Noble Mineral signs drill contract for Thomas

Executive Summary

• Noble Mineral Exploration Inc. has signed a drill contract to commence drilling on its Thomas rare earth property near Timmins, Ontario, targeting a previously untested magnetic feature identified as a potential carbonatite.
• The drilling program aims to confirm the existence of a carbonatite structure and test for economic mineralization of rare earth elements (REEs), niobium, zirconium, and phosphate oxide.
• The exploration program is partially funded by a 50% rebate grant from the Ontario Junior Exploration Program (OJEP), covering up to $200,000 of a $400,000 total exploration budget.

Key Details

• Project Location: Thomas rare earth property, Thomas township, near Timmins, Ontario.
• Target Geology: A magnetic feature resembling a classic carbonatite, characterized by a magnetic high surrounding an extreme magnetic low caused by carbonate-rich sections. Carbonatites are primary sources of REEs, niobium, zirconium, and phosphate oxide.
• Drilling Objective: Phase 2 drilling will target the magnetic low to confirm the carbonatite structure and test for economic mineralization.
• Survey Data: In 2023, Noble completed a magnetometer and VLF-EM survey to identify the exact position of the magnetic low and determine the depth of overburden.
• Status of Target: To the best of the company's knowledge, the magnetic structure has never been drilled and does not outcrop on the surface.
• Funding: The company was awarded an Ontario Junior Exploration Program (OJEP) grant providing a 50% rebate on exploration programs up to $200,000, based on a $400,000 exploration program in Ontario.
• Qualified Person: Wayne Holmstead, PGeo (No. 2509), has verified the technical data disclosed in the release in accordance with National Instrument 43-101.

Notable Quotes

• "We are pleased to start up a drill program on this exciting untested project in light of the geopolitical interest in finding new sources of rare earth elements. We also appreciate the assistance Ontario's OJEP." — Vance White, President and CEO