Noble Mineral options Ontario claims

Apr 25, 2022

2022-04-25 11:16 ET – News Release

Mr. H. Vance White reports

NOBLE MINERALS ACQUIRES A COPPER-PRECIOUS METAL PROSPECT NEAR HEARST, ONTARIO

Noble Mineral Exploration Inc. has optioned a 100-per-cent interest in 204 claim units by staking to hold in 214 claims in Way township. The claims extend from about four to 15 kilometres southwest of the town of Hearst, Ont. The staked area is equivalent to approximately 4,500 hectares or 45 square kilometres.

Noble has acquired by staking 214 claims (4,500 hectares or 45 square kilometres) on the prospective mineral area;
The exploration model is the occurrence of a supergene alteration zone of a volcanogenic massive sulphide deposit;
A 140-kilogram boulder found in the area near Jogues about 11 km southwest of Hearst, Ont., contains significant concentrations of base and precious metals;
On analysis, the sample was found to contain 71.8 per cent copper, 252 grams per tonne silver, 3.79 grams per tonne gold and 6.65 grams per tonne platinum group metals;
There has not been any recent exploration since the 1960s when Algoma explored for iron ore.

A sample of the metalliferous boulder, brought to the Timmins mining district regional resident geologist in 2019 by A. Cousineau, was submitted for chemical analysis to Geolabs in Sudbury to establish its metal and mineralogical makeup. Geolabs determined that the boulder contained: 71.8 per cent copper, 3.5 per cent lead, 1.09 per cent zinc, 252 g/t silver, 3.79 g/t gold, 4.43 g/t palladium and 2.22 g/t platinum, and consisted primarily of cuprite.

The type of copper mineralization found in the boulder is unusual for copper mineralization found in the Superior province of the Canadian Shield. The primary mineral is cuprite, a soft, heavy, red oxide mineral (Cu2O) that is an important ore of copper worldwide.

In 2021, Noble launched an exploration program on the property to in an effort to identify the source of the boulder. Basal till samples collected from two fence lines of hand auger holes, located about 100 metres and 1 kilometres north of the boulder location, produced 35 gold grains. These gold grains defined a southeast-northwest-trending dispersion train that indicates they were transported southeast by a glacial transport from a source area located to the northwest. The dispersion train appears to begin near a northeast-trending magnetic anomaly to the northwest of the property. The gold grains are predominantly reshaped (24) but also include modified (seven) and pristine (four), supporting evidence of local source.

Work will continue during the 2022 field season, including an airborne survey, glacial till investigations and eventual diamond drilling.

Vance White, president and chief executive officer of Noble, said: “This is a very significant discovery of a highly mineralized boulder in an area that has not seen much past exploration. The discovery of the source of the boulder would be an important mineral find. Even a small deposit of this material would be extremely valuable at current metal prices. Noble will continue its exploration program to establish the source of the boulder.”

Deal terms

On signing — 325,000 shares plus 325,000 three-year warrants exercisable at 17.5 cents;

First anniversary — 325,000 shares plus 325,000 three-year warrants exercisable at 17.5 cents;

Exploration spend to earn 50 per cent — $300,000 (including staking costs and ground exploration in fall 2021);

Exploration spend to earn 100 per cent — $700,000 (earning 10 per cent per $140,000 in expenditures to include airborne and follow-up);

2-per-cent net smelter return with buyback as to 50 per cent at $1-million for first five years and at $1.5-million to end of life.

If the property is dropped, then it is to be returned to vendors with a minimum one-year’s assessment credits.

The transaction is subject to the approval of the board of directors, as well as to TSX Venture Exchange approval, and to compliance with securities and other laws and regulations.

Michael Newbury, PEng (Ont.), 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 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., will continue to hold approximately 25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional approximately 11,000 hectares in the Timmins area and approximately 14,400 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 approximately 14,600 hectares in the Nagagami carbonatite complex near Hearst, Ont., as well as approximately 3,700 hectares in the Buckingham graphite property, approximately 518 hectares in the Laverlochere nickel, copper, platinum group metals property and approximately 482 hectares in the Cere-Villebon nickel, copper, PGM property, all of which are in the province of Quebec.

We seek Safe Harbor.

https://noblemineralexploration.com/