NLPXF - Exploration Update Noble Acquires Claims in Central Newfoundland
(TheNewswire)
Toronto, Ontario - TheNewswire – Dec 23, 2021 – Noble MineralExploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce thatit has entered into Vending Agreement with a two parties(the “Parties”) to option or acquire 576 miningclaims (the“Claims ” ) in CentralNewfoundland, covering an area totaling approximately 14,400 hectares(the “ Transaction ”).
Figure 1. Noble has acquired 576 contiguous miningclaims outlined in yellow in Central Newfoundland . (Spruce Ridgeproperty outlined in red)
The property, known as Island Pond, is located withinan area of Central Newfoundland that is geologically mapped as asingle unit of Cambrian-Ordovician siliclastic sediments trappedbetween a series of non-magnetic Devonian Plutons to the west andsoutheast. The plutons themselves are not considered to be ofexploration interest but they could have altered the rocks aroundthem. From the regional magnetic data, a strong magnetic trend existswithin the siliclastics that is interpreted to be an unmapped volcanicintrusion. A preliminary structural interpretation, based solely onregional scale aeromagnetic surveys, suggests a multi-fold metamorphichistory with a very high potential for repetition of stratigraphywithin these newly staked claims. Spruce Ridge Resources (SHL)Foggy Pond Property, contiguous to the east, shows a similar magneticfeature. SHL has reported their preliminary interpretationindicating the possibility for a repetition of known copper and goldmineralization on a western limb. Preliminary interpretation ofrecently acquired high resolution magnetic data over Foggy Pond showlocalized magnetic anomalies that could be ophiolite slivers along amajor northeast trending structure analogous to the Grub Line locatedjust east of New Found Gold’s high-grade gold discovery locatedapproximately 75 km to the east.
Historic exploration on the Spruce Ridge Great Burntand South Pond Property was found to contain economic concentrationsof copper and possibly gold within volcanic rocks that intruded thesiliclastic sediments. The magnetic trend at Island Pond is over 22 kmin strike length and up to 3.5 km wide. Thisregion of Newfoundland has received almost no exploration due to thethin but extensive overburden cover and lack of forest suitable forthe logging industry (which would have resulted in a roadinfrastructure). Island Pond is contiguous to Spruce Ridge’srecently staked Foggy Pond Property (see Spruce Ridge press releaseDec-22-2021) and is located 14 km northwest of Spruce Ridge’s SouthPond gold-copper discovery and 56 km southeast of the historic Buchanshigh-grade zinc mine.
All exploration results disclosed in this news releaseare historical and are therefore non-compliant with the requirementsof National Instrument43-101.
Material terms of the Transaction are as set outbelow:
| Cash |
| Shares |
| On Signing |
| $37,440 |
| 1,000,000 |
| On completion of Survey |
| 1,000,000 |
| $37,440 |
| 2,000,000 |
The lands are not subject to any Net SmelterRoyalty.
The Transaction is subject to the approval of the Boardof Directors, as well as to TSX Venture Exchange approval and tocompliance with securities and other laws and regulations.
Vance White, CEO States, “Noble will fly ahigh-resolution magnetic gradiometer survey over Island Pond in Q2 of2022 in preparation for a summer exploration program. We are excitedto work in an under-explored area that contains such a complexstructural setting and is both located near a historic mining area andin a region that is undergoing very recent and intenseexploration.”
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, will continue tohold approximately 40,000 hectares of mineral rights in theTimmins-Cochrane areas of Northern Ontario known as Project 81 as wellas an additional ~11,000 hectares in the Timmins area. Project 81hosts diversified drill-ready gold, nickel-cobalt and base metalexploration targets at various stages of exploration. It will alsohold its recently acquired Nagagami Carbonatite Complex near HearstOntario as well as the Buckingham Graphite Property, the LaverlochereNickel, Copper, PGM property and the Cere-Villebon Nickel, Copper PGMproperty all of which are in the province of Quebec. More detailedinformation is available on 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 orother regulatory authority has approved or disapproved the informationcontained 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 not assumeany obligation to update or revise its forward-looking statements,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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