NLPXF - Exploration Update : Noble Acquires 50% Interest in Claims in Carnegie Kidd Wark and Prosser Townships near Timmins Ontario
(TheNewswire)
Toronto, Ontario - TheNewswire - August 24, 2021 - Noble MineralExploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB )( FRANKFURT:NB7 )( OTC:NLPXF) is pleased to announce that it hasentered into a Purchase and Sale Agreement in a 50/50 partnership with11530313 Canada Inc ( “ 11530313”) to acquire 310 patented and tenure identified mining claims (the “Claims ” ) in Carnegie, Kidd, Wark and Prosser Townships totaling about 6,600 hectaresformerly held by Explor Resources, a wholly owned subsidiary ofGalleon Gold Corp. (“ Galleon ”).
Pursuant to the terms of the Agreement, 11530313 haspaid $250,000 to Galleon, and Noble is required to issue to Galleon2,000,000 common shares of Noble (the “ Noble Shares ”). At closing, Noble and 11530313 will each have a 50% ownership of theClaims. The transaction is subject to the approval of the TSX VentureExchange and subject to approval of the Board of Directors of Noble.The Noble Shares will be subject to a four month hold period underapplicable Canadian securities laws.
The Claims cover volcanic rocks of the Kidd Munroassemblage that have been periodically intruded by Nickel Copper (“Ni-Cu”) bearingmafic to ultramafic intrusions. This assemblage hosts one of theworld’s largest volcanogenic massive sulphide(“ VMS ”) deposit at Kidd Creek approximately 3 km to the south andNi-Cu deposits such as Enid Creek in Loveland Twp., and the CrawfordNi ckel -Co balt -P alladium deposit in Crawford Twp. The Kidd Creek Mine has produced in excess of150 million tonnes of copper and zinc ore since 1966. The area is thus highly prospective for both Ni-Cu and VMSdeposits. Like other prospects in the Timmins region, the area iscovered by thick glacial till and conductive clays (up to 50 m) thathampered earlier exploration efforts.
Vance White, CEO and President of Noble commented.“We are very pleased to partner with 11530313 in order to be able toacquire an interest in the Explor lands in Carnegie and Kidd Townshipsto further consolidate our Project 81 holdings. The proximity of theground to the prolific Kidd Creek Mine will make it a valuable assetin the extensive stable of Noble properties in the Timmins area. Athorough review of historic and recent work carried out on thesepatented and regular claims will take placefollowed up by additional exploration work. Further, we welcome Galleon as a significant Nobleshareholder.”
Michael Newbury PEng (ON), a "qualifiedperson" as such term is defined by National Instrument 43-101,has verified the data disclosed in this news release, and hasotherwise reviewed and approved the technical information in this newsrelease on behalf of Noble.
About Noble Mineral ExplorationInc.:
Noble Mineral Exploration Inc. is a Canadian-basedjunior exploration company which, in addition to its shareholdings inCanada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonaldMines Exploration Ltd., and its interest in the Holdsworth goldexploration property in the area of Wawa, Ontario, holds approximately72,000 hectares of mineral rights in the Timmins-Cochrane areas ofNorthern Ontario known as Project 81. Project 81 hosts diversifieddrill-ready gold, nickel-cobalt and base metal exploration targets atvarious stages of exploration. More detailed information is availableon the website at www.noblemineralexploration.com .
Noble’s common shares trade on the TSX VentureExchange under the symbol “NOB”.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release. No stock exchange,securities commission or other regulatory authority has approved ordisapproved the information contained herein.
The foregoing information may contain forward-lookingstatements relating to the future performance of Noble MineralExploration Inc. Forward-looking statements, specifically thoseconcerning future performance, are subject to certain risks and uncertainties, andactual results may differ materially from the Company’s plans andexpectations. These plans, expectations, risks and uncertainties aredetailed herein and from time to time in thefilings made by the Company with the TSX Venture Exchange andsecurities regulators. Noble Mineral Exploration Inc. does notassume any obligation to update or revise its forward-lookingstatements, whether as a result of new information, future events orotherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
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