Noble acquires claims in MacDiarmid and Loveland Twps – forms Alliance with IEP
The search for new base metal deposits near Kidd Creek is heating up.
“We are extremely pleased to be able to acquire these assets from International Explorers, and to work with Lionel Bonhomme and his team at IEP," Vance White, President and CEO of Noble said. "This property ties directly onto the MacDiarmid Option Property, we have with Canada Nickel in MacDiarmid Township. Further, this strategic relationship is the initial establishment with IEP who are, as you can see from the attached map, a significant land holder in close and contiguous proximity to Noble’s Project 81 lands, but more importantly IEP are also in possession of one of the largest exploration data sets of the Timmins camp. I am confident this will be a tremendous relationship.”
Noble Mineral Exploration Inc.has entered into a Letter of Intent with International Explorers and Prospectors Ltd to acquire an additional 39 mining claims in MacDiarmid and Loveland Townships that are contiguous to its existing claims that have been optioned to Canada Nickel Company Inc.
NOB and IEP are also establishing a Strategic Alliance to evaluate the extensive land package held by IEP that is nearby and commonly contiguous to Noble’s Project 81. Noble and IEP would now share contiguous boundaries in an area that is 200km by 100km.
The Claims cover volcanic rocks of the Kidd Munro assemblage that have been periodically intruded by Ni-Cu bearing mafic to ultramafic intrusions. This assemblage hosts the world’s largest VMS deposit in Kidd Creek approximately 20 km to the east and Ni-Cu deposits such as Enid Creek in Loveland Twp., and the Crawford Ni-Co-Pd deposit in Crawford Twp. The area is thus highly prospective for Ni-Cu, Ni-Co+/-Pd, Gold and VMS deposits. Like other prospects in the Timmins region, the area is covered by thick glacial till and conductive clays (up to 50 m) that hampered earlier exploration efforts.
While historic exploration data is available from the Ontario Government, much of it online, IEP has access to unpublished exploration data that will be of great value in exploring MacDiarmid and Loveland Townships. A Mineral Exploration Research Center-industry consortium project is currently acquiring high resolution audio magneto-telluric (AMT) data within parts of this area to better understand the 3D distribution of sulfide-bearing units.
Terms of the Transaction are as set out below:
$25,000 cash;
250,000 common shares of Noble;
100,000 common shares of CNC (from Noble’s holdings); and
the transfer of $500,000 of assessment credits to IEP.
The transaction is subject to approval of the Board of Directors of each party and of the TSX Venture approval, as well as compliance with securities and other laws and regulations.
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