Noble Mineral closes Ontario mining claim acquisition

Feb 13, 2021

2021-02-12 13:38 ET – News Release

Mr. Vance White reports

NOBLE COMPLETES ACQUISITION OF ADDITIONAL AREAS IN MACDIARMID AND JAMIESON TOWNSHIPS

Noble Mineral Exploration Inc. has completed its previously announced acquisition of 39 mining claims in MacDiarmid and Loveland townships from International Explorers & Prospectors Inc. (IEP) (see Noble’s news releases of Jan. 19, 2021, and Feb. 2, 2021, for details of the transaction). The transaction has been approved by the TSX Venture Exchange.

While historic exploration data are available from the Ontario government, much of it on-line, IEP has access to unpublished exploration data that will be of great value in exploring MacDiarmid and Loveland townships. A mineral exploration research centre/industry consortium project is currently acquiring high-resolution audio magnetotelluric (AMT) data within parts of this area to better understand the 3-D distribution of sulphide-bearing units.

Terms of the transaction are as follows:

Payment of $25,000 cash by Noble;
Issuance of 250,000 common shares of Noble;
Transfer of 100,000 common shares of CNC from Noble’s holdings;
Transfer of $500,000 of assessment credits to IEP at the request of IEP at any time up to Dec. 31, 2021.

All 39 mining claims to be acquired are subject to a 0.25-per-cent net smelter return royalty (the first nation royalty) and four of the mining claims to be acquired are also subject to a 2-per-cent net smelter return royalty held by other parties (the existing royalty). Both the first nation royalty and the existing royalty will continue to apply. For the 35 mining claims that are not subject to the exiting royalty, a 1.75-per-cent net smelter return royalty will be granted to IEP. Noble will have a purchase right applicable to the existing royalty and IEP royalty, which, if exercised through a payment of $1-million, would vest in Noble 0.25 per cent of the existing royalty (out of the total 2 per cent) and 0.875 per cent of the IEP royalty (out of the total 1.75 per cent).

About Noble Mineral Exploration Inc.

Noble Mineral Exploration is a Canadian-based junior exploration company that, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd. as well as 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/