PROJECT 81 Exploration Update - Carnegie Twp.: JV Partner Announces Down Hole Geophysics and Proposed Additional Drilling Program
Toronto, May 11, 2021 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) is pleased to announce that it has been advised by its Option and JV partner on Carnegie Township that an exploration program consisting of down hole geophysical electromagnetic surveys of three drill holes completed in 2019 and 2020 is underway with the following objectives to retrieve a geophysical probe that is blocking hole CG19-09 in order to complete the survey from 2020. Plans are to clear hole CG19-09 and hole CG19-06 and drill a proposed hole near CG19-08 as suggested by Crone Geophysics and further to follow up with a drill program to test all drill targets outlined by the down hole survey. As reported in December 2020 at Carnegie the partners drilled a total of ten holes totaling 2,889.45m to test conductive trends interpreted from a 2017 Airborne EM & Mag Survey of 2081 line km, that included the Carnegie township and a follow-up 2019 Orientation EM & Mag Survey of 379.8 line kilometer flown in the northern part of Carnegie Twp., in addition to a 934.4 line kilometer Gradient Gravity survey flown in 2018. Four holes encountered anomalous zinc and copper mineralization with CG19-01 intersecting 12.0 m of 0.64% zinc mineralization over 12 metres (core length) from 219.0 m to 231.0 m containing 3.0 m of 1.38% zinc from 223.0 m to 226.0 m that required re-assay. Drill hole CG19-09 assayed 0.72% zinc and up to 0.2% copper over 2.75 m from 282.6 m to 285.35 m. Drill-hole CG19-03 encountered up to 20 m of massive to semi-massive sulphide containing anomalous but low-grade zinc.
Figure 1-Carnegie Twp. showing drill holes locations on Airborne Magnetic Map
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As a result of the expenditure of ~$1.1 million the Option and JV Partner has earned a 51% interest in ~1,422ha with a right to earn into an additional 578ha of mineral rights. The partner can earn an additional 24% interest through the expenditure of $1million prior to December 2022 after which time it will become a Joint Venture with Noble on a 75/25 basis.
Vance White, President and CEO of Noble is quoted as saying "we are very pleased that our Carnegie partners will continue with additional work on the Carnegie targets. Noble will continue its business model of "Project Generator" by seeking additional Option and JV Partners to our extensive ~72,000ha land holdings".
William E MacRae, MSc, PGeo a "qualified person" as such term is defined by National Instrument 43-101, has supervised the field program and 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 JV partners and Noble Mineral Exploration Inc.
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 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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