Noble Signs Binding Letter of Intent for Option and Joint Venture on Crawford Township property
Toronto, Ontario/TheNewswire /September 25, 2017 - Noble Mineral Exploration Inc.("Noble" or the "Company")(TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF)is pleased to announce that it has signed a binding Letter of Intent (LOI) with Spruce Ridge Resources Ltd ("Spruce Ridge") (TSXV: SHL) to earn up to a 75 percent interest in specific target areas having a size of up to 2,000 hectares (the "Crawford Property") in Noble's 9,000-hectare Crawford Township property, which comprises part of Noble's Project 81.
The Crawford Property lies approximately 13 kilometres north of Glencore Canada's world class Kidd Creek zinc-copper-silver mine, currently celebrating its 50thyear of continuous operation. The property is underexplored and there is a high potential to find another world class mineral deposit. Results of a high definition, airborne gravity - gradiometer survey currently being carried out over 6,000 line kilometers by Gedex Inc. for Noble will be used to prioritize potential base metal targets identified from preliminary results of a recently completed modern, state of the art Heliborne EM/Mag survey.
Under the terms of the option proposed by the LOI,Spruce Ridgecan earn an initial 51% interest in the Crawford Property by making a cash payment of $100,000, issuing 6,000,000 common shares, issuing 6,000,000 warrants exercisableat the lowest exercise price permitted by the TSX.V and having a term expiring five (5) years after issuance, and incurring a minimum of $1,000,000 of qualifying expenditures in the twelve months following the execution of the option agreement.
Spruce Ridge can earn an additional 24% interest in the Crawford Property by issuing 6,000,000 common shares to Noble, issuing 6,000,000 warrants to Noble exercisableat the greater of $0.15 per share or such lower exercise price as may be permitted by the TSXVE and having a term expiring five (5) years after issuance, and incurring a further $1,000,000 of qualifying expenditures on or before the second anniversary of the execution of the option agreement.
Once 75% is earned (or 51% should Spruce Ridge elect not to acquire a 75% interest), the Crawford Property will be operated as a participating Joint Venture. The transactions described in the LOI are subject to due diligence and to the approval of the TSX Venture Exchange.
The Crawford Property is located just north of Timmins and has access to all the amenities necessary to carry out an extensive exploration program including personnel, contractors, road, power and water.
Vance White, Noble's President and CEO commented:"We're pleased to welcome the team of experts associated with Spruce Ridge toget 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 12 townships that comprise this project area. Noble believes that VMS deposits of the Kidd Creek type occur in clusters.".
Randy S C 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 of70,641 hectares of mineralrightsin 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 atwww.noblemineralexploration.com.
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB". $NLPXF