NLPXF - Noble Provides Update on Earn-in Transaction with Canada Nickel and Announces AGM Results
(TheNewswire)
Toronto, Ontario – TheNewswire - March 8, 2021 – Noble Mineral ExplorationInc. ( “Noble” or the “Company” )(TSXV:NOB ) , ( FRANKFURT:NB7 ) , ( OTC:NLPXF) is pleased to provide an update on its previouslyannounced earn-in transaction (the “ Transaction ”) withCanada Nickel Company Inc. (“ Canada Nickel ”) with respect to 39 mineralclaims held by Noble in MacDiarmid and LovelandTownships, Ontario. (See Noble’s news releaseof February 17, 2021 for the terms of the Transaction.) Noble andCanada Nickel have executed the Option and Joint Venture Agreement forthe Transaction, and the Company has received conditional approvalfrom the TSX Venture Exchange.
The Transaction relates to a total of 39 mining claims(the “ Property ”) in MacDiarmid and LovelandTownships, Ontario that were recently acquired by Noble fromInternational Explorers and Prospectors Ltd. (“ IEP ”) adjacent toNoble property already optioned to Canada Nickel. (See Noble’s news releases issued on January 18, 2021, andFebruary 2and 12, 2021.)
Under TSX Venture Exchange policies, Noble and CanadaNickel are Non-Arm’s Length Parties to each other as a result of adirector of Noble, Stephen Balch, also serving as VP Exploration ofCanada Nickel. However, Mr. Balch was not involved in the negotiationof the terms of the Transaction, and he did not participate in theapproval of the Transaction by Noble’s Board of Directors.
No finder’s fee or commission is payable inconnection with the Transaction.
The Property covers volcanic rocks of the Kidd Munroassemblage that have been periodically intruded by Ni-Cu bearing maficto ultramafic intrusions. This assemblage hosts the world’s largestVMS deposit in Kidd Creek approximately 20 km to the east and Ni-Cudeposits such as Enid Creek in Loveland Twp., and the CrawfordNi-Co-Pd deposit in Crawford Twp. The area is thus highly prospectivefor both Ni-Cu and VMS deposits. Like other prospects in the Timminsregion, the area is covered by thick glacial till and conductive clays(up to 50 m) that hampered earlier exploration efforts.
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.
The 39 mining claims acquired are subject topre-existing net smelter return royalties of between 2.00% and 2.25%(in total). Noble holds a purchase right applicable to certain ofthe royalties which, if exercised through a payment of $1,000,000,would vest in Noble a 0.25% royalty on 4 of the mining claims and a0.875% royalty on the remaining 35 mining claims. The Transaction willnot affect Noble’s purchase option. It was agreed that no otherroyalty can be granted on the Property.
AGM Results
Noble is also pleased to announce the results of theAnnual General and Special Meeting of shareholders (the“ AGM ”) held on March 5, 2021. At the AGM, the shareholdersapproved:
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- the re-election of management’s nominees to theBoard of Directors, namely: J. Birks Bovaird, Yvan Champagne, MichaelNewbury, Samuel Peralta, H. Vance White and Stephen Balch (eachdirector being elected with over 99% of votes cast);
- the re-appointment of MNP LLP as the Company’sauditor for the upcoming year (approved by approximately 99% of votescast); and
- the Amended and Restated Stock Option Plan of theCompany (approved by over 99% of votes cast).
Following the AGM, the Board of Directors re-appointedthe officers of the Company to the positions they previouslyheld.
Randy S C Singh PGeo (ON), PEng (ON), VP Exploration& Project Development of Noble and a “qualified person” assuch term is defined by National Instrument 43-101, has relied exclusively on IEP’s QP personnel inverifying the technical information in thisnews release on behalf of Noble Mineral 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: ir@noblemineralexploration.com
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