NLPXF - PROJECT 81 Exploration Update - Carnegie Twp.: JV Partner Announces Down Hole Geophysics and Proposed Additional Drilling Program
(TheNewswire)
Toronto, Ontario - TheNewswire – May 11, 2021 – Noble MineralExploration Inc. ( “Noble” or the“Company” ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce thatit has been advised by its Option and JV partner on Carnegie Townshipthat an exploration program consisting of down hole geophysicalelectromagnetic surveys of three drill holes completed in 2019 and2020 is underway with the following objectives to retrieve ageophysical probe that is blocking hole CG19-09 in order to completethe survey from 2020. Plans are to clear hole CG19-09 and hole CG19-06and drill a proposed hole near CG19-08 as suggested by CroneGeophysics and further to follow up with a drill program to test alldrill targets outlined by the down hole survey.
As reported in December 2020 at Carnegie the partnersdrilled a total of ten holes totaling 2,889.45m to test conductivetrends interpreted from a 2017 Airborne EM & Mag Survey of 2081line km, that included the Carnegie township and a follow-up 2019Orientation EM & Mag Survey of 379.8 line kilometer flown in thenorthern part of Carnegie Twp., in addition to a 934.4 line kilometerGradient Gravity survey flown in 2018. Four holes encounteredanomalous zinc and copper mineralization with CG19-01 intersecting12.0 m of 0.64% zinc mineralization over 12 metres (core length) from219.0 m to 231.0 m containing 3.0 m of 1.38% zinc from 223.0 m to226.0 m that required re-assay . Drill hole CG19-09 assayed 0.72% zinc and upto 0.2% copper over 2.75 m from 282.6 m to 285.35 m. Drill-hole CG19-03 encountered up to 20 m of massive tosemi-massive sulphide containing anomalous but low-grade zinc.
Figure 1-Carnegie Twp. showing drillholes locations on Airborne Magnetic Map
(see below)
As a result of the expenditure of ~$1.1 million theOption and JV Partner has earned a 51% interest in ~1,422ha with aright to earn into an additional 578ha of mineral rights. The partnercan earn an additional 24% interest through the expenditure of$1million prior to December 2022 after which time it will become aJoint Venture with Noble on a 75/25 basis.
Vance White, President and CEO of Noble is quoted assaying “we are very pleased that our Carnegie partners will continuewith additional work on the Carnegie targets. Noble will continue itsbusiness model of “Project Generator” by seeking additional Optionand JV Partners to our extensive ~72,000ha land holdings”.
William E MacRae, MSc, PGeo a "qualifiedperson" as such term is defined by National Instrument 43-101,has supervised the field program and has verified the data disclosedin this news release, and has otherwise reviewed and approved thetechnical information in this news release on behalf of the JVpartners and Noble Mineral Exploration Inc.
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 reliedexclusively on the JV partner QP personnel in verifying the technicaldata disclosed in this news release on behalf of Noble MineralExploration 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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