NLPXF - Noble Secures Approximately 4800 hectares in Calder Lennox and Ottaway Twps
(TheNewswire)
Toronto, Ontario – March 2, 2022 – Noble Mineral Exploration Inc. ( “Noble” or the “Company” )(TSX-V:NOB, FRANKFURT: NB7, OTCQB.PK:NLPXF) announced that it hassigned an agreement to acquire 241 mining claims (the “Claims” ) inCalder, Lennox and Ottaway Townships, Ontario, covering an area ofapproximately 4,800 hectares (the “Transaction” ).
Figure 1. Noble is optioning 241 contiguous miningclaims (approximately outlined above in red) from the Party in Calder,Lennox, and Ottaway Twps.
The Transaction will provide Noble with control over acontiguous area of ~75km by ~15km.
The Claims cover the northern limit of the Abitibisub-province close to the sub-province boundary contact with theQuetico sub-province to the north. Seismic and lithogeochemicalsurveys suggest sub-province boundary contacts are major deep-seatedlong-lived fault conduits capable of focusing hydrothermal fluids.
Historic work has disclosed diorite and dacite, tracechalcopyrite and graphite and overburden depth of 90 feet, andgraphite bearing metasediments and mafic volcanic rocks wereencountered in 1962 in the southeast claim area.
In 1984, gold assays from ablation till up to 4800 ppbgold in heavy metal concentrate from a reverse circulation drill program. The latest work wascompleted in 2000 when M. Valliere completed trenching and drilled 5short holes with a combined length of 262 feet. Drilling encounteredquartz feldspar biotite gneiss and mafic volcanic rocks. Quartztourmaline veining was reported in one drill log. Geochemical analysisof rock gave results consistent with mafic volcanic rock with 48%SiO 2 .
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 National Instrument43-101.
Transaction Terms
Pursuant to the Transaction, Noble is required to pay atotal of $102,500 over up to four years to acquire the Claims. Thebreakdown of the payments due is as follows:
| Due Date |
| Cash Payment to be Paid byNoble |
| On or Before the Closing Date |
| $12,500 |
| On or before one (1) year after the Closing Date |
| $15,000 |
| On or before two (2) years after the ClosingDate |
| $20,000 |
| On or before three (3) years after the ClosingDate |
| $25,000 |
| On or before four (4) years after the ClosingDate |
| $30,000 |
| Total |
| $102,500 |
Under the Transaction, the vendor of the Claims will retain a 2% NSR that will be subject toNoble’s right to buy back 50% of the royalty for $1,000,000.
The Transaction has been approved by the Board ofDirectors of Noble and is not subject to approval of the TSX VentureExchange.
Vance White, President and CEO of Noble, said “we areextremely pleased to be able to secure this underexplored land packageas it represents 10 kmstrike length where evidence of sub-province boundary has been found to be present in work carried out by pastexplorers. I am confident this will turn out to be a very excitingproject.”
Wayne Holmstead P Geo (ON), a “qualified person” assuch term is defined by National Instrument 43-101, has reviewed thedata disclosed in this news release, and has otherwise reviewed andapproved the technical information in this news release on behalf ofNoble.
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, will continue tohold approximately 40,000 hectares of mineral rights in theTimmins-Cochrane areas of Northern Ontario known as Project 81, aswell as an additional ~11,000 hectares in the Timmins area and 44,000hectares of mining claims in Central Newfoundland. Project 81 hostsdiversified drill-ready gold, nickel-cobalt and base metal explorationtargets at various stages of exploration. It will also hold itsrecently acquired Nagagami Carbonatite Complex near Hearst, Ontario,as well as the Buckingham Graphite Property, the Laverlochere Nickel,Copper, PGNM property and the Cere-Villebon Nickel, Copper, PGMproperty, all of which are in the province of Quebec. More detailedinformation is available on 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 orother regulatory authority has approved or disapproved the informationcontained 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:
Investor Relations
Email: ir@noblemineralexploration.com
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