Canada Nickel (TSXV: CNC) and Noble Mineral Exploration (TSXV: NOB) have signed a binding letter of intent (LOI) to sell the Lucas gold project in northern Ontario to Noble.
Under the LOI, Noble will issue 5 million units at $0.06 each, with each unit containing one common share and one‑half warrant. Each full warrant is exercisable at $0.15 for two years. Noble will also grant Canada Nickel a back‑in right to acquire a 25% interest in the property by paying four times Noble’s exploration and maintenance spend.
"We are pleased to position the company to generate value from a non-core property with Noble Mineral Exploration and wish them well with their exploration activities,” said Mark Selby, the CEO of Canada Nickel.
The transactions remain subject to a definitive agreement and to compliance with legal requirements of the TSX venture exchange. Canada Nickel and Noble will announce further details as work on the transaction proceeds.
The company also said it has acquired 100% interest in a set of Lucas Township claims that fall within its broader Crawford project footprint. This deal includes 60,000 Canada Nickel shares, subject to a four‑month hold and a 1.5% net smelter return (NSR).
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