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
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"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.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.