Noble Mineral Exploration Inc. Announces Canada Nickel Exercising its Option on Noble's Mann Township Property
Highlights:- Canada Nickel is exercising its option to earn an 80% of the Mann Township mining claims (~11,000 ha) with Noble retaining a 20% interest,
- The property Includes Mann Northwest, Central and Southeast properties that cover a combined 25 km strike length of nickel-bearing ultramafic rocks,
- Northwest and Central will advance to resource delineation programs while Southeast will be drilled for the first time, all during the 2024 exploration season.
Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSXV: NOB) (OTCQX: NLPXF) is pleased to announce that Canada Nickel Company ("Canada Nickel") is exercising its option to acquire an 80% interest in the Mann Nickel Property from Noble in the Timmins area of northern Ontario.
The option terms included:
(i) Exploration expenditures of $1.7 million on the Property (completed),
(ii) Cash payment to Noble of $350,000 (made),
(iii) Annual cash payments to Noble of $100,000 (payments are current),
(iv) Underlying NSR rights to previous claim optionors and to Noble (to be registered).
(See Noble's news releases of February 24, 2022 for a more in-depth review of the option terms.)
Vance White President and CEO of Noble commenting on the exercise of the option said, "We are very pleased for Canada Nickel to be earning the 80% interest in the Mann Project, and also pleased with the exploration results encountered to date. We very much look forward to seeing how the project is to be advanced ".
Statement Regarding TSX Venture
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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., Go Metals Corp. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional 20% interest in ~11,000 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, ~518 hectares in the Laverlochere Nickel, Copper, PGM property and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. 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".
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