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Noble Signs Binding Letter of Intent for Option and Joint Venture on Crawford Township property
(via TheNewswire) Toronto, Ontario / TheNewswire / September 25, 2017 - Noble Minera...
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Noble Signs Binding Letter of Intent for Option and Joint Venture on Crawford Township property(via TheNewswire)\n\n \nToronto, Ontario / TheNewswire / September 25, 2017 - Noble Mineral Exploration Inc. (\"Noble\" or the \"Company\") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) is pleased to announce that it has signed a binding Letter of Intent (LOI) with Spruce Ridge Resources Ltd (\"Spruce Ridge\") (TSXV: SHL) to earn up to a 75 percent interest in specific target areas having a size of up to 2,000 hectares (the \"Crawford Property\") in Noble's 9,000-hectare Crawford Township property, which comprises part of Noble's Project 81.\n\n\n \nThe Crawford Property lies approximately 13 kilometres north of Glencore Canada's world class Kidd Creek zinc-copper-silver mine, currently celebrating its 50th year of continuous operation. The property is underexplored and there is a high potential to find another world class mineral deposit. Results of a high definition, airborne gravity - gradiometer survey currently being carried out over 6,000 line kilometers by Gedex Inc. for Noble will be used to prioritize potential base metal targets identified from preliminary results of a recently completed modern, state of the art Heliborne EM/Mag survey. \n\n\n \nUnder the terms of the option proposed by the LOI, Spruce Ridge can earn an initial 51% interest in the Crawford Property by making a cash payment of $100,000, issuing 6,000,000 common shares, issuing 6,000,000 warrants exercisable at the lowest exercise price permitted by the TSX.V and having a term expiring five (5) years after issuance, and incurring a minimum of $1,000,000 of qualifying expenditures in the twelve months following the execution of the option agreement.\n\n\n \nSpruce Ridge can earn an additional 24% interest in the Crawford Property by issuing 6,000,000 common shares to Noble, issuing 6,000,000 warrants to Noble exercisable at the greater of $0.15 per share or such lower exercise price as may be permitted by the TSXVE and having a term expiring five (5) years after issuance, and incurring a further $1,000,000 of qualifying expenditures on or before the second anniversary of the execution of the option agreement. \n\n\n \nOnce 75% is earned (or 51% should Spruce Ridge elect not to acquire a 75% interest), the Crawford Property will be operated as a participating Joint V...