Noble Mineral Exploration Inc. and Canada Nickel Company Inc. have finalized a significant restructuring of their mining exploration interests in Ontario, culminating in the creation of East Timmins Nickel Ltd. (ETN). This new subsidiary consolidates approximately 1,814 mining claims across over 38,729 hectares in the Timmins region, including townships such as Reaume, Mann, Newmarket, McCool, Moody, and Galna. Under the terms of the agreement, Noble holds a 20% interest in ETN, with Canada Nickel owning the remaining 80%.
The transaction involved Noble transferring its Project 81 interests to Canada Nickel, while retaining exploration rights for gold, silver, copper, lead, and zinc. Additionally, Noble secured an up to 2% royalty on the transferred properties, with certain exceptions for existing royalty arrangements. Vance White, CEO of Noble, emphasized the strategic advantages of this arrangement, stating it allows for the maximization of value from the eastern properties without significant upfront dilution and provides Noble with exposure to additional nickel sulphide targets in the Timmins camp.
A notable feature of the agreement is Noble's five-year exploration right for non-nickel targets on the transferred properties, with the possibility of extension based on mutual consent. Noble has also indicated plans to distribute a portion of its ETN holdings to shareholders should the subsidiary go public in the future. Resource estimates for at least two projects are expected by the second quarter of 2025, offering potential insights into the value of the consolidated mining interests. For more details on the transaction, visit https://www.noblemineralexploration.com.
