Toronto, Ontario – March 2, 2022 – Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSX-V:NOB, FRANKFURT: NB7, OTCQB.PK:NLPXF) announced that it has signed an agreement to acquire 241 mining claims (the “Claims”) in Calder, Lennox and Ottaway Townships, Ontario, covering an area of approximately 4,800 hectares (the “Transaction”).
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Figure 1. Noble is optioning 241 contiguous mining claims (approximately outlined above in red) from the Party in Calder, Lennox, and Ottaway Twps.
The Transaction will provide Noble with control over a contiguous area of ~75km by ~15km.
The Claims cover the northern limit of the Abitibi sub-province close to the sub-province boundary contact with the Quetico sub-province to the north. Seismic and lithogeochemical surveys suggest sub-province boundary contacts are major deep-seated long-lived fault conduits capable of focusing hydrothermal fluids.
Historic work has disclosed diorite and dacite, trace chalcopyrite and graphite and overburden depth of 90 feet, and graphite bearing metasediments and mafic volcanic rocks were encountered in 1962 in the southeast claim area.
In 1984, gold assays from ablation till up to 4800 ppb gold in heavy metal concentrate from a reverse circulation drill program. The latest work was completed in 2000 when M. Valliere completed trenching and drilled 5 short holes with a combined length of 262 feet. Drilling encountered quartz feldspar biotite gneiss and mafic volcanic rocks. Quartz tourmaline veining was reported in one drill log. Geochemical analysis of rock gave results consistent with mafic volcanic rock with 48% SiO2.
All exploration results disclosed in this news release are historical and have not been verified by a qualified person on behalf of Noble. The results are therefore non-compliant with the requirements of National Instrument 43-101.
Transaction Terms
Pursuant to the Transaction, Noble is required to pay a total of $102,500 over up to four years to acquire the Claims. The breakdown of the payments due is as follows:
|
Due Date |
Cash Payment to be Paid by Noble |
|
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 Closing Date |
$20,000 |
|
On or before three (3) years after the Closing Date |
$25,000 |
|
On or before four (4) years after the Closing Date |
$30,000 |
|
Total |
$102,500 |
Under the Transaction, the vendor of the Claims will retain a 2% NSR that will be subject to Noble’s right to buy back 50% of the royalty for $1,000,000.
The Transaction has been approved by the Board of Directors of Noble and is not subject to approval of the TSX Venture Exchange.
Vance White, President and CEO of Noble, said “we are extremely pleased to be able to secure this underexplored land package as it represents 10 km strike length where evidence of sub-province boundary has been found to be present in work carried out by past explorers. I am confident this will turn out to be a very exciting project.”
Wayne Holmstead P Geo (ON), a “qualified person” as such term is defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold approximately 40,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional ~11,000 hectares in the Timmins area and 44,000 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. It will also hold its recently 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, PGM property, all of which are in the province of Quebec. More detailed information is available on the website at www.noblemineralexploration.com.
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email:
Investor Relations
Email: [email protected]
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