Exploration Update : Noble Acquires 50% Interest in Claims in Carnegie, Kidd, Wark and Prosser Townships near Timmins, Ontario
Toronto, Ontario - TheNewswire - August 24, 2021 - Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) is pleased to announce that it has entered into a Purchase and Sale Agreement in a 50/50 partnership with 11530313 Canada Inc (“11530313”) to acquire 310 patented and tenure identified mining claims (the “Claims”) in Carnegie, Kidd, Wark and Prosser Townships totaling about 6,600 hectares formerly held by Explor Resources, a wholly owned subsidiary of Galleon Gold Corp. (“Galleon”).
Pursuant to the terms of the Agreement, 11530313 has paid $250,000 to Galleon, and Noble is required to issue to Galleon 2,000,000 common shares of Noble (the “Noble Shares”). At closing, Noble and 11530313 will each have a 50% ownership of the Claims. The transaction is subject to the approval of the TSX Venture Exchange and subject to approval of the Board of Directors of Noble. The Noble Shares will be subject to a four month hold period under applicable Canadian securities laws.
The Claims cover volcanic rocks of the Kidd Munro assemblage that have been periodically intruded by Nickel Copper (“Ni-Cu”) bearing mafic to ultramafic intrusions. This assemblage hosts one of the world’s largest volcanogenic massive sulphide (“VMS”) deposit at Kidd Creek approximately 3 km to the south and Ni-Cu deposits such as Enid Creek in Loveland Twp., and the Crawford Nickel-Cobalt-Palladium deposit in Crawford Twp. The Kidd Creek Mine has produced in excess of 150 million tonnes of copper and zinc ore since 1966. The area is thus 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.
Vance White, CEO and President of Noble commented. “We are very pleased to partner with 11530313 in order to be able to acquire an interest in the Explor lands in Carnegie and Kidd Townships to further consolidate our Project 81 holdings. The proximity of the ground to the prolific Kidd Creek Mine will make it a valuable asset in the extensive stable of Noble properties in the Timmins area. A thorough review of historic and recent work carried out on these patented and regular claims will take place followed up by additional exploration work. Further, we welcome Galleon as a significant Noble shareholder.”
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”.
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.
H. Vance White, President