Noble Provides Cobalt Results and Private Placement
August 1, 2018 (Source) — Noble Mineral Exploration Inc. (“Noble” or the “Company”) (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF)
Noble is pleased to report the results from 32 samples plus 3 Ni-Co standards submitted to AGAT Laboratories for Peroxide Fusion analysis from diamond drill hole KML12-03 submitted for check Nickel and Cobalt analysis from diamond drilling completed on the Kingsmill Nickel-Cobalt Project in 2012.(Table 1)
The Peroxide Fusion analysis which is a more accurate analysis for Cobalt and has returned on average higher results than the TD-ICP analysis done at the time of the drilling program in 2012.
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The Company also announces that it is undertaking a non-brokered private placement (the “Private Placement”) on a best efforts basis involving the issuance of up to 10,000,000 Common Share Units – (“Common Share Units”) priced at $0.06 per Common Share Unit. The gross proceeds to be raised in this Private Placement would be up to $600,000. Depending upon investor interest, the Company would consider raising the size of the offering. The Company may pay a cash commission of up to 2% of the amount raised to those providing assistance with the Private Placement, together with the issuance of broker warrants for 2% of the number of Common Share Units issued.
Each Common Share Unit issued in the Private Placement will consist of one common share of Noble and one common share purchase warrant. Each common share purchase warrant (a “Warrant”) will entitle the holder to acquire one common share of Noble at an exercise price of $0.10 per share for a period of 3 years following the closing.
The securities to be issued in this Private Placement will be subject to a four month hold period.
The closing of the Private Placement is subject to completion of formal documentation and the approval of the TSX Venture Exchange, as well as any other required regulatory approvals.
Noble intends to use the proceeds raised through the Private Placement to provide working capital and fund exploration expenditures, for general and administrative expenditures, to pay debts and to pay mining land taxes so as to maintain its Settlement Agreement with the Ontario Ministry of Northern Development and Mines in good standing.
Vance White, Noble’s President and CEO commented: “We are very pleased with the Cobalt analysis returned on the samples submitted from the Kingsmill deposit as it adds another dimension to this very large Ni-Co deposit. 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 identified in the northern eight townships. Noble remains optimistic that VMS deposits of the Kidd Creek type occur in clusters. We are continuing work on bringing in Option and JV partners on other parts of our Project 81 holdings, in order to de-risk the exploration phase on this very large land package of mineral rights”.
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 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 of 70,641 hectares of mineral rights in 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 at www.noblemineralexploration.com.
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB”.
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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