Noble Mineral Exploration has agreed to acquire the Buckingham graphite property in the Outaouais region of western Québec, Canada.
Moreover, it has engaged Wayne Holmstead as its exploration manager.
The deal will see Noble Mineral incur the costs of staking and reserve a 2% net smelter return (NSR) to the vendor. This is subject to Noble’s right to buy back 50% of the NSR for $1m.
Located in the Outaouais area of the Grenville subprovince of Quebec, the Buckingham graphite property comprises 30 claims covering an area of 1803ha.
The property has three separate graphite occurrences with the main occurrence (McGuire) worked in 1985-1986. The discovered graphite was hosted by marble and gneissic rocks.
The graphite concurrences on the Buckingham Property area are normally coarse-grained flake graphite, Noble Mineral said.
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The firm plans to use a beep mat to identify new conductive zones that may represent graphitic horizons at the site.
The second graphite occurrence is located 1.5km south-east of the McGuire Occurrence whereas the property’s third graphite showing is located 4km east of the McGuire Occurrence.
Upon completion of the deal, the company plans to undertake a work programme on the Buckingham property. It includes a visit with prospecting to identify the existing showings and historic drill holes.
Noble president and CEO Vance White said: “We are extremely pleased to have Wayne join the Noble team and to bring knowledge and understanding of projects in northern Ontario and Quebec.
“The addition of the Buckingham Graphite project adds in the search for viable projects related to the ever-evolving battery-related industries in the search for a ‘greener’ world. Following exchange approval, a budget and plan of exploration will be developed.”
Wayne generates projects and new mineral discoveries using advanced computer and instrument technology combined with traditional exploration methods.
In April 2021, Canada Nickel Company signed a letter of intent with Noble Mineral Exploration to acquire 100% of the optioned claims and other interests from Noble, in exchange for 3.5 million of the company’s common shares.