Noble Mineral Exploration Inc. (TSX-V: NOB, FRANKFURT: NB7, OTCQB: NLPXF) has entered into a binding Letter of Intent to acquire the Lucas Gold Project from Canada Nickel Company Inc. (CNC), marking a strategic expansion of Noble's gold exploration portfolio in the Timmins region of Ontario.
Under the terms of the agreement, Noble will issue 5,000,000 units to CNC, with each unit valued at $0.06 and consisting of one common share and one-half non-transferable common share purchase warrant. Each full warrant entitles CNC to purchase one common share at $0.15 for two years. Additionally, CNC retains a back-in right to acquire a 25% interest in the property by paying Noble four times the exploration expenditures incurred, triggered after 36 months, $5 million in expenditures, or a sale or change of control of Noble, whichever occurs first.
The Lucas Gold Project is located approximately 30 km north of Timmins, Ontario, a region known for over 75 million ounces of gold production, and 20 km northeast of the Kidd Creek Mine, which has produced over 150 million tonnes of ore in 58 years. The project is also about 20 km east of CNC's Crawford Nickel Resource. Full infrastructure, including paved Highway 655, power, and water, is available, and Noble has a Memorandum of Understanding with local First Nations.
In 2018, Noble completed 15 diamond drill holes totaling 3,184 meters, covering 650 meters of a 1,700-meter gold-mineralized structure identified from geophysical surveys. The company located 37 historical drill collars and twinned three historical holes. No further work has been performed since 2018. The project features six discrete induced polarization anomalous trends, with only one trend tested by drilling to date. Gold mineralization is structurally controlled and occurs as stacked lenses within pyrite-gold mineralized tuffaceous units.
Vance White, President and CEO of Noble, stated, "We are very pleased to be proceeding with the repurchase of an excellent gold prospect on which we know from past work of an existing gold zone but also a number of untested parallel zones."
The transaction is subject to negotiation of a definitive agreement, legal requirements, and TSX Venture Exchange approval. Qualified persons Stephen J. Balch, P.Geo. (ON), VP Exploration of CNC, and Wayne Holmstead, P.Geo. (ON), have reviewed and approved the technical information in this release.
Noble Mineral Exploration Inc. is a Canadian junior exploration company with holdings in Canada Nickel Company Inc., Homeland Nickel Inc., and East Timmins Nickel Inc. (20%), as well as interests in the Holdsworth gold property in Wawa, Ontario. The company holds mineral rights in approximately 70,000 hectares in Northern Ontario and 25,000 hectares in Quebec, including Project 81 (18,000 hectares) in Timmins-Cochrane, which hosts drill-ready gold, nickel-cobalt, and base metal targets. Additional properties include the Nagagami Carbonatite Complex, Boulder Project, and various properties in Quebec and Newfoundland. For more information, visit Noble Mineral Exploration's website.
This acquisition positions Noble to advance the Lucas Gold Project, leveraging existing data and infrastructure to explore untested anomalies and potentially expand gold resources in a historically productive region.
