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Toronto, Ontario TheNewswire - January 19, 202 1 Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce that it has entered into a Letter of Intent with International Explorers and Prospectors Ltd ("IEP" or "International Explorers") to acquire an additional 39 mining claims (the "Claims " ) in MacDiarmid and Loveland Townships (see Figure 1) that are contiguous to its existing claims that have been optioned to Canada Nickel Company Inc. ("CNC" or "Canada Nickel" ).
Figure 1. Noble is acquiring 39 mining claims from IEP .
NOB and IEP are also establishing a Strategic Alliance to evaluate the extensive land package held by IEP that is nearby and commonly contiguous to Noble's Project 81. Noble and IEP would now share contiguous boundaries in an area that is 200km by 100km. (see Figure 2).
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Figure 2. Noble and IEP will form a large contiguous land position near Timmins, Ontario .
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 the world's largest VMS deposit in Kidd Creek approximately 20 km to the east and Ni-Cu deposits such as Enid Creek in Loveland Twp., and the Crawford Ni-Co-Pd deposit in Crawford Twp. The area is thus highly prospective for Ni-Cu, Ni-Co+/-Pd, Gold 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.
While historic exploration data is available from the Ontario Government, much of it online, IEP has access to unpublished exploration data that will be of great value in exploring MacDiarmid and Loveland Townships. A Mineral Exploration Research Center-industry consortium project is currently acquiring high resolution audio magneto-telluric (AMT) data within parts of this area to better understand the 3D distribution of sulfide-bearing units.
Terms of the Transaction are as set out below:
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- $25,000 cash;
- 250,000 common shares of Noble;
- 100,000 common shares of CNC (from Noble's holdings); and
- the transfer of $500,000 of assessment credits to IEP.
The transaction is subject to approval of the Board of Directors of each party and of the TSX Venture approval, as well as compliance with securities and other laws and regulations.
Vance White, President and CEO of Noble, said "we are extremely pleased to be able to acquire these assets from International Explorers, and to work with Lionel Bonhomme and his team at IEP, as this property ties directly onto the MacDiarmid Option Property, we have with Canada Nickel in MacDiarmid Township. Further, this strategic relationship is the initial establishment with IEP who are, as you can see from the attached map, a significant land holder in close and contiguous proximity to Noble's Project 81 lands, but more importantly IEP are also in possession of one of the largest exploration data sets of the Timmins camp. I am confident this will be a tremendous relationship."
Randy S C Singh PGeo (ON), PEng (ON), VP Exploration & Project Development of Noble and a "qualified person" as such term is defined by National Instrument 43-101, has relied exclusively on the JV partner QP personnel in verifying the technical data disclosed in this news release on behalf of Noble Mineral Exploration Inc.
About International Explorers and Prospectors Inc .
International Explorers and Prospectors Inc. is a privately owned, research focused, exploration company controlling over 75,000 hectares of prime exploration properties in the Abitibi Greenstone Belt. IEP owns several advanced gold projects along the Destor-Porcupine and Pipestone Faults near Timmins as well as some projects in Quebec. IEP controls a large VMS land position in the Kidd-Munro Assemblage and the Blake-River Assemblage including historic base metal resources.
IEP has an experienced team with proven track record of discovery of VMS, Cu-Ni-PGE and Gold exploration in the Abitibi. The company has also secured the services of experienced government and academic geologists representing over 200 years combined experience in the Abitibi.
More detailed information is available on the website at www.internationalexplorersandprospectors.com
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 to 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, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
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