Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

October 06, 2010 09:31 ET

Nebu to Commence Drilling at its Beehive Property, in the Prolific Timmins Gold Camp

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2010) - Nebu (TSX VENTURE:NBU) is pleased to announce a diamond drill program on its strategic, high priority Beehive Property in Ogden and Deloro Township, near Timmins Ontario.

The Beehive Property (the "Property") consists of 11 patented mining units in the Timmins Mining Camp for a total of approximately 440 acres.

The property lies immediately to the north of the Nabob (Kennilworth) mine which operated between 1932 and 1964 producing just over 50,000 ounces of gold and is reported to still host a resource of 135,500 tons grading 0.25 ounces gold per ton in the North Zone and 600,000 tons grading 0.20 ounces gold per ton in the South Zone.

The McEnaney Mine to the west of Beehive was also known as the Hollinger Reserve Property. The 200 foot shaft was completed between 1911 and 1914. The property is reported to host some 170,000 tons of ore of variable grade to the 300 foot level.

The 3000-meter program is intended to explore the potential for the south-western portion of the property to host the extension of the gold mineralized zone extending from the southeast at the Naybob Mine currently being explored by Metals Creek and Goldcorp. The secondary target is to explore the potential along strike from the historic Desantis and McEnaney gold mines located to the west of the west boundary of the Beehive property.

Subsequent to entering into the option agreement, the Company discovered that the property had been optioned by Hemlo Gold Mines in the 1980's that resulted in the discovery of what became known as the Border Gold Zone apparently discovered in 1984.

"Available reports and drill logs from the Hemlo exploration work show the evidence of very strong alteration and warrants further exploration", commented Bruce Durham, P.Geo and the Qualified Person for the Company.

In addition, Nebu's analysis of the prior exploration programs has concluded the following:

- Very little of the Hemlo Gold drilling targeted the north-westerly strike extension of the Naybob Mine gold zone on the Morin property;

- None of the Hemlo Gold drilling targeted the down-dip extension of the Naybob Mine gold mineralization on the Morin property;

- Only one hole was drilled in the general vicinity of the interpreted location of the easterly extension of the Desantis and McEnaney gold mine horizons.

Nearby Activity

- Diamond drilling is currently underway on the Desantis Mine by Lateegra, 1800 meters due west of the Morin property west boundary.

- The McEnaney shaft is located only 500 meters to the west of the Morin west boundary.

- Metals Creek, on their website, report non 43-101 resources at the Desantis Mine as being 405,000 T @ 5.29 g/t and at the McEnaney as being 190,000 T @ 5g/t.

- At the Naybob Mine which Metals Creek holds under option from Goldcorp they report non 43-101 resources as 1MT @0.129 oz/t. Metals Creek has also announced the results of drill holes drilled very close to their mutual boundary with the Company that include assays up to 7.47 g/t gold over 1.0 meters. The Company believes the strike extension of this mineralization trends onto the Beehive property and remains completely unexplored.

Other Nebu Exploration Activity

The Company also reports that the balance of the holes drilled on the South Denton and Bonanza properties yielded no significant assays.

About Nebu

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 50,998,976 common shares issued and outstanding.

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. All technical data contained in this release is of a historical nature and as such should not be unduly relied upon.

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) 903-6649
    or
    Nebu Resources Inc.
    Clark Kent
    Current Market Communications
    (647) 519-2646
    www.neburesources.com