Exploration Update : Noble Acquires Claims in Mann, Hanna, Duff and Reaume Twps
TSX.V: NOB FWB: NB7 OTCQB: NLPXF
Exploration Update :
Noble Acquires Claims in Mann, Hanna, Duff and Reaume Twps
Toronto, Ontario – May 31, 2021 – Noble Mineral Exploration Inc. (“Noble” or the “Company”)
(TSX-V:NOB, FRANKFURT: NB7, OTCQB .PK:NLPXF) is pleased to announce that it has entered
into Letters of Intent with a number of parties (the “Parties”) to option or acquire 307 mining claims
(the “Claims” ) in Mann, Hanna, Duff, and Reaume Townships, covering an area totaling
approximately 6,539 hectares (the “Transactions”). The Company has also staked an additional 256
mining claims in Mann, Hanna, Duff and Reaume Townships totaling approximately 5,453 hectares.
Figure 1. Noble is optioning/acquiring/staking 563 contiguous mining claims (approximately outlined
above in red) from various parties in Mann, Duff, Reaume and Hanna Twps (yellow blocks are
patents not optioned or controlled).
When these acquisitions and earn-ins are completed, Noble will control contiguous boundaries over
an area ~30km by ~10km.
The Claims cover volcanic rocks of the Kidd Munro assemblage that have been periodically intruded
by Ni-Cu bearing mafic to ultramafic intrusions. This assemblage hosts one of the world’s largest VMS
deposits at Kidd Creek, approximately 20 km to the east , and the Ni-Cu deposit at Enid Creek in
Loveland Twp., as well as the Crawford Ni-Co-Pd deposit in Crawford Township. The area is thus felt
by Noble’s management to be highly prospective for both Ni-Cu and VMS deposits . Like other
prospects in the Timmins region, the area is covered by thick glacial till and conductive clays (up to
50 m) that hampered earlier exploration efforts.
There are over 20 km of mapped ultramafic rocks in Mann Township. The ultramafics consist mainly
of mafic sheets, sills and dikes that have intruded into and differentiated within volcanogenic
sediments. The differentiated intrusions are composed of basal peridotite, usually serpentinized with
a transition to pyroxenite, and then gabbro. The peridotite, and the better mineralized dunite, are the
host rocks for the nickel-cobalt sulphide.
Exploration for nickel in Mann Township dates to 1948 when International Nickel drilled eight holes
into serpentinized peridotite. In 1950 and 1951, Canadian Johns Manville drilled an additional eight
holes intersecting serpentinized peridotite . Drilling ha s been widespread, with numerous holes
covering over 2 kilometers of delineated serpentinized peridotite with individual sections up to 450
feet containing 0.25% nickel and averaging 120ppm cobalt. There are numerous higher values up to
0.5% nickel. No data was found showing PGM numbers as the elements were likely not assayed for.
There are various elevated copper sections up to 0.2% Cu. At a different part of the complex ,
numerous previous drill holes show nickel values of 1.1% nickel in net textured pyrrhotite over 4 feet
of length in interlayered mafic-ultramafic-interflow rocks, and copper values.
Historic work has disclosed a clinopyrox enite reef with encouraging Pd values. The last work
completed in 2008 gave repeatable values in drill core that showed up to 600ppb Pd over 15 meters
with a higher value section of 1.0 g/t Pd over 4.2 meters. Channel samples showed 600ppb Pd over
22 meters including 927ppb over 6 meters.
All exploration results disclosed in this news release are historical and have not been verified by a
qualified person on behalf of Noble. Those results are therefore non-compliant with the requirements
of National Instrument 43-101.
Material terms of the Transactions are as set out below:
Cash
In kind
cash Shares Work
On Signing $115,000 $192,000 900,000 $100,000
1st Anniversary $65,000 $42,000 450,000 $400,000
2nd Anniversary $105,000 $42,000 700,000 $600,000
3rd Anniversary $50,000 $42,000 250,000 $300,000
4th Anniversary $50,000 $42,000 300,000 $300,000
$385,000 $360,000 2,600,000 $1,700,000
There are five property areas involved. In four of the five areas, the vendor or optionor will retain a
2% NSR that will be subject to Noble’s right to buyback 50% of the NSR for $1,000,000 per property,
and for the other property the vendor will retain a 1% NSR subject to Noble’s right to buyback 50% of
the NSR for $500,000.
The Transactions are subject to approval of the Board of Directors of each party where applicable, as
well as to TSX Venture Exchange approval and to compliance with securities and other laws and
regulations.
Vance White, President and CEO of Noble, said “we are extremely pleased to be able to option and/or
acquire this very large land package as it represents a 20km strike length where evidence of ni ckel,
cobalt, PGM’s, rhodium and rare earth minerals have been found to be present in work carried out by
past explorers. Following Exchange approval, a budget and plan of exploration will be developed. 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 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 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 in the area of
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. More detailed information
is available on the website at www.noblemineralexploration.com .
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB”.
Cautionary Statement:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release. No stock exchange, securities commission or other regulatory authority has approved
or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance
of Noble Mineral Exploration Inc. Forward- looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual results may differ materially
from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are
detailed herein and from time t o time in the filings made by the Company with the TSX Venture
Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation
to update or revise its forward- looking statements, whether as a result of new information, fu ture
events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: [email protected]
Investor Relations
Email: [email protected]