Noble Reports on MacDonald Mines Exploration Update on the Wawa-Holdsworth Project
June 20, 2018 (Source) — Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) is pleased to report on MacDonald Mines Exploration Ltd (“MacDonald”) Exploration Updates on the Wawa -Holdsworth Project as reported in News Releases of May 29, 2018 and June 06, 2018.
MacDonald reported that they will complete a bulk sample of the oxide sands this summer in preparation for negotiating an offtake agreement for the extraction of the precious-metals-bearing sands at its Wawa-Holdsworth project.
They also reported that a National Instrument 43-101 resource estimate of the oxide sands, currently being undertaken by Golder Associates, will provide MacDonald with an estimate of the quantity of material available for the bulk sample, and whereas the bulk sample will quantify the precious metal content and metallurgy in the oxide sand deposit.
MacDonald Mines will also trench and surface map the main gold prospects on the Wawa-Holdsworth property this summer. The Reed-Booth and the Golden Goose showings, located in the southern end of the property, are prospective targets for gold mineralization. A channel sample taken in the 1930s at the Reed-Booth showing contained 23.6 grams per tonne gold over three metres (OFR5798); while grab samples* taken by the Ontario Geological Survey in the waste rock of the vein system contained to 124.49 g/t gold and 33.86 g/t silver (OFR5798). The mechanized trenching and mapping will define the geometry, size and grade distribution of the targeted structures and validate the historic assays reported for the Reed-Booth showing.
The bulk sample will be collected in an area defined by the Golder Associates resource calculation. Sonic drilling highlights from the area are shown in the associated table.
Hole No. From To Length Au Ag AuEq
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(m) (m) (m) (g/t) (g/t) (g/t)
HW-17-003 0 3.23 3.23 7.46 36.2 7.9
0.84 1.69 0.85 16.3 73.1 17.21
HW-17-017 0 3.96 3.96 3.83 23.7 4.13
1.43 3.96 2.53 5.36 32.1 5.76
HW-17-023 0 3.66 3.66 4.24 33.0 4.65
1.22 3.05 1.83 4.81 29.3 5.18
HW-17-027 0 5.33 5.33 3.55 62.6 4.33
0.46 4.95 4.49 4.14 73.3 5.06
HW-17-029 0 7.62 7.62 2.46 13.4 2.63
3.05 6.48 3.43 5.18 27.2 5.52
HW-17-030 0 5.49 5.49 3.95 32.0 4.35
0.15 3.66 3.51 5.45 42.6 5.98
HW-17-031 0 4.57 4.57 4.70 46.3 5.28
* Gold equivalent calculated using spot price of $1,312 (U.S.)/ounce for gold and $16.41 (U.S.)/ounce for silver taken at market closure on May 7, 2018. AuEq equals (grade Au) plus ((grade Ag) divided by (gold price divided by silver price)) (ratio rounded to 80). Drilling intersections reported as intersection lengths are estimated to represent greater than 95-per-cent true width of the precious-metal-rich layer of the soil formation.
MacDonald Mines also reported that the company is teaming up with Northern Sun Mining Corp and its plant in Timmins, Ontario to develop a process that will maximize precious metal recoveries from the Wawa-Holdsworth oxide sands deposit.
The companies are concentrating their efforts on (1) Optimizing precious metals grades in the sands prior to shipping, (2) Managing the moisture content of the sands being shipped and processed, (3) Meeting and improving the metallurgical efficiencies that were achieve in preliminary lab testing through the processing of a bulk sample this summer.
Mr. Quentin Yarie, PGeo, is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release for MacDonald Mines.
Vance White, Noble’s President and CEO commented: “As Noble is a significant shareholder in MacDonald we are pleased to see the advance of the Oxide Sand zone on which Noble retains a potential gold streaming revenue stream and an ongoing NSR over the entire project area. Noble will continue to focus on its ~70,000 Hectare Project 81, where its Option and JV Partners are preparing for summer exploration activities. “.
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 which, apart from its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Wawa-Holdsworth gold exploration property in Wawa, Ontario, has as its flag ship program Project 81, a contiguous land package of approximately ~70,000 hectares covering 12 townships immediately north of the Kidd Creek Mine (celebrating its 51st year of operation). Project 81 which has seen very limited mineral exploration over the last 50 years and has had a number of historical drill indicated Gold, Copper, Lead-Zinc, Silver and Nickel showings. Noble has confirmed the discovery of a very large, low grade Nickel-Cobalt Deposit in Kingsmill Township in 2012, which is within the project area. The Lucas Gold showing was also drill tested by Noble in 2012 with additional follow up drilling to be carried out during the 2018 winter exploration season. Additional information can be found on our website at www.noblemineralexploration.com.
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.
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