Welcome!

News Feed Item

Northcore Resources and Nuna Minerals Sign a Memorandum of Understanding for the High Grade Ymer 0 Tungsten-Antimony-Gold Project in Central East Greenland

MONTREAL, QUEBEC -- (Marketwired) -- 05/15/14 -- Northcore Resources Inc. (TSX VENTURE:NCR) is pleased to announce they have signed a Memorandum of Understanding ("MoU") with NunaMinerals A/S of Nuuk Greenland (CSE:NUNA.CO/NUNA.DC). The two companies are now in advanced stages of commercial negotiations regarding an Option-to-Earn-In and Joint Venture Agreement designed to advance the development of NunaMinerals' Ymer O tungsten-antimony-gold project ("Ymer O") in Central East Greenland.

Under the proposed Option Agreement, Northcore will be able to earn, incrementally through three phases, a 65 % interest in Ymer O by funding US$ 4.6 million (c. 25 MDKK) of exploration and development expenditures over a three year period commencing in 2014 provided the first stage of exploration during 2014 worth US$ 920,000 proves successful. Northcore will have the option to earn an additional 10% interest in the project upon Northcore expending an additional US$ 2.5 million in exploration and development expenditures before the end of 2019. In addition, Northcore is required to make an upfront cash payment of US$ 300,000 to NunaMinerals, of which a cash payment of US$ 150,000 is payable upon the signing of the Option and Joint Venture Agreement, along with 500,000 post rollback shares of Northcore's capital and the remaining US$ 150,000 is payable six months thereafter. At the start of each the 2015 and 2016 exploration season when Northcore takes the decision to proceed with exploration it will remit to NunaMinerals an additional 500,000 shares of its share capital. Upon Northcore earning a 65 % interest, a Joint Venture to further develop the Ymer O project will be formed between NunaMinerals and Northcore. The terms of the Option and Joint Venture Agreement, as defined in the MoU, are summarised in Table 1 below.

Tungsten and Antimony potential at YMER O: In addition to the exceptionally high grade intersections of tungsten and antimony in historical drilling, which remain open ended, there are several other drill ready targets identified from an airborne geophysical survey that NunaMinerals completed over the license area. Significantly these targets are also coincident with strong geochemical anomalies. The fundamentals for tungsten have strengthened considerably in recent months, and so we very much look forward to the opportunity of rapidly defining additional resources at Ymer O.

Table 1: Northcore Resources Inc.'s minimum expenditure commitments and corresponding earned interest in the Ymer O project as agreed in the Memorandum of Understanding.

----------------------------------------------------------------------------
                               Number of                         Northcore's
                               shares in        Northcore's            total
                               Northcore             Earned        undivided
               Minimum      to be issued        Interest in      interest in
            Commitment   to NunaMinerals       the Property     the Property
----------------------------------------------------------------------------
2014       US$ 920,000           500,000               20 %             20 %
----------------------------------------------------------------------------
2015      US$1,380,000           500,000               29 %             49 %
----------------------------------------------------------------------------
2016      US$2,300,000           500,000               16 %             65 %
----------------------------------------------------------------------------
Up to  Option to spend                 -  Option to earn an             75 %
2019                an                      additional 10 %                 
            additional                          interest in                 
          US$2,500,000                         the property                 
----------------------------------------------------------------------------

Introduction to the Ymer O Tungsten-Antimony-Gold Project

The Ymer O project (a 441 Km2 exclusive exploration license), covering a substantial proportion of Ymer Island is located within the major fjord system of Central East Greenland, which remain ice free for several months of the year. The project is approximately 280 km north of the town of Illoqqortoormiut (Scoresbysund), 115 km north of Mestersvig Airfield and 200 km south of the Zackenburg Scientific Research Station and the Daneborg Weather Station. The area is serviced by scheduled ice-class vessels of the Royal Arctic Line. All of the prospects at Ymer O are located between 5 and 15 km from proposed deep water harbour sites.

The Ymer O project is centered around the greater than 10 km thick, unmetamorphosed Late Precambrian Elenor Bay Group (EBG) sedimentary package. Replacement type tungsten-antimony-gold mineralisation is hosted within wide sulphide bearing hydrothermal veins and E-W fault systems (greater than 10 km in length) which cuts sandstones, siltstones and shales of the Quartzitic Series of the EBG at Noa Dal. The multicoloured series of the EBG (limestone, dolomite and dolomitic shale) hosts separate, high grade lenses of scheelite (tungsten) and stibnite (antimony) mineralisation at South Margeries Dal and North Margeries Dal, respectively. The tungsten and antimony mineralisation in the Margeries Dal area occurs in silicified lensoid breccia zones in the central portions of graben-like fault structures associated with E-W faults. The extreme concentrations of tungsten and antimony and their restriction to discreet strata within the EBG is inferred to result from chemical traps offered by the availability of calcium within limestones and dolomites (scheelite mineralisation) and similarly the high concentrations of sulphur within the dolomite- shales (stibnite mineralisation). The vertical expression of the hydrothermally zoned mineralised system at Ymer O is upwards of 1,500 metres. The distribution of the various gold-tungsten-antimony associations suggests a zoned, reduced intrusion-related system. A circular magnetic feature in airborne geophysics, located immediately north of Noa Dal has been tentatively interpreted as a deep seated granite, of inferred Caledonian age.

The project has been subject to a limited diamond drilling campaign (18 holes totalling 2,000 metres) by Nordisk Mineselskab A/S in 1983/84, which was successful in revealing exceptionally high grade intersections of tungsten and antimony. The drill tested occurrences remain open along strike and to depth. Key intercepts are shown below:

South Margeries Dal (Historical drilling by Nordisk MineselskabA/S):

--  22.0 metres at 5.0 % WO3 
--  3.0 metres at 5.8 % WO3 
--  3.5 metres at 4.9% WO3 

North Margeries Dal (Historical drilling by Nordisk Mineselskab A/S):

--  2.5 metres at 20.9 % Sb 
--  13.5 metres at 3.8 % Sb 
--  6.0 metres at 1.9 % Sb and 3.5 % WO3 
--  8.5 metres at 0.8 % Sb and 2.7 % WO3 

Noa Dal (Surface chip sampling profiles by Nunaoil A/S):

--  40 metres at 0.78 g/t gold 
--  45 metres at 1.3 % Sb 
--  14 metres at 7.2 % Sb 

In 2008, NunaMinerals commissioned SkyTEM to conduct a helicopter-borne combined time domain electromagnetic (EM) and magnetic geophysical survey, comprising of 2,250 line kilometres. This resulted in the delineation of several significant geophysical targets within the Noa Dal area, many of which correspond to known geochemical sediment anomalies. Radiometric surveying by NunaMinerals has identified a unique radiogenic signature occurring as a halo associated with the structures hosting the mineralisation. This is considered an important breakthrough for delineating the strike continuity of existing targets and the identification of additional mineralisation.

Scoping level metallurgical test work by SGS Mineral Services UK in 2012 on scheelite mineralisation from South Margeries Dal, demonstrated that the mineralisation can be upgraded to approximately 65 % WO3 by using a staged grind recovery method by gravity means alone. Heavy liquid testing conducted on a feed sample crushed through 11.3 mm showed that a separation made at 2.75 g/cm3 would reject 85 % of the weight whilst losing just 10 % of the tungsten, suggesting that this could act as a very effective means of pre-concentration. Contaminants such as copper, lead, zinc, arsenic, bismuth and sulphur at South Margeries Dal are low - considerably below acceptable threshold values. The initial metallurgical results suggest a coarse-grained, high-grade pre-concentrate could be produced cheaply onsite and shipped to Europe or elsewhere for final concentration, thereby reducing the CAPEX requirements. The South Margeries Dal could therefore be an attractive start up mining project with significant potential to add further resources through additional exploration.

Garry Majerle, Chairman and CEO of Northcore Resources, states: "On this project, I am very excited to be working with a company with such deep roots in Greenland like NunaMinerals. Mr. Ole Christiansen, President and CEO of NunaMinerals stated in his press release '...At this year's PDAC, we experienced intense interest in our Ymer O tungsten-antimony-gold project...' The exceptionally high grade intersections of tungsten and antimony in historical drilling are world class and remain open ended. During the coming weeks, we will be working vigorously on putting in to place the management and financing for this project."

The technical portion of this press release was reviewed and approved by Mr. Jens Eskelund-Hansen, P. Eng., a Qualified Person in accordance with National Instrument 43-101. Mr. Hansen is a Northcore Resources shareholder.

Neither the TSX-Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

On behalf of the Board of Directors of Northcore Resources Inc.

Garry Majerle, Chairman

We seek safe harbour

Contacts:
Northcore Resources Inc.
Garry Majerle
Chairman
519-697-6945
www.northcoreresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.