Noble Mineral Exploration acquiring Lucas Gold Project from Canada Nickel

Noble Mineral Exploration Inc. [TSXV: NOB, FRANKFURT: NB7; OTCQB: NLPXF] reported that it has entered into a binding Letter of Intent to acquire the Lucas Gold Project from Canada Nickel Company Inc. [TSXV: CNC; OTCQX: CNIKF].

Transaction Structure: Noble will issue 5,000,000 units in the capital of Noble (the Units), with the Units being valued at $0.06 per Unit. Each Unit will consist of one Common Share and one half non-transferable Common Share Purchase Warrant. One Common Share Purchase Warrant will be exercisable allows at $0.15 per share for a period of two years.

CNC will be granted the right (the Back-in Right) to purchase from Noble a 25% interest in the property, at any time beginning on the Trigger Date (as defined below), by making a payment to Noble equal to four times the expenditures incurred by Noble for the exploration and maintenance of the Property (including any costs of geological, scientific and other analyses and reports) (Exploration Expenditures).  The Trigger Date will be the date that is the earlier of 36 months from the closing of the transaction, the date when at least $5 Million of Exploration Expenditures have been incurred on or with respect to the property (including any adjacent properties); and the date when Noble enters into a binding agreement for the sale of the Property, or the date when a change of control occurs with respect to Noble unless the Back-in Right is not affected by such transaction.

The transactions under the letter of intent remain subject to the parties negotiating a definitive agreement, as well as to compliance with legal requirements and any requirements of the TSX Venture Exchange.

Vance White President and CEO of Noble said, “We are very pleased to be proceeding with the repurchase of an excellent gold prospect on which we know from past work carried out by Noble of an existing gold zone but also a number of untested parallel zones.”

The Lucas Township Gold Project is a drill-ready project located approximately 30 km north of Timmins, Ontario, famous for >75 million ounces of gold production. It is also located 20 km northeast of the world class Kidd Creek Mine celebrating its 58th year of continuous production consisting of >150 million tonnes of ore. In addition, it is also located about 20 km east of the Crawford Nickel Resource currently being developed by CNC.

Full industry services, supplies and infrastructure are in place in Timmins with access via paved Highway 655. There is ample access to power and water. Noble also has a MoU signed with local First Nations.

In 2018, Noble completed 15 NQ size diamond drill holes totaling 3,184 metres covering approximately 650 metres strike length of the 1,700-metre gold mineralized structure/trend identified from 2012 and 2018 Airborne Electromagnetic and Differential Magnetic Surveys. Noble located 37 historical drill-hole collars in the field and twinned three of these historical drill holes. No further work has been done since 2018.

The Lucas Gold Project has six discrete IP anomalous trends which require follow-up exploration. Only one trend has been investigated by Diamond Drilling to date. Gold mineralization in the Lucas Gold deposit is interpreted to be structurally controlled and occur as discrete lenses stacked within the pyrite plus gold mineralized tuffaceous unit.

The Lucas Gold Project is drill ready with a First Nation MoU in place. Future work would include drilling on the initial IP Anomaly to further define the gold mineralization. In addition, testing the other five, undrilled, IP anomalies to test for gold mineralization similar to the initial IP Anomaly.

Drill hole LUC-18-11 returned 1.10 g/t gold over 30.90 metres, including 1.20 g/t gold over 7.00 metres. LUC-18-13 returned 1.15 g/t gold over 23.30 metres, including 1.56 g/t gold over 2.0 metres. Luc-18-14 returned 0.58 g/t over 4.70 mettres and 1.70 g/t gold over 22.60 metres. LUC-18-19 returned 0.50 g/t gold over 7.5 metres and 1.04 g/t gold over 14.00 metres.

Noble Mineral Exploration Inc. is a Canadian-based junior exploration company, which has holdings of securities in Canada Nickel Company Inc., Homeland Nickel Inc., East Timmins Nickel Inc. (20%), and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario.

Noble holds mineral and/or exploration rights in ~70,000ha in Northern Ontario and ~25,000 ha elsewhere in Quebec upon which it plans to generate option/joint venture exploration programs.

Among those are included Noble’s mineral rights and/or exploration rights in 18,000 hectares in the Timmins-Cochrane areas of Northern Ontario known as Project 81, ~2,215 hectares in Thomas Twp/Timmins, and an additional 20% interest in ~38,700 hectares in the Timmins area held by ETN.  Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration.

 Noble’s holdings in Ontario also include: ~4,600 hectares in the Nagagami Carbonatite Complex; and ~3,200 hectares in the Boulder Project; both near Hearst, Ontario.

In Quebec, it holds ~3,700 hectares in the Buckingham Graphite Property; ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property; ~1,573 hectares in the Cere-Villebon Nickel, Copper, PGM property; the ~569-hectare Uranium/Rare Earth property (Chateau); ~461-hectare Uranium/Molybdenum property (Taser North); ~4,465 hectares REE Mehmet Property; the ~3,300 hectare Gull Lake REE Property; and the ~1,232-hectare Opawica Scandium and REE Property.  In Newfoundland and Labrador, it holds the ~647-hectare Chapiteau REE property.