Noble Mineral to acquire 241 mining claims in Ontario

Mar 2, 2022

2022-03-02 11:04 ET – News Release

Mr. Vance White reports

NOBLE SECURES APPROXIMATELY 4,800 HECTARES IN CALDER, LENNOX, AND OTTAWAY TWPS

Noble Mineral Exploration Inc. has signed an agreement to acquire 241 mining claims in Calder, Lennox and Ottaway townships, Ontario, covering an area of approximately 4,800 hectares.

The transaction will provide Noble with control over a contiguous area of approximately 75 kilometres by 15 km.

The claims cover the northern limit of the Abitibi subprovince close to the subprovince boundary contact with the Quetico subprovince to the north. Seismic and lithogeochemical surveys suggest subprovince boundary contacts are major deep-seated long-lived fault conduits capable of focusing hydrothermal fluids.

Historic work has disclosed diorite and dacite, trace chalcopyrite and graphite, and overburden depth of 90 feet, and graphite-bearing metasediments and mafic volcanic rocks were encountered in 1962 in the southeast claim area.

In 1984, gold assays from ablation till up to 4,800-part-per-billion gold in heavy metal concentrate from a reverse circulation drill program. The latest work was completed in 2000 when M. Valliere completed trenching and drilled five short holes with a combined length of 262 feet. Drilling encountered quartz feldspar biotite gneiss and mafic volcanic rocks. Quartz tourmaline veining was reported in one drill log. Geochemical analysis of rock gave results consistent with mafic volcanic rock with 48 per cent SiO2.

All exploration results disclosed in this news release are historical and have not been verified by a qualified person on behalf of Noble. The results are therefore non-compliant with the requirements of National Instrument 43-101.

Transaction terms

Pursuant to the transaction, Noble is required to pay a total of $102,500 over up to four years to acquire the claims. The breakdown of the payments due is as noted.

Due date                                            Cash payment to be paid by Noble

On or before the closing date                                                $12,500                         
On or before one year after the closing date                                 $15,000                         
On or before two years after the closing date                                $20,000                         
On or before three years after the closing date                              $25,000                         
On or before four years after the closing date                               $30,000                         
Total                                                                       $102,500

Under the transaction, the vendor of the claims will retain a 2-per-cent net smelter return that will be subject to Noble’s right to buy back 50 per cent of the royalty for $1-million.

The transaction has been approved by the board of directors of Noble and is not subject to approval of the TSX Venture Exchange. Vance White, president and chief executive officer of Noble, said: “We are extremely pleased to be able to secure this underexplored land package as it represents 10 km strike length where evidence of subprovince boundary has been found to be present in work carried out by past explorers. I am confident this will turn out to be a very exciting project.”

Wayne Holmstead, PGeo (Ontario), 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 40,000 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 44,000 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 Nagagami carbonatite complex near Hearst, Ont., as well as the Buckingham graphite property, the Laverlochere nickel/copper/platinum group metal property and the Cere-Villebon nickel/copper/PGM property, all of which are in the province of Quebec.

We seek Safe Harbor.

https://noblemineralexploration.com/