NOB:CC - Noble and Canada Nickel Announce Spin-out of Mann Twp JV and Acquisition of Eastern Exploration Properties
(TheNewswire)
Highlights
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Noble has exercised all underlying options withOptionors on the Mann Twp properties
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Consolidation of the Canada Nickel-Noble joint venturein Mann Township into a single private company for a future publiclisting
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Transfer by Canada Nickel of several explorationproperties east of Timmins
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Transfer by Noble of several mining claims and patentedmineral properties to Canada Nickel, as well as the right acquiresurface rights that could be used within and around the CrawfordProject
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Provision of certain non-dilutive exploration fundingrequirements to be provided to the private company by CanadaNickel
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Both Canada Nickel and Noble will retain theirrespective NSR’s and NSR buy back rights where applicable
TORONTO, July 8, 2024 – NobleMineral Exploration Inc. (" Noble " or the" Company ") (TSXV: NOB) (OTCQB: NLPXF) is pleased to announcethat it has signed a Binding Letter of Intent (the “LOI”) with Canada Nickel Inc. (“Canada Nickel”) whereby Noble and CanadaNickel will spin-out certain mining claims (the “Properties”) intoa new company to consolidate their interests in large tonnage, lowgrade nickel projects east of Timmins, Ontario.
The terms and conditions of the LOI between CanadaNickel and Noble will include:
(i) The creation of a privateexploration company described herein as “ExploreCo”, whereby Nobleand Canada Nickel both transfer their interests in mining claims inMann Township (the “Mann Property”)
(ii) The transfer from Noble toCanada Nickel of certain mining claims and the transfer from CanadaNickel to ExploreCo of certain mining claims east of Timmins,
(iii) Canada Nickel providinginitial flowthrough and hard dollar funding of $5 million fromexisting cash on-hand to ExploreCo, to be directed to exploration ofthe properties transferred into ExploreCo, After this initial funding,ExploreCo will be owned 80% by Canada Nickel and 20% by Noble MineralExploration and each Company will be responsible for their pro-ratashare of funding.
(iv) The transfer by Noble of theright to acquire certain surface rights over the Noble Project 81 areathat includes Canada Nickel’s Crawford Project,
(v) The retention of underlyingNSR and buy-back rights to Noble, Canada Nickel and any underlying NSRowners,
(vi) The retention of certainexploration rights by Noble on the transferred Project 81 claims andpatents for non-nickel opportunities.
The transactions under the LOI remain subject to theparties negotiating a definitive agreement, as well as to compliancewith legal requirements and any requirements of the TSX VentureExchange. As such, Noble and Canada Nickel will announce furtherdetails as work on the transaction proceeds.
Commenting on the transaction under the LOI, VanceWhite, CEO of Noble said, “We felt that consolidating the easternproperties into a separate exploration company would maximize thevalue of the Mann Twp properties without incurring significant upfrontdilution to Noble, and at the same time gain exposure to additionalidentified nickel sulphide targets in the Timmins camp in which Noblecurrently has no interest. ExploreCo will control ~1,989 mining claimstotaling over 42,000ha and will include Reaume, Mann and NewmarketTownships as well as McCool, Moody, Galna and other propertiescurrently held by Canada Nickel. Noble will vend its interest inProject 81, together with the right to acquire surface rights overProject 81. For properties transferred from Noble to Canada Nickel,Noble will retain a 5-year exploration right to any non-nickelexploration target therein. This 5-year exploration right will besubject to an annual exploration right thereafter upon both parties’consent. Noble intends to use its best efforts so that -upon ExploreCogoing public, a portion of Noble’s holdings in ExploreCo will bedistributed to Noble shareholders in order thatthey may have a direct benefit as ExploreCo advances all underlyingproperties to the development stage, although that is a future eventand we cannot provide any assurances that this will be done”.
The properties that would be held by ExploreCoinclude:
Figure 1 – MannNorthwest and Central – CNC Drillholes Over Total MagneticIntensity.
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Figure 2 – NewMarket - CNCDrillHoles Over Total Magnetic Intensity
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Figure 3 - Newmarket– Mann Southeast targets
Figure 4 – Moody, Mortimer andStimson Properties
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Moody is located 85 km northeast ofTimmins and was staked by Canada Nickel (1,940 ha)
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Mistango River Mines (1964) and Utah Mines Ltd. (1984)drilled 34 diamond holes and several reverse circulation holes,respectively, but the results were either not provided on MLAS or thecore was not recovered
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The ultramafic is interpreted to have dimensions of 4.2km long by up to 700 metres wide
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Mortimer is located 80 km northeastof Timmins and includes two ultramafic intrusions that cover a totaldistance of 10 km and was staked by Canada Nickel (2,732 ha)
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The main intrusion has dimensions of 1.8 km long, up to400 metres wide and has never been intersected by drilling
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The secondary intrusion, although longer in strikeextent, does not show the same high intensity in the TMI but does havethree locally high responses within the intrusion, none of whichappears to have been drilled
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Stimson is located 82 km northeast ofTimmins and encompasses a weakly magnetic ultramafic body having astrike length of at least 2 km and with a higher amplitude TMI of 400metres long
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The ultramafic is interpreted to be a more distalextension of more strongly magnetic ultramafics found in Mortimer andMoody Townships
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Figure 5 – ExploreCoProperties
Statement Regarding TSXVenture Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
The completion of any transactions mentioned in thisrelease is subject to customary closing conditions, including finalTSX Venture Exchange approval.
Qualified Persons and Data Verification
Stephen J. Balch P.Geo.(ON), VP Exploration of Canada Nickel and 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 Canada Nickel Company Inc.
Michael Newbury PEng (ON), a "qualifiedperson" as defined by National Instrument 43-101, has verifiedthe data disclosed in this news release, and has otherwise reviewedand approved the technical information in this news release on behalfof Noble.
About Noble Mineral ExplorationInc.
Noble Mineral Exploration Inc. is a Canadian-basedjunior exploration company which, in addition to its holdings ofsecurities in Canada Nickel Company Inc., Homeland Nickel Inc., GoMetals Corp. and MacDonald Mines Exploration Ltd., and its interest inthe Holdsworth gold exploration property in the area of Wawa, Ontario,will continue to hold ~25,000 hectares of mineral rights in theTimmins-Cochrane areas of Northern Ontario known as Project 81, aswell as an additional 20% interest in ~11,000 hectares in the Timminsarea and ~175 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt andbase metal exploration targets at various stages of exploration. Itwill also hold its ~14,600 hectares in the Nagagami CarbonatiteComplex and its ~4,600 hectares in the Boulder Project both nearHearst, Ontario, as well as ~3,700 hectares in the Buckingham GraphiteProperty, ~10,152 hectares in the Havre St Pierre Nickel, Copper,PGM property, ~518 hectares in the Laverlochere Nickel, Copper, PGMproperty and ~482 hectares in the Cere-Villebon Nickel, Copper, PGMproperty, all of which are in the province of Quebec. Noble’s common shares trade on the TSX Venture Exchangeunder the symbol “NOB”.
More detailed information on Noble is available on thewebsite at www.noblemineralexploration.com .
Canada Nickel Company Inc. is advancing the next generation ofnickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle andstainless steel markets . Canada NickelCompany has applied in multiple jurisdictions totrademark the terms NetZero Nickel TM , NetZeroCobalt TM , NetZero Iron TM and is pursuing the development ofprocesses to allow the production of net zero carbon nickel, cobalt,and iron products. Canada Nickel providesinvestors with leverage to nickel in low political riskjurisdictions. Canada Nickel is currentlyanchored by its 100% owned flagship Crawford Nickel-Cobalt SulphideProject in the heart of the prolific Timmins-Cochrane mining camp. Canada Nickel’s common shares trade on the TSX Venture Exchangeunder the symbol “CNC”.
For more information, please visit www.canadanickel.com.
Cautionary Statement Concerning Forward-Looking Statements
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 anduncertainties, and actual results may differ materially from theCompany’s plans and expectations. These plans, expectations, risksand uncertainties are detailed 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.co m
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