Under the agreement, the Company will be paid the following for the properties: (a) $150,000 in cash, half of which was paid on signing of the definitive agreement for the transaction (refundable if the properties are not transferred by a deadline noted in the agreement) and the other half paid within 120 days of the transfer of the properties; (b) 3,000,000 common shares of MacDonald; and (c) 3,000,000 common share purchase warrants of MacDonald, 1/3 being exercisable at $0.30 per share, 1/3 at $0.50 per share and the remaining 1/3 at $0.70 per share. These warrants will expire two (2) years after issuance. All securities of MacDonald received by the Company in this transaction will be subject to applicable regulatory hold periods. The transaction has been approved by the TSX Venture Exchange.
During the difficult financial market conditions for junior resource companies the Company will continue to review all of its assets in order for them to be monetized. Those assets include timber rights, recreational real estate lands, and the potential for joint venture participations.
KINGSMILL NICKEL TARGET: Metallurgical Testing
Earlier in the year the company completed a 12 hole, 4922.2m
NQ diamond drill program on its Kingsmill
Nickel Target - results were previously released Feb
21st and 28th , Mar
5th and 29th , April
12th and May
30th , 2012. The Company has selected a 400kg
representative drill core composite sample for Metallurgical
Testing by G&T Metallurgical Services of Kamloops BC, a
division of ALS Global Metallurgy under the direct
supervision of the Company's consulting metallurgist Dr.
Gordon Bacon. The program is
divided into 2 phases with the initial phase being to measure
ore characteristics and properties of a
master composite. The second phase will measure the
variability in ore properties and metallurgical response
using developed process. This work is being done to follow up
on the earlier released results identifying awaruite (a
naturally occurring nickel-iron alloy) and the success in
recovering both magnetically and non-magnetic recoverable
nickel. The Kingsmill nickel target identified to date is a
continuously mineralized serpentinized peridotite body
measuring a strike length of at least 2500m having widths of
4-800m and a depth of greater than 600m.
The Company recently completed 6 holes for 3059m NQ diamond drill program and received results for its Lucas Gold Target. The drill program was designed to test the larger shear zone mineralization, instead of targeting the narrow vein type mineralization reported by previous operators. The program failed to realize its objective, but did intersect isolated narrow gold mineralization - see table.
2500 - 120 Adelaide St. West, Toronto, Ontario M5H 1T1
Phone: 416-214-2250
Toll Free: 866-214-9486
Fax: 416-367-1954
The Company will use the most recent drill information
incorporating the previous historic data to do a complete
re-evaluation and structural interpretation of the gold
mineralization before drilling recommences. It is believed
that the Company will have to target the gold mineralization
at lower stratigraphic horizons. Re-sampling of a number of
the chert and quartz vein units is also being undertaken
separately - these units have historically been the gold
target units reported by previous operators.
Total No. Of Holes Drilled 6 No. of Batches 92 | |||||
Total meters Drilled - 3059.5 | Total Samples taken | 3039 | |||
Total meters O/B drilled - 216.6 | |||||
Blanks | 180 | ||||
Standards | 92 | ||||
PPS (Request for pulp splits) | 89 |
Hole ID | Au Results | Depth* |
LUC 12-02 | 2.55g/t/2.0m | 221.0m-223.0m |
LUC 12-03 | 3.16g/t/5.0m | 243.0m - 248.0m |
Including | 11.0g/t/1.0m | |
LUC 12-04 | 0.545g/t/5m | 527.0-532.0m |
LUC 12-05 | 0.486g/t/5m | 451.0-456.0 |
Including | 1.4g/t/1.0m | |
LUC 12-06 | 0.764g/t/9m | 408.0m-417.0m |
Including | 1.87g/t/2.0m |
*Mineralized intercepts are downhole measurement
Vance White CEO stated that "while we are disappointed in the
results to date we are confident that the historic results
reported earlier and resulting from a program carried out by
experienced personnel will stand up".
The disclosure in this press release has been approved by
Randy Singh, VP Exploration and Project Development of the
Company and a "qualified person" under National Instrument
43-101 Standards of Disclosure for Mineral Projects.
The Company has implemented a quality-control,
quality-assurance program to ensure that best practice
principals are being applied in the sampling and analysis of
the drill core. NQ size drill core is delivered, logged,
tagged and saw cut in a secure facility in Timmins. Half of
the drill core is stored in a secured location and the
remaining half is sampled in standard intervals. The sampled
drill core is transported in batches, in sealed bags, to the
Actlabs prep lab in Timmins, Ontario by the Companypersonnel.
Actlabs is an ISO/IEC 17025 certified Laboratory by the
Standards Council of Canada. In addition to quality-
assurance controls at the laboratory, blanks and certified
standards are being inserted into the sample stream at random
intervals. The Company also requests a pulp-split of a
specific sample within the sample stream at random.
Gold results released are Fire Assay with an Atomic
Absorption finish (1E3-ICP) and all over limit samples are
reanalysed with a Fire Assay- Gravimetric finish. Samples
that are above 10g/t Au are then subjected to a metallic
sieve fire assay analysis. Every sample are subjected to
4-acid Total Digestion TD-ICP (1F2-ICP) analysis for
pathfinder elements. All analysis are done by Activation
Laboratories Ltd. (Actlabs). Samples are prepared at Actlabs
in Timmins (ISO 9001 accredited) and shipped to Thunder Bay
or Ancaster (ISO 17025 accredited) for specific analysis.
2500 - 120 Adelaide St. West, Toronto, Ontario M5H 1T1
Phone: 416-214-2250
Toll Free: 866-214-9486
Fax: 416-367-1954
Project 81, the Company's flagship project, is a 72,218
hectare patented and staked land package divided into 2
blocks. The patents include surface, mineral and timber
rights, and host a significant timber resource plus a number
of zones that have historical exploration identifying nickel
and gold mineralization (these sample results are historical
and non 43-101 compliant) from work carried out in the 1960's
and
1970's, which have been confirmed by recent assay results
from the current, ongoing drill program.
Noble Mineral Exploration Inc. is a Canadian based junior
exploration company holding in excess of
72,000 hectares of property in the Timmins, Iroquois Falls
and Smooth Rock Falls areas of Northern Ontario. The Company
also holds a portfolio of diversified exploration projects at
various stages of exploration and drilling for, 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
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.
Contacts:
Noble Mineral Exploration Inc. H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
eMail: info@noblemineralexploration.com
Investor Relations
Phone: 416-214-2250
eMail: ir@noblemineralexploration.com
2500 - 120 Adelaide St. West, Toronto, Ontario M5H 1T1
Phone: 416-214-2250
Toll Free: 866-214-9486
Fax: 416-367-1954
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