Noble Mineral to acquire Island Pond in Newfoundland

Dec 23, 2021

2021-12-23 15:53 ET – News Release

Mr. Vance White reports

EXPLORATION UPDATE NOBLE ACQUIRES CLAIMS IN CENTRAL NEWFOUNDLAND

Noble Mineral Exploration Inc. has entered into a vending agreement with a two parties to option or acquire 576 mining claims in central Newfoundland, covering an area totalling approximately 14,400 hectares.

The property, known as Island Pond, is located within an area of central Newfoundland that is geologically mapped as a single unit of Cambrian-Ordovician siliclastic sediments trapped between a series of non-magnetic Devonian plutons to the west and southeast. The plutons themselves are not considered to be of exploration interest but they could have altered the rocks around them. From the regional magnetic data, a strong magnetic trend exists within the siliclastics that is interpreted to be an unmapped volcanic intrusion. A preliminary structural interpretation, based solely on regional-scale aeromagnetic surveys, suggests a multifold metamorphic history with a very high potential for repetition of stratigraphy within these newly staked claims. Spruce Ridge Resources’ Foggy Pond property, contiguous to the east, shows a similar magnetic feature. SHL has reported its preliminary interpretation indicating the possibility for a repetition of known copper and gold mineralization on a western limb. Preliminary interpretation of recently acquired high-resolution magnetic data over Foggy Pond show localized magnetic anomalies that could be ophiolite slivers along a major northeast-trending structure analogous to the Grub Line located just east of New Found Gold’s high-grade gold discovery located approximately 75 kilometres to the east.

Historic exploration on the Spruce Ridge Great Burnt and South Pond property was found to contain economic concentrations of copper and possibly gold within volcanic rocks that intruded the siliclastic sediments. The magnetic trend at Island Pond is over 22 kilometres in strike length and up to 3.5 kilometres wide. This region of Newfoundland has received almost no exploration due to the thin but extensive overburden cover and lack of forest suitable for the logging industry (which would have resulted in a road infrastructure). Island Pond is contiguous to Spruce Ridge’s recently staked Foggy Pond property (see Spruce Ridge press release Dec. 22, 2021), and is located 14 km northwest of Spruce Ridge’s South Pond gold-copper discovery and 56 km southeast of the historic Buchans high-grade zinc mine.

All exploration results disclosed in this news release are historical and are therefore non-compliant with the requirements of National Instrument 43-101. Material terms of the transaction are as set out in the attached table.

                              Cash     Shares  
  
On signing                 $37,440   1,000,000 
On completion of Survey              1,000,000 
                           $37,440   2,000,000

The lands are not subject to any net smelter royalty.

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.

Vance White, chief executive officer, states: “Noble will fly a high-resolution magnetic gradiometer survey over Island Pond in Q2 of 2022 in preparation for a summer exploration program. We are excited to work in an underexplored area that contains such a complex structural setting, and is both located near a historic mining area and in a region that is undergoing very recent and intense exploration.”

Michael Newbury, PEng (Ont.), a qualified person as such term is defined by National Instrument 43-101, has verified 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. 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 and PGM (platinum group metals) property, and the Cere-Villebon nickel, copper and PGM property, all of which are in the province of Quebec.

We seek Safe Harbor.

https://noblemineralexploration.com/