Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) (‘Red Metal’ or the ‘Company’) is pleased to provide a corporate update and announce a financing.

Red Metal has executed a Definitive Agreement on claims in Quebec, see news release dated October 30, 2024, and Company views these claims as a foundation. Red Metal intends to expand and grow the mineral claims that are within the Timiskaming Graben Formation near the town of Ville Marie. Meanwhile, the Company will look to continue its work on its flagship post discovery copper project in Chile.

The Company’s CEO, Caitlin Jeffs, commented: ‘We are excited to be a part of what potentially can be a game changing discovery for Quebec and Canada. Renewable, natural hydrogen can help Canada become a green energy superpower.’

The Company’s CEO further commented, ‘We are focused on Copper, Hydrogen, and other elements that are essential for the sustainable economy driven by AI and clean energy. Our focus is exploration and advancing these projects forward.’

Private placement offering

In addition, Red Metal , announces a non-brokered private placement offering for gross proceeds of up to C$840,000 for an aggregate of up to 9,750,000 units (the ‘Offering‘). The Offering is a combination of flow-through units and non-flow-through units.

The Company intends to raise up to $300,000 issuing an aggregate of up to 3,000,000 flow-through units at a price of C$0.10 per flow-though unit (the ‘FT Units‘). Each FT Unit shall be comprised of one common share of the Company to be issued as a ‘flow-through share’ within the meaning of the Income Tax Act (Canada) (each, a ‘FT Share‘) and one half of one common share purchase warrant (each full warrant, a ‘Warrant‘). Each Warrant shall be exercisable into one common share of the Company (each, a ‘Warrant Share‘) at a price of C$0.12 at any time on or before the date which is 18 months after the closing date of the Offering.

The Company intends to raise up to $540,000 issuing an aggregate of up to 6,750,000 non-flow-through units at a price of $0.08 per non-flow-through unit (the ‘Non FT Units’). Each Non FT Unit shall be comprised of one common share in the capital of the Company (each a ‘Common Share‘) and one half of one Common Share purchase warrant (each a ‘Warrant‘). Each whole Warrant shall be exercisable into one Common Share at a price of C$0.12 at any time on or before the date which is 18 months after the closing date of the Offering.

The FT Units and Non FT Units shall be collectively referred to as the ‘Offered Securities‘. Management of the Company reserves the right to amend the final allocation of the Flow-Through Component and the Non-Flow Through Component under the Offering.

The Company may pay finder’s fees on a portion of the Offering of up to 10% of the aggregate gross proceeds raised and finder’s warrants in an amount equal to up to 10% of the number of units issued pursuant to the offering, exercisable at a price of $0.12 per common share for a period of 18 months following the closing date of the Offering. The finder’s fees shall be paid in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

The Company intends to use the proceeds from the sale of the Non FT Units to finance general working capital requirements and exploration on its Chilean Carrizal Property. The proceeds from the sale of FT Units will be used for the exploration of the Company’s newly acquired properties in the Quebec region and any further projects acquired in the area, which will qualify as ‘Canadian exploration expenses’ as defined in subsection 66.1(6) of the Income Tax Act and ‘flow through mining expenditures’ as defined in subsection 127(9) of the Income Tax Act. The Offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange. The Offering is being made by way of private placement in Canada and such other jurisdictions as the Company may determine. The Company intends to renounce the Qualifying Expenditures to subscribers of FT Units for the calendar year ended December 31, 2024, and to incur the necessary Qualifying Expenditures on or before December 31, 2025, in accordance with regulatory requirements.

All securities to be issued under the Offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company’s current portfolio include the 100% owned Ville Marie claims in Quebec, Canada as well as Company’s Chilean projects which are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.

For more information, visit www.redmetalresources.com.

Forward-Looking Statements – All statements in this press release, other than statements of historical fact, are ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation statements related to the Offering and expected use of proceeds. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal’s public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228450

(TheNewswire)

Highlights

• Drill Program completed on the Mann and Reaume Properties, part of the Noble Minerals-Canada Nickel Joint Venture (ExploreCo)

• Mann Central Property: Drill results include 223 meters of 0.29% nickel including 10 meters of 0.51% nickel

• Mann West Property: Drilling successfully delineated mineralization over a 1,700 meter strike length and 600 meters width

• First assays from 2024 drilling at Mann West yield excellent results including 330 metres of 0.26% nickel in MAN24-58 including a total of 24.5 metres of 0.35% nickel; initial resource estimate expected by Q1 2025

• Multiple gold intervals in Mann North drilling including 4.5 metres of 2.36 g/t gold within 45 metres of 0.45 g/t gold at MAN24-67

• Reaume Property: Drilling indicated an improved nickel grade

Toronto, Ontario – TheNewswire – October 31, 2024 – Noble Mineral Exploration Inc. ( ‘Noble’ or the ‘Company’ ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to announce results of a drill program on joint venture properties (ExploreCo) north of Timmins Ontario (See Canada Nickel Press Release dated October 31, 2024).

ExploreCo, the name of which will be announced in due course, will control 1,989 mining claims totaling approximately 42,000 hectares and will include nickel properties in Mann, Newmarket, and Reaume Townships as well as Calder, Galna, McCool, Moody, Mortimer, Stimson, and other properties currently held by Canada Nickel (see Figure 1, ExploreCo properties shown in purple).

Click Image To View Full Size

Figure 1 – Regional Map of ExploreCo Properties (purple)

Under the Binding Letter of Intent, the first $5 million of funding for ExploreCo will be provided from existing funds by Canada Nickel, after which costs will be funded by pro rata ownership basis, which will initially be 80% Canada Nickel and 20% Noble. Canada Nickel and Noble will continue to maintain their existing royalty rights on the ExploreCo claims, as will previous claim owners who had vended claims to Noble. (see NR July 8, 2024)

Mann Property

The Mann property is located 22 kilometres east of Crawford between Timmins and Cochrane. The Company has completed a drill program in three of the four identified areas within the property, Mann North, Mann West (together formerly Mann Northwest), and Central. (Figure 2). Exploration at Mann South is currently underway. Canada Nickel currently owns 80% of the Mann Property after successfully completing an earlier earn-in agreement with Noble Mineral Exploration. This property is part of the creation of an ‘ExploreCo’ subsidiary with Noble Mineral Exploration (see press release July 8, 2024) with Noble owning the other 20%.

Figure 2 – Mann Property

Click Image To View Full Size

Mann West

Mann West is approximately 3.5 kilometres long by up to 1.1 kilometres wide (covering 3.4 square kilometres). The drill program has focused on the southern half of the target with drilling completed over a strike length of 1.7 kilometres and a width of at least 600 metres. All drillholes intersected long sections of well-serpentinized peridotite and minor dunite with disseminated and visible nickel sulphide mineralization consisting primarily of pentlandite and heazlewoodite. The Company has drilled 40 holes to date at Mann West (Figure 3), 31 of which were drilled during the 2024 program. With this drilling, the Company has completed the first phase of exploration that is required for an initial resource estimate expected by Q1 2025. Assays from nine holes are presented in this release, with the remaining holes at Mann West still pending.

Table 2 – Mann West drilling highlights.

*True width undetermined. All lengths are drillhole lengths.

Figure 3 – Mann West

Click Image To View Full Size

Mann Central

The outline of the ultramafic body at Mann Central is estimated by magnetics to be 4.5 kilometres long and between 0.5 to 1.0 kilometres wide (or 3.1 square kilometres). Drilling at this target was completed during the spring/summer of 2024 and now totals 32 drillholes and 11,853 metres. Mineralization is more consistent near the center of the target over an area of 1.9 kilometres by 600 metres (1.1 square kilometres). This release provides an update for 13 drillholes (Table 3), all of which intersected varying degrees of mineralized peridotite with minor pyroxenite dykes.

Mafic volcanics with abundant sulphide mineralization in the north contact were intersected in eight holes including MAN24-32 which yielded 3.3 metres of 1.03% nickel, 0.31% cobalt, and 0.57 % copper. Assays are still pending for 10 drillholes and the results from nine drillholes were previously released (see press release September 10, 2024).

Table 3 – Mann Central drilling highlights.

*True width undetermined. All lengths are drillhole lengths.

Figure 4 – Mann Central

Click Image To View Full Size

Mann North

The Mann North target is approximately 1.5 kilometres long by 600 metres wide (0.9 square kilometres) (Figure 4). Drilling was completed during the summer of 2024 and consisted of a preliminary exploratory phase of 16 drillholes totaling 6,315 metres. The majority of these holes intersected long sections of peridotite, with minor dunite (Table 4) with nickel grades in the peridotite consistent with Crawford. The peridotites, however, have anomalous values of platinum (Pt) and palladium (Pd) over significant intervals, as seen on Table 5. Hole MAN24-31, for example, intersected 12.7 metres of 0.58 g/t Pt+Pd and MAN24-50 intersected 16.7 metres of 0.50 g/t Pt+Pd.

In addition to the anomalous Pt and Pd, the ultramafic units at Mann also have higher values for gold, especially near certain contacts. The intersections can be high grade and narrow such as in MAN23-12 which intersected 4.93 g/t gold over 1.5 metres or can be thicker and lower grade such as in MAN24-67 which intersected 0.45 g/t gold over 45.0 metres. Nine of 15 of the drillholes at Mann North assayed to date include gold intersections of 0.4 g/t gold or higher. Significant intersections are summarized in Table 6.

Assays are pending for three remaining holes.

Table 4 – Mann North drilling highlights

Table 5 – Mann Properties PGM Highlights

Figure 5 – Mann North

Click Image To View Full Size

Figure 6 – Mann North Gold Highlights

Click Image To View Full Size

Table 6 – Mann Properties Gold Highlights

Reaume

The Reaume property is located 20 kilometres northeast of Crawford, 15 kilometres southwest of Cochrane, and 55 kilometres northeast of Timmins. The property will form part of the ExploreCo subsidiary assets with Noble on an 80%-20% (Canada Nickel-Noble) ownership basis. Prior drill campaigns in 2022 had seasonal access constraints, however, in June 2024, the Company resumed exploration and intersected a mineralized portion of the ultramafic body consisting of moderate to strongly serpentinized peridotite containing spotty, coarse-grained awaruite mineralization in hole REU24-12 (Figure 7). This release contains the results of three drillholes at Reaume with assay results pending on two remaining holes.

Table 7– Reaume drilling highlights.

*True width undetermined. All lengths are drillhole lengths.

Table 8 Reaume PGM Highlights

Figure 7 – Reaume

Click Image To View Full Size

Table 9: Drillhole Orientation

Quality Assurance and Control, Drilling and Assaying

Edwin Escarraga, MSc, P.Geo., a ‘qualified person’ as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or SGS Callao (Peru). All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a ‘qualified person’ as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc .

Wayne Holmstead P.Geo (ON), a ‘qualified person’ as defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.

About Noble Mineral Exploration Inc.:

Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Homeland Nickel Inc., Go Metals Corp. and Lode Gold Resources Inc . , and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional 20% interest in ~11,000 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland.  Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration.  It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec.  More detailed information is available on the website at:

www.noblemineralexploration.com   .

Noble’s common shares trade on the TSX Venture Exchange under the symbol ‘NOB’.

Cautionary Statement:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators.  Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

H. Vance White, President

Phone:        416-214-2250

Fax:        416-367-1954

Email: info@noblemineralexploration.com

Investor Relations: ir@noblemineralexploration.com

Copyright (c) 2024 TheNewswire – All rights reserved.