Mar 30, 2017 @ 16:33
Noble Mineral Exploration Inc. is pleased to announce that it has signed a binding Letter of Intent with MacDonald Mines Exploration Ltd. to acquire all of Noble’s interest in the Holdsworth property, located 25 kilometres northeast of Wawa, Ontario. MacDonald previously entered into an Option and Joint Venture agreement with Noble on December 7, 2016 to advance exploration on the Holdsworth property. The LOI supersedes the JV agreement.
Letter of Intent Highlights
To acquire a 100% interest in the Holdsworth property, MacDonald Mines agreed under the LOI to:
Issue 5,500,000 MacDonald units, each unit consisting of one Class A common share of MacDonald and one non-transferable Class A common share purchase warrant of MacDonald exercisable at $0.30 per share for a period of three years from the date of issuance.
- Grant Noble a 1.5% net smelter return royalty (the „NSR”) on the Holdsworth property, with MacDonald having the right to re-purchase one half of the NSR for $500,000 at any time.
- Pay the equivalent of 5,000 ounces of gold equivalent to Noble once MacDonald has extracted, refined and sold a minimum of 50,000 ounces of gold from the oxide sands portion of the Property.
Quentin Yarie, MacDonald’s President and CEO commented: “In the few months our team has worked on the Holdsworth property, we’ve determined that there is a good potential for gold extraction there. We’ve already initiated a bulk sampling program of the oxides sands-the main gold target on the property. Securing 100% interest ensures that MacDonald can continue to aggressively advance the Wawa-Holdsworth Project and significantly increase shareholder value.”
Vance White, Noble’s President and CEO commented: “By vending the balance of the Wawa Holdsworth interest Noble will become a significant shareholder in MacDonald, have a potential gold streaming revenue stream and an ongoing NSR over the entire project area whilst allowing MacDonald to aggressively proceed with the plans for an oxide sand bulk sampling program and follow up to the newly discovered gold bearing shear zone reported in a news release dated December 13, 2016. This will allow Noble to focus on Project 81, where we plan an Airborne Gravity Gradiometer Survey over the entire ~70,000 Hectare Project Area as well as an airborne EM/Mag survey over the two southern townships (Carnegie and Crawford) which sit immediately north of the world class Kidd Creek mine of Exstrada celebrating its fiftieth year of production”.
Randy 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 MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold and silica exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project and Charlevoix Silica Property.
Wawa-Holdsworth Project Highlights:
- Approximately 285 hectares, 20 kilometres northeast of the town of Wawa
- Neighbouring Argonaut’s >6Moz gold Magino Deposit & Richmont’s >1Moz gold Island Gold Mine;
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor;
- Lode Gold in traditional quartz veins, known as the “The Soocana Vein”;
- an oxidized cap at surface developed over a massive pyrite zone (Algoma Iron Formation) known as the „The Oxide Sands”;
- the precursor to the Oxide Sands – a massive pyrite zone (Algoma Iron Formation) at depths, known as „The Massive Sulphide”;
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers;
- Fee simple absolute ownership of both surface and mineral rights property-wide facilitates the early and advanced exploration process and timelines.
The Company’s common shares trade on the TSX Venture Exchange under the symbol „BMK”.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company holding in excess of 70,641 hectares of mineral rights in the Timmins – Cochrane areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan. More detailed information is available on the website at www.noblemineralexploration.com.