veining, with the highest assay being 3.31 g/t gold over a 0.4 metre interval.

The zones of gold bearing quartz tourmaline veining remain open for expansion.

When the Company entered into the option agreement on the Beehive Property the Company believed the main area of potential for the discovery of significant gold mineralization on the property was the south-western portion of the property that was interpreted to host the extension of the gold mineralized zone extending from the southeast at the Naybob Mine currently being explored by Metals Creek Resources Corp. and Goldcorp Inc. The secondary target at that time was the potential for finding gold mineralization along strike from the historic Desantis and MacEneny gold mines located to the west of the west boundary of the Beehive Property where Lateegra Gold Corp. are exploring.

This initial drill program, drilling did not test the target along the mutual boundary with Metals Creek and Goldcorp. The Company expects that drilling will resume in the next month on this boundary, though drilling may occur on the Company's Bowman Property first.

The true width of the mineralization in the holes drilled to date has not been determined. 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 split core 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. The remaining half of the drill core is stored in Timmins. 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.

BOWMAN PROPERTY

Initial results indicate significant targets have been identified in the area to the west of the nearby historic Canadian Arrow Mine property recently optioned by Murgor Resources. Murgor's first drill hole at that historic gold producing property assayed 2.64 g/t gold over a core length of 59 metres.

The Company is actively involved in evaluating its entire property portfolio in Northern Ontario and is currently awaiting final results from the initial exploration program on its Bowman Property.

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 60,123,976 common shares issued and outstanding.

Visit our website at www.neburesources.com.

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.

Contact Information

  • Nebu Resources Inc.
    R. Brian Murray
    President & CEO
    (416) 985-7810
    or
    Nebu Resources Inc.
    John V. Hickey
    CFO
    (416) 637-2139
    or
    Nebu Resources Inc.
    Clark Kent
    Current Market Communications
    (647) 519-2646
    www.neburesources.com