Noble holders re-elect board, approve option plan

Mar 1, 2018

2018-03-01 10:16 ET – News Release

Mr. Vance White reports

NOBLE UPDATES CURRENT DRILLING PROGRESS ON THE LUCAS TOWNSHIP GOLD PROJECT RESULTS OF ANNUAL MEETING OF SHAREHOLDERS

Noble Mineral Exploration Inc. has provided an update on its Lucas township gold project located near Timmins, Ont., Canada, and has released the results of the meeting of shareholders held on Feb. 22, 2018.

The Lucas township gold project

Further to the news release issued on Feb. 12, 2018, Noble is pleased to announce that the exploration team currently drilling on the Lucas township gold project in Timmins, Ont., Canada, has located a number of the historical mineralized drill collars (details presented in the associated table). With this discovery, Noble is highly confident that its current drilling is being conducted at the right location.

The current drill program is designed to test gold mineralization over 700 metres strike length of the drill-indicated historical gold mineralized structures, which lies within a 1,700 m anomalous electromagnetic trend identified from the recently completed airborne geophysical EM and differential magnetic survey. The historical drill results are not compliant with the requirements of National Instrument 43-101.

Phase 1 of the 2018 drilling campaign anticipates drilling up to 14 NQ size diamond drill holes for approximately 3,000 m. Six drill holes totalling approximately 1,420 m have been completed to date and 722 samples in 21 batches have been submitted to Actlabs in Timmins, Ont., for gold (Au) and 32-element ICP analysis. Samples are initially analyzed for gold by fire assay with an atomic absorption (AA) finish (1A2 and 1E3 analytical package), and samples assaying above three grams per tonne gold, will be further analyzed by fire assay with a gravimetric finish (1A3 analytical package). Sample assaying above 10 g/t Au will be analysed by fire assay/metallic screen analysis (1A4-500 analytical package). All assay results are pending as of the time of this news release.

The objective of this drill campaign is to confirm the historical drilling results dating back to the 1960s to 1980s, as reported by Canico, McIntyre Porcupine Mines Ltd., Abitibi Price Resources and Lucas Gold Resources. Recently recompiled drill hole data and historical non-National Instrument 43-101-compliant gold assay results, presented in the associated table, show up to 34.5 m of 2.77 g/t gold in DDH L80-04, 32.0 m of 1.36 g/t gold in DDH L80-13 and 42.6 m of 1.98 g/t gold in DDH L81-36(A). Some of these drill hole numbers and gold assay results have been previously released by the company in news releases dated Dec. 1, 2011, Dec. 5, 2011, and Feb. 12, 2018.

A qualified person has not done sufficient work to qualify these historical results under the current standards, and Noble is not treating these results as current.

Vance White, president and chief executive officer, stated: “We believe that this recent development could confirm the earlier results of the drilling undertaken in the area in the 1960s, 1970s and 1980s. It is important to recognize that the initial results obtained at that time would not have been economically, viable whereas similar results may well achieve that threshold in today’s environment.”

 
     LOCATED -- MINERALIZED HISTORICAL DRILL COLLARS WITH ASSAY DATA *
  
Project 81             DDH   Grade Au    From      To   Mineralized zone
                                 (g/t)     (m)     (m)                (m)

Lucas township      L-80-4       2.77   100.0   134.4               34.4                     
Incl.                            3.73   100.0   113.4               13.4                     
Incl.                            3.26   118.0   131.5               13.5                     
Lucas township      L-80-7       0.49   142.7   149.7                7.0                      
Lucas township      L-80-8       0.93   152.6   169.8               17.2                     
Lucas township     L-80-10       1.01    80.3    83.5                3.2                      
And                              2.62   118.4   124.1                5.6                      
Lucas township     L-80-11       2.36   103.9   108.2                4.3                      
And                              2.95   128.6   139.0               10.4                     
Lucas township     L-80-13       1.36    99.1   131.1               32.0                     
Incl.                            3.52   120.4   129.5                9.1                      
Lucas township     L-80-14       1.00    87.8   106.7               18.9                     
Lucas township     L-81-15       0.82   105.5   129.1               23.6                     
Lucas township     L-81-16       0.75    62.2    73.8               11.6                     
Lucas township     L-81-17       1.10    93.6    99.7                6.1                      
Lucas township     L-81-20       1.33    50.0    52.7                2.7                      
Lucas township   L-81-36(A)      1.98    54.9    97.5               42.6                     
Incl.                            3.02    79.2    97.5               18.3                     

* Historical data taken from drill logs reported by Lucas Gold Resources and 
McIntyre Porcupine Mines.

Figures associated with this news release are available on-line.

Randy Singh, PGeo (ON), PEng (ON), vice-president, exploration and project development, 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.

Results of shareholder meeting and final approval of supplemental equity incentive plan

Noble is pleased to announce the results of the 2017 annual and special meeting of shareholders held on Feb. 22, 2018. At the meeting, the shareholders approved:

The re-election of Birks Bovaird, Yvan Champagne, Gordon McKinnon, Michael Newbury, Samuel Peralta and Mr. White to the board of directors of the company;
The appointment of I&A Professional Corp. (formerly known as Abraham Chan LLP) as the company’s auditor for the upcoming year;
The current amended and restated stock option plan of the company;
The new supplemental equity incentive plan of the company.

Following its approval by the shareholders, the supplemental EIP has received final approval from the TSX Venture Exchange. A maximum of 8,707,010 common shares are available for equity awards under the supplemental EIP. The number of shares reserved for options under the option plan and the number of shares reserved for other forms of equity-based incentive compensation under the supplemental EIP cannot exceed 10 per cent of Noble’s issued and outstanding common shares. For further details regarding the supplemental EIP, shareholders are referred to the management information circular furnished in connection with the meeting. The supplemental EIP was attached to the circular and will be posted on SEDAR under the company’s profile.

As previously announced in a news release issued on Oct. 20, 2017, the board of directors has granted a total of 3.8 million restricted share units issued under the supplemental EIP, all to directors or officers of Noble or to the entities through which directors or officers provide their services to Noble. One-third of the restricted share units will vest one month after the meeting, a second third six months thereafter and the final third on the 13th month after the meeting. As restricted share units vest, Noble will have the option of issuing to the unitholders a number of common shares equal to the number of vested units, a cash payment equal to the market value of those shares, or some combination of cash and shares.

About Noble Mineral Exploration Inc.

Noble Mineral Exploration is a Canadian-based junior exploration company which, apart from its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Wawa-Holdsworth gold exploration property in Wawa, Ont., has as its flagship program project 81, which is a contiguous land package of approximately 70,000 hectares covering 12 townships immediately north of the Kidd Creek mine (celebrating its 50th year of operation). Project 81 which has seen very limited mineral exploration over the last 50 years and has had a number of historical drill indicated gold, copper, lead-zinc, silver and nickel showings. Noble has confirmed the discovery a very large, low-grade nickel deposit in Kingsmill township in 2012, which is within the project area.

We seek Safe Harbor.

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