EXCELSIOR SPRINGS EXPLORATION PROJECT

The company’s Excelsior Springs project is located in the prolific Walker-Lane tectonic zone, an area that hosts a number of large historic gold mines.

Total gold production form the Walker-Lane tectonic zone has exceeded 20 million ounces (“Moz”), including notable deposits by Goldfields (5 Moz), Bullfrog (2 Moz), Tonopah (2 Moz), Mineral Ridge (1.5 Moz) and Comstock (8 Moz Au, 200 Moz Ag). Readers are cautioned that the Company has no interest in or right to acquire any interest in any of the above mentioned properties, other than the Excelsior Springs project, and that the mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Excelsior Springs project or any potential exploitation thereof.

From the mid-1980s through 2011, a number of exploration companies conducted drilling programs, primarily on the patented claims, that began to define the near-surface Buster Mine gold zone. Gold mineralization at the Excelsior Springs project occurs within an east-west trending zone that is 200 to 400m wide and at least 3km long.

Gold mineralization discovered at the Excelsior Springs project to date occurs in quartz vein stock-works and silicified zones in hornfels and calc-silicate altered host rocks and is generally close to porphyry dykes. The best mineralization (grade and thickness) is found in altered sediments immediately above porphyry dykes that have intruded along existing east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them amenable to open pit mining methods.

Most historical exploration at the Excelsior Springs project focused on a 2.5 km long section in the central part of the Buster zone where mineralization is at or near the surface. Surface mapping and an Induced Polarization (IP) geophysical survey conducted by Zonge International Inc. identified multiple zones of silicification that correlate well with the known mineralization. Many of the silicified zones defined by the IP (resistivity highs) surveys have not been tested by drilling and remain targets for future exploration.

A National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report dated effective July 21, 2021, entitled “Technical Report for the Excelsior Springs Property Esmeralda County, Nevada, U.S.A.” prepared by Matthew R. Dumala, P.Eng., Archer, Cathro & Associates (1981) Limited; and, Donald G. Strachan, MSc, CPG, Consulting Geologist, was filed on SEDAR by the Company in connection with the filing of the Preliminary Prospectus.UNDER OPTION TO ATHENA SILVER CORP

On August 21, 2020, the Company announced that it had entered into a binding letter of intent with Athena Silver Corporation (“Athena”) for Athena to acquire the Company’s Excelsior Springs exploration project and the Palmetto mineral claims (the “Excelsior Spring Exploration Project”). Under the terms of the Athena LOI, Athena paid a US$10,000 deposit to Nubian for an exclusive 90-day due diligence period during which time Nubian and Athena agreed to finalize definitive agreements with respect to the transaction, and for Athena to make an application for listing on a Canadian stock exchange and to raise a minimum of US$750,000. On