Nobel Resources Corp. (TSX-V: NBLC) (the “Company”
or “Nobel”) Is pleased to announce that it is mobilizing to
commence diamond drilling on the large targets identified on its
Algarrobo copper project in Chile (the “Project”), Figure 1 (see
news releases dated August 16 and June 11). The Company has laid
out a minimum of 10,000 meters diamond drill program which is
expected to commence on September 10, 2021. The contract has been
awarded to AK Drilling, a highly reputable firm based in Santiago
Chile.
The Company is planning a drill campaign to test
5 large targets comprising magnetic and coincident IP anomalies and
with associated copper mineralization identified near surface in
most cases (Figure 2 below shows the targets and approximate
locations of the planned drilling). The campaign will comprise
40-50 diamond drill holes ranging in depth from 100 meters to
approximately 500 meters for a total of 10,000 – 12,500 meters of
drilling. Given the large scale of particularly the Central Target,
several long holes per section will be required to evaluate the
anomalies. The configuration used for the IP survey penetrates to
at least 400 meters and the anomalies persist to that depth.
Typically, IOCG deposits have a large vertical extent that can
exceed 1 km. The targets are as follows:
- The
Central Target: This target is the most prominent feature
identified by Nobel’s work on the Project. This large target
extends approximately 4 km with an arcuate shape and is
approximately 2-2.5 km wide. The target comprises coincident
magnetic and IP anomalies and is situated directly in the area
where two highly copper mineralized structural trends (The
Northeast Trend where copper mineralization is documented over 6 km
by artisanal mining and the Gloria Trend in the south) intersect.
This target is completely sand-covered and the area has never been
explored or prospected by the artisanal miners as a result. Due to
the very large scale of this target, drill holes could extend up to
500 meters deep and will require several holes per selected section
to test the anomaly. On the IP pseudo sections, the chargeability
anomaly appears to form along the contact of what is interpreted to
be a barren intrusive body which is similar to the geological
setting at the Michilla Mine.
- The
Northeast Target: The NE target occurs close to the area
where the majority of artisanal mining has occurred on the Project.
High grade copper has been identified in these workings along a
distance of approximately 6 km. The target is approximately 2.5 km
long and 750 meters wide. The IP has identified what is interpreted
to be a sulfide-rich zone at depth below the oxide layer. This
would manifest as copper oxides closer to surface.
- Gloria
Target: The anomaly occurs within the Gloria mineralized
trend, adjacent to the north, of the area where high grade copper
oxide mineralization has been identified in drill holes. This
target extends in a NW direction towards the Central Target and is
approximately 2 km long 600 meters wide.
-
Southwest Target: This target comprises a
strong magnetic and coincident IP anomaly in an area not previously
explored. It is a well defined one line anomaly situated on what
may be the continuation of the Central target or the Northeast
Mineralized Trend.
- North
Central Target: The NC Target is a strong one line anomaly
between the NE target and the Central target south of an area where
abundant copper veins and workings occur.
David Gower, P.Geo., CEO of Nobel noted: “The
work to date has generated very compelling geophysical anomalies
with large scale. Particularly, given the context that there is
high grade copper mineralization that extends for kilometers in the
vicinity of these anomalies. It is unusual in my experience to be
doing the basic geological and geophysical surveys in an area with
so much evidence of extensive copper mineralization, and located
within the Chilean copper belt, one of the most prolific copper
producing areas in the world.”
Vernon Arseneau, P.Geo, COO of Nobel stated:
“The geophysical surveys have identified high priority targets
where large scale magnetic features are directly coincident with IP
anomalies comprising chargeability highs and resistivity lows which
is the correct response for a mineralized system with large scale
potential. We expect to be coring on September 10, 2021. We are
mobilizing a track-mounted diamond drill that is capable of
traversing the sandy terrain in the dune covered area at the
central target.”
Marketed Offering and Concurrent
Non-Brokered Private Placements
Nobel is pleased to announce that it has entered
into an agreement with Clarus Securities Inc. as lead agent on
behalf of a syndicate of agents (collectively, the “Agents”),
whereby the Agents will raise up to C$3,500,000 (the “Offering”) of
units (the “Units”) to be priced at C$0.45 per Unit. Each Unit is
comprised of one common share in the capital of the Company
(“Common Share”) and one half of one Common Share purchase warrant
(each whole warrant, a “Warrant”). Each Warrant will entitle the
holder to purchase one Common Share at an exercise price of $0.60
for 36 months following the completion of the Offering.
The Company also intends to undertake,
concurrently with the Offering, a non-brokered private placement of
Units for additional aggregate gross proceeds of up to C$1,500,000
on the same terms as the Offering (the “Non-Brokered Offering”, and
together with the Offering, the “Offerings”).
The proceeds raised from the Offerings will be
used by the Company for exploration and for general corporate
purposes.
The Non-Brokered Offering is expected to close
on or about September 10, 2021 and the Offering is scheduled to
close on or about September 23, 2021, and each is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals of the TSX Venture Exchange. The securities
to be issued under the Offerings will be offered by way of private
placement exemptions in all the provinces of Canada. The Units to
be issued under the Offerings will also be offered offshore,
including in the United Kingdom pursuant to applicable exemptions
and in the United States on a private placement basis pursuant to
exemptions from the registration requirements of the United States
Securities Act of 1933, as amended.
The securities referred to in this news release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not
constitute an offer for sale of, nor a solicitation for offers to
buy, any securities in the United States. Any public offering of
securities in the United States must be made by means of a
prospectus containing detailed information about the issuer and its
management, as well as financial statements.
About Nobel
Nobel Resources has the right to acquire 100%
interest in the Algarrobo Iron Oxide Copper Gold Ore (IOCG), a
potential IOCG style high grade copper property in Chile. The
country is a top mining jurisdiction as it is strategically located
within 25 km from port and has world-class IOCG deposits within the
Major Candelaria belt. Chile’s mining capabilities benefit from
close to surface, high grade mineralization within the mining face
and has the necessary permitting in place.
For further information, please
contact:David GowerChief Executive
Officerdgower@nobel-resources.comwww.nobel-resources.com
Qualified Person
The scientific and technical information in this
news release has been reviewed and approved by Mr. Vernon Arseneau,
P.Geo, and Mr. David Gower P.Geo., Qualified Persons as defined by
National Instrument 43-101 of the Canadian Securities
Administrators.
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the mineralization of the Project,
the prospectivity of the Project, the Company’s exploration program
and the results thereof, the Company’s drill program, the
Offerings, the use of proceeds of the Offerings and the Company’s
future plans. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward- looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Nobel, as the case may be, to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive,
geopolitical and social uncertainties; the actual results of
current exploration activities; risks associated with operation in
foreign jurisdictions; ability to successfully integrate the
purchased properties; foreign operations risks; and other risks
inherent in the mining industry. Although Nobel has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Nobel does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/60e67f1e-6f41-46e8-8ac7-eece0fb5aaff
https://www.globenewswire.com/NewsRoom/AttachmentNg/3180afa9-0cad-4b86-bd68-19ecdd22610f
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