Noble Mineral signs LOI to option claims, sell patents

Nov 22, 2021

2021-11-22 09:32 ET – News Release

Mr. Vance White reports

NOBLE OPTIONS ITS PROPERTIES IN MANN, HANNA, DUFF AND REAUME TWPS AND SELLS ITS PATENTS IN KINGSMILL AND MABEE TWPS TO CANADA NICKEL

Noble Mineral Exploration Inc. has entered into a letter of intent with Canada Nickel Company to option its mining claims in Mann, Hanna, Duff and Reaume townships, and to sell its MRO patents in Kingsmill and Mabee townships.

Deal Terms

The terms of the Option to earn into the mining claims in Mann, Hanna, Duff, and Reaume Townships over four years will be payments of $400,000, delivery of 400,000 shares of Canada Nickel, and completion of $1,700,000 of exploration work, after which the properties would be held in an 80/20 Joint Venture between Canada Nickel and Noble. Noble will also retain a 2% NSR on the staked claims that are included in the Claims, and retain a buyback right on the third-party NSR that applies to the other optioned Claims both of which are subject to certain buyback rights as to 50%.

The terms of the sale of the MRO patents in Kingsmill and Mabee Townships will be the issuance of 500,000 shares of Canada Nickel to Noble.

The transactions are subject to definitive agreements being prepared and agreed to, to the approval by the Board of Directors of each party, to approval by the TSX Venture Exchange and to compliance with securities and other laws and regulations. The approval of Noble’s shareholders may also be required.

Vance White, President and CEO of Noble, said “we are extremely pleased to be able to invite Canada Nickel, with their expertise, to secure this very large land package as it represents a 20km 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. We look forward to Canada Nickel moving the optioned properties to a JV stage ,and to seeing Canada Nickel advance the exploration of the Kingsmill and Mabee Township properties. A budget and plan of exploration will be developed by Canada Nickel. I am confident this will turn out to be a very exciting project.”

Michael Newbury PEng (ON), 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 Inc. 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 near Wawa, Ontario, 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/