Noble Mineral options 75% of Crawford to Spruce Ridge

Sep 25, 2017

2017-09-25 09:24 ET – News Release

Also News Release (C-SHL) Spruce Ridge Resources Ltd

Mr. Vance White reports

NOBLE SIGNS BINDING LETTER OF INTENT FOR OPTION AND JOINT VENTURE ON CRAWFORD TOWNSHIP PROPERTY

Noble Mineral Exploration Inc. has signed a binding letter of intent with Spruce Ridge Resources Ltd. to earn up to a 75-per-cent interest in specific target areas having a size of up to 2,000 hectares in Noble’s 9,000-hectare Crawford township property, which comprises part of Noble’s project 81.

The Crawford property lies approximately 13 kilometres north of Glencore Canada’s world class Kidd creek zinc-copper-silver mine, currently celebrating its 50th year of continuous operation. The property is underexplored and there is a high potential to find another world-class mineral deposit. Results of a high-definition, airborne gravity-gradiometer survey currently being carried out over 6,000 line kilometres by Gedex Inc. for Noble will be used to prioritize potential base metal targets identified from preliminary results of a recently completed modern, state of the art heliborne electromagnetic/magnetic survey.

Under the terms of the option proposed by the letter of intent, Spruce Ridge can earn an initial 51-per-cent interest in the Crawford property by making a cash payment of $100,000, issuing six million common shares, issuing six million warrants exercisable at the lowest exercise price permitted by the TSX Venture Exchange and having a term expiring five years after issuance, and incurring a minimum of $1-million of qualifying expenditures in the 12 months following the execution of the option agreement. Spruce Ridge can earn an additional 24-per-cent interest in the Crawford property by issuing six million common shares to Noble, issuing six million warrants to Noble exercisable at the greater of 15 cents per share or such lower exercise price as may be permitted by the TSX-V, and having a term expiring five years after issuance, and incurring a further $1-million of qualifying expenditures on or before the second anniversary of the execution of the option agreement. Once 75 per cent is earned (or 51 per cent should Spruce Ridge elect not to acquire a 75 per cent interest), the Crawford property will be operated as a participating joint venture. The transactions described in the letter of intent are subject to due diligence and to the approval of the TSX-V. The Crawford property is located just north of Timmins, Ont., and has access to all the amenities necessary to carry out an extensive exploration program including personnel, contractors, road, power and water.

Vance White, Noble’s president and chief executive officer commented: “We’re pleased to welcome the team of experts associated with Spruce Ridge to get this 70,000-hectare project area back on track as we feel there is a tremendous opportunity to identify mineral wealth on what has been a relatively underexplored project area in close proximity to very satisfactory infrastructure. A number of drill-ready targets have already been identified in the 12 townships that comprise this project area. Noble believes that VMS deposits of the Kidd creek type occur in clusters.”

About Noble Mineral Exploration Inc.

Noble Mineral Exploration is a Canadian-based junior exploration company which, in addition to its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Holdsworth gold exploration property in the area of Wawa, Ont., holds in excess of 70,641 hectares of mineral rights in the Timmins — Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold and base metal exploration targets at various stages of exploration. More detailed information is available on the company’s website. Noble’s common shares trade on the TSX Venture Exchange.

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