TORONTO, ONTARIO, May 13, 2010 (Marketwire) -- Nebu Resources Inc. (the "Company") (TSX VENTURE:NBU) provides the accompanying update of its ongoing diamond drill programs adjacent to the Lakeshore Gold Corp.'s land position approximately 35 km west of the main part of the prolific Timmins, Ontario gold camp and also a drilling program in the vicinity of the nearby historic Naybob Mine, a historic gold mine in the Timmins Gold Camp, that is being actively explored by Metals Creek Resources Corp. ("Metals Creek') and Goldcorp Inc. ("Goldcorp").
North Denton Property
Drilling completed since the last report by the Company consisted of some 12 holes drilled primarily in the vicinity of the previously reported very high-grade vein zone mineralization but still at quite shallow depths. While significant high grade gold values were not intersected in many of the holes, quartz veining and lower values were intersected in several holes and included an interval in hole DG-10-29 that assayed 10.82 g/t gold over a core length of 1.7m.
The Company plans to complete a full review of drilling completed throughout the property and expects to carry out further drilling at greater depths in the future.
Denton South Property
The Company has now completed the Phase 1 diamond drill program and is awaiting results for approximately half of the eight holes completed. The majority of the drill holes were completed in an area along the common boundary between properties held by the Company and Lakeshore Gold Corporation. Most of the holes intersected a variety of lithologies that show considerable deformation and alteration. The drilling defined the location a very extensive zone of deformation interpreted by the Ontario Ministry of Northern Development and Mines to represent the westerly extension of the Porcupine Destor Fault Zone, a regionally extensive zone of very strong deformation hosted primarily in ultramafic rocks.
A significant amount of quartz ankerite veining, in cases with significant sulphide mineralization was intersected at some locations and of the assays received to date one interval in drill hole DE-10-1 assayed 1.77g/t gold over a 1.9 m core length, representing a new gold discovery in the area. The other holes returned only anomalous gold values. Further drilling will be considered once all data is reviewed. Of note, a recent press by Richmont Mines Inc. reported a drill hole approximately 4 km to the northeast of the Company's property (in the direction of the Lakeshore Thunder Creek gold deposit that assayed 73.54 g/t gold over a width of 7.0 m at a depth of approximately 250 m. Drilling by the Company on its property was generally to depths of less than 100m.
Bonanza Property (Ogden Township)
The Company is commencing diamond drilling on a number of gold exploration targets located immediately to the southwest of the historic Naybob Mine that is currently being diamond drill tested by Metals Creek and Goldcorp. The Bonanza Property consists of 21 claim units and has seen only limited exploration work over the years despite its excellent location.
Work completed by the Company has identified several priority targets that require diamond drill testing. A number of drill holes are planned to provide initial evaluation of these various targets and determine their potential to host significant gold mineralization. Significant alteration and quartz veining, typically associated with gold mineralization in the area are known to occur on the property and on various mine properties in the area.
Goldcorp and Metals Creek recently announced further drilling to evaluate areas of gold mineralization on the Naybob Property, some of which is thought to be located near the common property boundary in what they refer to as the South Zone and also a new discovery to the south of the South Zone (Metals Creek press release May 4, 2010).
The Company completed its acquisition of the 11 claim units that comprise the Morin property. The Morin Property adjoins the north boundary of the Naybob Property mentioned above.
Subsequent to completing the acquisition it was learned that some of the historic exploration data from work done on these claims by a major mining company was in the possession of certain companies at arms-length from the Company. The Company has made an agreement to acquire this data, including some historic drill core, by agreeing to issue, a total of 200,000 common shares and 100,000 common share purchase warrants where each warrant entitles the holder to acquire an additional common share at $0.30 for an 18 month period. In addition, Nebu has agreed to pay one of these arms-length companies a fee of $18,000 for storage of the historic drill core and data.
It is anticipated that the acquisition of this data will allow Nebu to advance the exploration on these claim faster and more efficiently than would otherwise be possible.
It is expected that exploration will begin on the property during the summer of 2010.
Quality Control and Assurance
Assay results reported by the Company are from halved drill core samples collected from diamond drill holes 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 routinely assayed for gold by standard fire assay- ICP finish with a 30 gram charge as fully described at: (www.swastikalaboratories.com). 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.
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.
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.