NLPXF - Noble Secures Approximately 12000 hectares in Mann Hanna Duff and Reaume Twps
(TheNewswire)
Toronto, Ontario – August 11, 2021– Noble Mineral Exploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce thatit has closed agreements with a number of parties (the “Parties”) tooption or acquire 321 mining claims (the “Claims ” ) in Mann, Hanna, Duff, and Reaume Townships, covering an areatotaling approximately 6,539 hectares (the “ Transactions ”). Asreported by the Company on May 31, 2021, the Company has also stakedan additional 256 mining claims in Mann, Hanna, Duff and ReaumeTownships totaling approximately 5,453 hectares.
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).
These acquisitions and earn-ins will provide Noble withcontrol over a contiguous area of ~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 volcanogenicsediments. The differentiated intrusions are composed of basalperidotite, usually serpentinized with a transition to pyroxenite, andthen gabbro. The peridotite, and the better mineralized dunite, arethe host rocks for the nickel-cobalt sulphide.
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 Palladium (“Pd”)values. The latest work completed in2008 gave repeatable values in drill core that showed up to 0.6 g/t Pdover 15 meters with a higher value section of 1.0 g/t Pd over 4.2meters. Channel samples showed 0.6 g/t Pd over 22 meters including0.927 g/t over 6 meters.
All exploration results disclosed in this news releaseare historical and have not been verified by a qualified person onbehalf of Noble. The results are therefore non-compliant with therequirements of NationalInstrument 43-101.
Noble’s payment and exploration expenditurecommitments for the claims being acquired or subjected to earn-ins areas follows:
| Cash |
| Canada Nickel Company Inc. shares to be transferred tovendors/optionors |
| Shares |
| Exploration Expenditures Required |
| On Closing |
| $115,000 (paid) |
| 64,000 (transferred) |
| 900,000 (issued) |
| $100,000 |
| 1st Anniversary |
| $65,000 |
| 14,000 |
| 450,000 |
| $400,000 |
| 2nd Anniversary |
| $105,000 |
| 14,000 |
| 700,000 |
| $600,000 |
| 3rd Anniversary |
| $50,000 |
| 14,000 |
| 250,000 |
| $300,000 |
| 4th Anniversary |
| $50,000 |
| 14,000 |
| 300,000 |
| $300,000 |
| $385,000 |
| 120,000 |
| 2,600,000 |
| $1,700,000 |
There are five vendor or optionor groups areasinvolved. Under three of the five transactions, the vendor oroptionor will retain a 2% NSR that will be subject to Noble’s rightto buyback half of the NSR for $1,000,000 per property. For thefourth transaction, the optionor will retain a 2% NSR that will besubject to Noble’s right to buyback 50% of the NSR for $1,000,000during the first 4 years, and thereafter the buyback payment would be$1,000,000 per project area (with the optioned property being dividedinto 7 project areas), and the optionor will also retain a 10% grossstone royalty that is subject to Noble’s right to buyback half ofthe stone royalty for $100,000. For the fifth transaction, thevendor will retain a 1% NSR subject to Noble’s right to buyback halfof the NSR for $500,000.
The Transactions have been approved by the Board ofDirectors of each party where applicable and are subject to finalapproval by the TSX Venture Exchange and to compliance with securitiesand other laws and regulations.
Vance White, President and CEO of Noble, said “we areextremely pleased to be able to secure this very large land package asit represents a 20km strike length where evidence of nickel, cobalt,PGM’s, rhodium and rare earth minerals have been found to be presentin work carried out by past explorers. A budget and plan ofexploration will be developed. I am confident this will turn out tobe a very exciting project.”
Michael Newbury PEng (ON), a "qualifiedperson" as such term is defined by National Instrument 43-101,has reviewed 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 near Wawa, Ontario, holds approximately 72,000hectares of mineral rights in the Timmins-Cochrane areas of NorthernOntario known as Project 81. Project 81 hosts diversified drill-readygold, nickel-cobalt and base metal exploration targets at variousstages of exploration. More detailed information is available on thewebsite 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 Email: info@noblemineralexploration.com
Phone: 416-214-2250 Investor Relations
Fax: 416-367-1954 Email: ir@noblemineralexploration.com
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