(TheNewswire)
Toronto, Ontario - TheNewswire - August 25, 2020 - Noble Mineral Exploration Inc. (“Noble” or the "Company") (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) is pleased to announce that, it has executed an agreement with MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald”) to acquire all of MacDonald’s interest in the Holdsworth gold property (the “Property”), located 25 kilometres northeast of Wawa, Ontario in Corbiere and Esquega Townships.
As payment for the Property, Noble will issue to MacDonald 4,000,000 common shares (the “Shares”) of Noble, as well as 2,000,000 warrants (the “Warrants”) expiring 3 years after issuance and exercisable at $0.15 per common share of Noble. Noble and MacDonald have agreed that the Shares are valued at $0.07 per Share. Noble’s common shares closed at $0.09 on August 21, 2020. The Shares and the Warrants will be subject to a 4 month hold period.
The Property was held by Noble until it was sold to MacDonald in transactions completed in 2016 and 2017. Noble’s repurchase of the Property remains subject to TSX Venture Exchange approval.
Vance White President and CEO of Noble said “We are pleased to have reacquired this project to add to our gold holdings portfolio in light of the work carried out by MacDonald and the discovery of a new shear zone which will need additional follow up. Also, we have recently taken ~450kg samples of the Oxide Sands on the Property from various pits and trenches, which have returned assay results for Gold (Au) of 3.42-7.93g/t and 15.0 – 73.9 g/t for Silver(Ag). One 25kg. sample has been sent out for testing to a facility in Montreal to determine if it can be converted to a concentrate from which the gold and silver can be recovered. If the testing is determined positive and with gold prices at a current ~Cdn$2,500/oz, the Holdsworth Oxide Sands property may prove to be a near term source of cash flow.”
Randy S.C. Singh P.Geo (ON), P.Eng (ON) VP- Exploration & Project Development 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 .
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:
Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com IR Email: ir@noblemineralexploration.com
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