Noble Mineral provides exploration update, earn-in on Carnegie Township properties and private placement
Toronto, August 25, 2017 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF)Heliborne EM/Mag Survey:
Noble is awaiting final results and interpretation from a 2100 line kilometers Heliborne EM and Mag survey executed by Balch Exploration Consulting Inc ("BECI") over Carnegie, Crawford, Prosser and Lucas Townships. These townships are the most southern townships on Project 81, that have not been previously flown with modern and proprietary airborne surveys. Carnegie Twp is located immediately north of the world-class Kidd Creek mine currently celebrating its 50th continuous year of production.
The object of the survey is to identify discrete conductors that could be located on the ground to follow up on historical drilling that exhibit copper-lead-zinc mineralization (e.g. Kidd-Creek style), nickel-copper sulphide mineralization, and gold mineralization that were the result of 1950's to 1970's airborne surveys, that could not accurately locate the conductors on the ground and as a result the best conductors of these anomalous trends were not drill tested.
The system used by BECI in this heliborne survey was the AirTEM-150, a compact and concentric helicopter time domain EM system that can penetrate to depths of 400 m with high resolution. Measurements of the three axes of the EM secondary field are measured in a full waveform mode and the resulting profiles are used to determine the size, orientation, conductance and depth of the anomalous source.
Option and JV Agreement:
Noble is also pleased to announce that it has entered into an Option and Joint Venture Agreement (the "JV Agreement") with a group of sophisticated private investors (the "Optionees") on 2,000 hecatares of lands located within Carnegie Township. Subject to the terms and conditions of the JV Agreement, the Optionees would earn a 51% interest (the "Base Interest") in certain targets based on the final results of the above referred to survey in Carnegie by carrying out exploration expenditures of $1 million within the first year of the JV Agreement. The Optionees would then have the right to exercise a second option to earn an additional 24% by carrying out additional exploration expenditures of $1 million within one year after earning the Base Interest.
The Company plans on entering into additional Option and Joint Venture agreements with other parties on other targets and townships within Project 81.
Financing
The Company is also undertaking a private placement (the "Private Placement") of up to 20,000,000 common share units ("Common Share Units") priced at $0.06 per Common Share Unit, and up to 10,000,000 flow-through units ("Flow-Through Units") at $0.075 per Flow-Through Unit. The gross proceeds to be raised in this Private Placement is $1,950,000. Noble has engaged IBK Capital Corp. ("IBK") to place, on a best efforts basis, up to 10,000,000 Common Share Units and up to 10,000,000 Flow-Through Units (the "IBK Portion of the Private Placement"), and will pursue the balance of the Private Placement. In connection with the IBK Portion of the Private Placement, the Company agreed to pay IBK a cash commission of 9% of the amount raised through its assistance and 10% of the amount raised in broker warrants.
Each Common Share Unit consists of one common share of Noble and one common share purchase warrant. Each common share purchase warrant (a "Warrant") will entitle the holder to acquire one common share of Noble at an exercise price of $0.10 per share for a period of 5 years following the closing. Each Flow-Through Unit consists of one common share of Noble to be issued as a "flow through share" and one non-flow-through Warrant.
The securities to be issued in this Private Placement will be subject to a four month hold period.
The closing of the Private Placement is subject to completion of formal documentation and the approval of the TSX Venture Exchange, as well as any other required regulatory approvals.
Noble will use the proceeds raised through the placement of Common Share Units for general working capital purposes, including paying certain creditors, while the proceeds raised through the placement of Flow-Through Units will be used for exploration purposes, including to fund an exploration drilling program on the Company's Lucas gold project in Project 81.
Vance White, Noble's President and CEO commented: "We're pleased to get this ~70,000 Hectare Project Area back on track as we feel there is a tremendous opportunity to identify mineral wealth on what has been a relatively underexplored project area in close proximity to very satisfactory infrastructure. A number of drill ready targets have already been identified in the northern eight townships. Noble believes that VMS deposits of the Kidd Creek type occur in clusters.".
Randy Singh P.Geo. (ON), P.Eng. (ON), VP Exploration & Project Development of Noble and 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 the Company.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds in excess of 70,641 hectares of mineral rights in the Timmins - Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold 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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