NLPXF - Exploration Update: Noble Acquires Claims in Mann Hanna Duff and Reaume Twps
(TheNewswire)
Toronto, Ontario - TheNewswire - May 31, 2021 - Noble Mineral ExplorationInc. ( “Noble” or the “Company” )(TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce that it has entered intoLetters of Intent with a number of parties (the “Parties”) tooption or acquire 307 mining claims (the “Claims ” ) in Mann, Hanna, Duff, and Reaume Townships, covering an areatotaling approximately 6,539 hectares (the “ Transactions ”). TheCompany has also staked an additional 256 mining claims in Mann,Hanna, Duff and Reaume Townships totaling approximately 5,453hectares.
Figure 1. Noble is optioning/acquiring/staking 563contiguous mining claims (approximately outlined above in red) fromvarious parties in Mann, Duff, Reaume and Hanna Twps (yellow blocksare patents not optioned or controlled).
When these acquisitions and earn-ins are completed,Noble will control contiguous boundaries over an area ~30km by ~10km.
The Claims cover volcanic rocks of the Kidd Munroassemblage that have been periodically intruded by Ni-Cu bearing maficto ultramafic intrusions. This assemblage hosts one of the world’slargest VMS deposits at Kidd Creek, approximately 20 km to the east,and the Ni-Cu deposit at Enid Creek in Loveland Twp., as well as theCrawford Ni-Co-Pd deposit in Crawford Township. The area is thus feltby Noble’s management to be highly prospective for both Ni-Cu andVMS deposits. 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.
There are over 20 km of mapped ultramafic rocks in MannTownship. The ultramafics consist mainly of mafic sheets, sills anddikes that have intruded into and differentiated within volcanogenic sediments. The differentiated intrusions arecomposed of basal peridotite, usually serpentinized with a transitionto pyroxenite, and then gabbro. The peridotite, and the bettermineralized dunite, are the host rocks for the nickel-cobaltsulphide.
Exploration for nickel in Mann Township dates to 1948when International Nickel drilled eight holes into serpentinizedperidotite. In 1950 and 1951, Canadian Johns Manville drilled anadditional eight holes intersecting serpentinized peridotite. Drillinghas been widespread, with numerous holescovering over 2 kilometers of delineated serpentinized peridotite withindividual sections up to 450 feet containing 0.25% nickel andaveraging 120ppm cobalt. There are numerous higher values up to 0.5%nickel. No data was found showing PGM numbers as the elements werelikely not assayed for. There are various elevated copper sections upto 0.2% Cu. At a different part of the complex, numerous previousdrill holes show nickel values of 1.1% nickel in net texturedpyrrhotite over 4 feet of length in interlayeredmafic-ultramafic-interflow rocks, and copper values.
Historic work has disclosed a clinopyroxenite reef withencouraging Pd values. The last work completed in 2008 gave repeatablevalues in drill core that showed up to 600ppb Pd over 15 meters with ahigher value section of 1.0 g/t Pd over 4.2 meters. Channelsamples showed 600ppb Pd over 22 meters including 927ppb over 6meters.
All exploration results disclosed in this news releaseare historical and have not been verified by a qualified person onbehalf of Noble. Those results are therefore non-compliant with therequirements of NationalInstrument 43-101.
Material terms of the Transactions are as set outbelow:
| Cash |
| In kind cash |
| Shares |
| Work |
| On Signing |
| $115,000 |
| $192,000 |
| 900,000 |
| $100,000 |
| 1st Anniversary |
| $65,000 |
| $42,000 |
| 450,000 |
| $400,000 |
| 2nd Anniversary |
| $105,000 |
| $42,000 |
| 700,000 |
| $600,000 |
| 3rd Anniversary |
| $50,000 |
| $42,000 |
| 250,000 |
| $300,000 |
| 4th Anniversary |
| $50,000 |
| $42,000 |
| 300,000 |
| $300,000 |
| $385,000 |
| $360,000 |
| 2,600,000 |
| $1,700,000 |
There are five property areas involved. In four ofthe five areas, the vendor or optionor will retain a 2% NSR that willbe subject to Noble’s right to buyback 50% of the NSR for $1,000,000per property, and for the other property the vendor will retain a 1%NSR subject to Noble’s right to buyback 50% of the NSR for$500,000.
The Transactions are subject to approval of the Boardof Directors of each party where applicable, as well as to TSX VentureExchange approval and to compliance with securities and other laws andregulations.
Vance White, President and CEO of Noble, said “we areextremely pleased to be able to option and/or acquire this verylarge land package as it represents a 20km strike length whereevidence of nickel, cobalt, PGM’s, rhodium and rare earth mineralshave been found to be present in work carried out by past explorers.Following Exchange approval, a budget and plan of exploration will bedeveloped. I am confident this will turn out to be a very excitingproject.”
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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