Noble Mineral signs LOI for 307 claims

May 31, 2021

2021-05-31 09:06 ET – News Release

Mr. Vance White reports

EXPLORATION UPDATE: NOBLE ACQUIRES CLAIMS IN MANN, HANNA, DUFF AND REAUME TWPS

Noble Mineral Exploration Inc. has entered into letters of intent with a number of parties to option or acquire 307 mining claims in Mann, Hanna, Duff and Reaume townships, covering an area totalling approximately 6,539 hectares. The company has also staked an additional 256 mining claims in Mann, Hanna, Duff and Reaume townships totaling approximately 5,453 hectares.

When these acquisitions and earn-ins are completed, Noble will control contiguous boundaries over an area approximately 30 kilometres by approximately 10 kilometres.

The claims cover volcanic rocks of the Kidd Munro assemblage that have been periodically intruded by nickel-copper-bearing mafic to ultramafic intrusions. This assemblage hosts one of the world’s largest volcanogenic massive sulphide deposits at Kidd Creek, approximately 20 km to the east, and the Ni-Cu deposit at Enid Creek in Loveland township, as well as the Crawford Ni-cobalt-palladium deposit in Crawford township. The area is thus felt by Noble’s management to be highly prospective for both Ni-Cu and VMS deposits. Like other prospects in the Timmins region, the area is covered by thick glacial till and conductive clays (up to 50 m) that hampered earlier exploration efforts.

There are over 20 km of mapped ultramafic rocks in Mann township. The ultramafics consist mainly of mafic sheets, sills and dikes that have intruded into and differentiated within volcanogenic sediments. The differentiated intrusions are composed of basal peridotite, usually serpentinized with a transition to pyroxenite, and then gabbro. The peridotite, and the better mineralized dunite, are the host rocks for the nickel-cobalt sulphide.

Exploration for nickel in Mann township dates to 1948 when International Nickel drilled eight holes into serpentinized peridotite. In 1950 and 1951, Canadian Johns Manville drilled an additional eight holes intersecting serpentinized peridotite. Drilling has been widespread, with numerous holes covering over two kilometres of delineated serpentinized peridotite with individual sections up to 450 feet containing 0.25 per cent nickel and averaging 120 parts per million cobalt. There are numerous higher values up to 0.5 per cent nickel. No data were found showing platinum group metal numbers as the elements were likely not assayed for. There are various elevated copper sections up to 0.2 per cent Cu. At a different part of the complex, numerous previous drill holes show nickel values of 1.1 per cent nickel in net textured pyrrhotite over four feet of length in interlayered mafic-ultramafic-interflow rocks and copper values.

Historic work has disclosed a clinopyroxenite reef with encouraging Pd values. The last work completed in 2008 gave repeatable values in drill core that showed up to 600 parts per billion Pd over 15 metres with a higher-value section of one gram per tonne Pd over 4.2 metres. Channel samples showed 600 ppb Pd over 22 metres including 927 ppb over six metres.

All exploration results disclosed in this news release are historical and have not been verified by a qualified person on behalf of Noble. Those results are therefore non-compliant with the requirements of National Instrument 43-101.

Material terms of the transactions are as set out in the attached table.

                        Cash   In kind cash     Shares        Work      
 
On signing          $115,000       $192,000    900,000    $100,000  
First anniversary    $65,000        $42,000    450,000    $400,000  
Second anniversary  $105,000        $42,000    700,000    $600,000  
Third anniversary    $50,000        $42,000    250,000    $300,000  
Fourth anniversary   $50,000        $42,000    300,000    $300,000  
                    $385,000       $360,000  2,600,000  $1,700,000

There are five property areas involved. In four of the five areas, the vendor or optionor will retain a 2-per-cent net smelter return royalty that will be subject to Noble’s right to buyback 50 per cent of the NSR for $1-million per property, and for the other property the vendor will retain a 1-per-cent NSR subject to Noble’s right to buyback 50 per cent of the NSR for $500,000.

The transactions are subject to approval of the board of directors of each party where applicable, as well as to TSX Venture Exchange approval and to compliance with securities and other laws and regulations.

Vance White, president and chief executive officer of Noble, said: “We are extremely pleased to be able to option and/or acquire this very large land package as it represents a 20 km strike length where evidence of nickel, cobalt, PGM’s, rhodium and rare earth minerals have been found to be present in work carried out by past explorers. Following exchange approval, a budget and plan of exploration will be developed. I am confident this will turn out to be a very exciting project.”

Michael Newbury, PEng (Ont.), a qualified person as such term is defined by National Instrument 43-101, has verified 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 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, Ont., holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration.

We seek Safe Harbor.

https://noblemineralexploration.com/