NLPXF - Exploration Update: Noble Finalizes Agreement to Acquire Additional Areas in MacDiarmid and Loveland Townships from IEP
(TheNewswire)
Toronto, Ontario - TheNewswire – February 2, 2021 – Noble MineralExploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce thatit has signed the final agreement with International Explorers andProspectors Ltd (“IEP” or“International Explorers”) to acquire the 39mining claims (the“Claims ” ) in MacDiarmid andLoveland Townships (see NOB NR of January 19, 2021 announcing thesigning of a binding letter of intent). These mining claims werestrategic to completely cover the geophysical anomaly identified byAirborne EM, Mag and Gravity Surveys recently completed on Noble’scontiguous mining claims in MacDiarmid and Jamieson Townships thathave been optioned to Canada Nickel Company Inc. (“CNC” or “CanadaNickel” ). Figure1.
Figure 1. Claims acquired onGeophysical
Figure 2. Geology of Claim GroupAnomaly
While historic exploration data is available from theOntario Government, much of it online, IEP has access to unpublishedexploration data that will be of great value in exploring MacDiarmidand Loveland Townships. A Mineral Exploration Research Center-industryconsortium project is currently acquiring high resolution audiomagneto-telluric (AMT) data within parts of this area to betterunderstand the 3D distribution of sulfide-bearing units.
Terms of the transaction are as follows:
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- payment of $25,000 cash by Noble;
- issuance of 250,000 common shares of Noble;
- transfer of 100,000 common shares of CNC fromNoble’s holdings; and
- the transfer of $500,000 of assessment credits to IEPat the request of IEP at any time up to December 31, 2021.
All 39 mining claims to be acquired are subject to a0.25% net smelter returns royalty (the “ First Nations Royalty ”), and 4 of the mining claims to be acquired are alsosubject to a 2.0% net smelter returns royalty held by other parties(the “ ExistingRoyalty ”). Both the First Nations Royaltyand the Existing Royalty will continue to apply. For the 35 miningclaims that are not subject to the Exiting Royalty, a 1.75% netsmelter returns royalty will be granted to IEP (the “ IEP Royalty ”). Noble will have a purchase right applicable to the Existing Royaltyand IEP Royalty which, if exercised through a payment of $1,000,000,would vest in Noble 0.25% of the Existing Royalty (out of the total2.0%) and 0.875% of the IEP Royalty (out of the total 1.75%).
The transaction has been approved by the Board ofDirectors of each party and is subject to the approval of the TSXVenture, as well as compliance with securities and other laws andregulations.
MacDiarmid Target :
The MacDiarmid target is approximately 3 km by 150-600metres wide serpentinized peridotitic ultramafic intrusion, that wasnot systematically assayed for Nickel in historical drilling.Historical drill hole highlights include, Bruce Presto Mines 1964drill hole (MAC-4) that was sampled by Falconbridge and returned0.26%Ni over 150ft from 173ft to 325ft., Drill Hole 18127 thatintersected 142 m of mineralized peridotite was not assayed forNickel, while historical hole NRK 65-7 drilled in 1965 returned 0.22%Ni over 1.5m. Historical Drill Hole results quoted are non NI43-101non-compliant.
For reference, the Crawford Main Zone resource is 1.7km long and 225-425 metres wide.
The Claims cover volcanic rocks of the Kidd Munroassemblage that have been periodically intruded by Ni-Cu bearing maficto ultramafic intrusions (Figure 2). This assemblage hosts theworld’s largest VMS deposit in Kidd Creek approximately 20 km to theeast and Ni-Cu deposits such as Enid Creek in Loveland Twp., and theCrawford Ni-Co-Pd deposit in Crawford Twp. The area is thus highlyprospective for Ni-Cu, Ni-Co+/-Pd, Gold and VMS deposits. Like otherprospects in the Timmins region, the area is covered by thick glacialtill and conductive clays (up to 50 m) that hampered earlierexploration efforts.
Vance White, President and CEO of Noble states that“he is very pleased that this agreement has been finalized and isextremely grateful to Lionel Bonhomme of IEP who will be providinghistorical archival data pertaining to the acquired property includingmaps, location of drill core left on site, litho- geochemicalanalysis, assays, downhole geophysics, airborne geophysics and hascommitted to co-operate in advancing the property. This I think, willbe of immense benefit to the exploration success of this property”.IEP is encouraged in the potential synergies that exist between thetwo companies and look forward to a rewarding and fruitfulrelationship in potentially developing a number of deposits.
Randy S C Singh PGeo (ON), PEng (ON), VP Exploration& Project Development of Noble and a "qualified person"as such term is defined by National Instrument 43-101, has verifiedthe technical data disclosed in this news release on behalf of NobleMineral Exploration Inc.
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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