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
SYS-CON Events announced today that Cloud Academy 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. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze 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. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo and Big Data at Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY, , and the 21st International Cloud Expo, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can he...
Artificial Intelligence has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Javits Center in New York, June 6-8, will find fresh new content in a new track called Cognitive Computing | Artificial Intelligence, Machine Learning, Deep Learning. Cloud Expo is still accepting submissions for this new track, so please visit www.cloudcomputingexpo.com for the latest information. 2...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's DevOps Summit at Cloud Expo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq specializes in creating innovative solutions to solve business processes through the use of DevOps automation. Addteq was founded on the firm belief that automation is essential for successful software releases. Addteq's products and services are centered around the fundamental approach of understanding the p...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning inf...