Noble Mineral Exploration Inc. and Canada Nickel Company Inc. have successfully closed transactions under their Implementation Agreement, marking a significant restructuring of their mining exploration interests in Ontario. The agreement involves the creation of East Timmins Nickel Ltd. (ETN), a new subsidiary that consolidates mining claims in the Timmins region.
Under the terms of the transaction, Noble owns a 20% interest in ETN, with Canada Nickel holding the remaining 80%. The newly formed subsidiary controls approximately 1,814 mining claims totaling over 38,729 hectares, spanning multiple townships including Reaume, Mann, Newmarket, McCool, Moody, and Galna.
As part of the agreement, Noble transferred its Project 81 interests to Canada Nickel while retaining exploration rights for gold, silver, copper, lead, and zinc. The company also maintains an up to 2% royalty on transferred properties, with exceptions for existing royalty arrangements.
Vance White, CEO of Noble, highlighted the strategic benefits of the transaction, noting that consolidating eastern properties into a separate exploration company maximizes value without significant upfront dilution. The arrangement also provides Noble exposure to additional nickel sulphide targets in the Timmins camp.
A key aspect of the agreement includes Noble’s 5-year exploration right for non-nickel targets on transferred properties, with potential for continued exploration subject to mutual consent. The company has expressed intent to distribute a portion of its ETN holdings to shareholders upon the subsidiary’s potential future public offering.
Resource estimates for at least two projects are anticipated in the second quarter of 2025, potentially providing further insight into the prospective value of the consolidated mining interests.
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