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
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
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 and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.