en.Wedoany.com Reported - Canada Nickel (TSXV: CNC) recently signed a binding letter of intent (LOI) with Noble Mineral Exploration (TSXV: NOB) to sell the Lucas gold project in northern Ontario to the latter.

Under the LOI, Noble will issue 5 million units at $0.06 per unit, each unit consisting of one common share and half a warrant. Each full warrant is exercisable at $0.15 within two years. Noble will also grant Canada Nickel a repurchase right, allowing Canada Nickel to acquire a 25% interest in the project by paying four times Noble's exploration and maintenance costs.

Canada Nickel CEO Mark Selby expressed pleasure in collaborating with Noble Mineral Exploration to create value for the company from non-core assets and wished them success in their exploration activities.

The transaction remains subject to the signing of a definitive agreement and compliance with regulatory requirements of the TSX Venture Exchange. Canada Nickel and Noble will disclose further details as the transaction progresses.

Canada Nickel also stated that it has acquired a 100% interest in a group of Lucas Township mining claims located within its larger Crawford project. This transaction includes 60,000 shares of Canada Nickel stock, which are subject to a four-month hold period, along with a 1.5% net smelter return (NSR) royalty.