The Cape Three Points Concession (SDI 422/86 AC 4589-87) is located in the Western Region of Ghana, within the southern extension of the Ashanti Gold Belt. The concession covers a total area of 79.04 km2 of prospective ground for structurally-controlled / orogenic lode gold type mineralisation, within the structurally complex Birimian metavolcanics and metasediments. At least twenty (20) historic gold workings and prospects are recorded by previous workers, in addition to ten historic gold working prospects located within the Cape Three Points Forrest Reserve. The Forrest Reserve is currently excluded from exploration within this concession.
On completion of a successful IPO, and satisfaction of the terms of an option agreement, Noble will hold AXMIN Limited’s (“Axmin”) existing rights over the joint venture agreement between Axmin and Consolidated Minerals Limited (Ghana) (“Consolidated”), and will earn a 55% interest in the Cape Three Points Concession. Noble will have the right to earn the additional 10% interest by expenditure of a further US$1,000,000 and/or an 80% interest by producing a Bankable Feasibility Study on any prospect within the Concession. Consolidated will retain a 10% interest up to a decision to mine which at that time will be negotiated within the parameters of the joint venture agreement. The Republic of Ghana retains a maximum of 10% interest in the Project from this time.
The Satin North Prospect
This project is located within the northwest portion of the Cape Three Points Concession, South of the main East-West tar road between Elubo and Agona Junction, and near the village of Adiawso. The project encompasses the old Satin shaft and underground workings, proximal to the main road, as well as the area extending southwards for approximately 1.5km. Access to the project is by a dirt track that follows the contours of the NNE-SSW trending range of hills to the South.
The Satin North Prospect has produced positive results and Noble has budgeted further exploration as soon as soil sample results identify a trend to the Satin North mineralisation. RC drilling will be used to determine strike extensions and at least one diamond core hole will be drilled to give a better understanding of the structural settings of the Satin North prospect. Initial interpretations of RC drilling completed in December 2009 suggest that the main mineralised structure may trend parallel to the drilling orientation.
The Morrison Prospect
The Morrison Prospect is located within the North-East portion of the Cape Three Points Concession, immediately South of the main East-West tar road between Elubo and Agona Junction. Access to the project area is via a farm track that diverges from the main tar road to the East- Southeast, 2km East of the Adiawso village. Access to the Southern portion of the project is along a widened village track that crosses the hill and runs south to join the back road to Agona Township.
The Morrison Prospect will be trenched, possibly with an excavator to attain deeper sampling points, then drilled on closer drill line spacing. Infill drilling at fifty metre spacing between lines will improve the confidence on interpretations from one section to another and may enable an inferred resource to be estimated for this Prospect.
Small portions of core will be collected from the historical exploration campaigns and will be used for thin section preparation. These petrographic descriptions will greatly assist with the validation of previous drill logging and enable Noble to prepare a comprehensive lithology coding system for any future drill logging.
Brotet Exploration Prospect (Gold Exploration)
Brotet Concession shares a common border with the Cape Three Points licence near the Morrison Prospect.
The acquisition of the Brotet Concession has been finalized between Noble and Brotet Mining Limited. It was agreed that Noble will hold the rights to a minimum of 85% ownership of the Concession and Noble will be responsible for all renewals and Exploration expenditure on the concession. The acquisition of this tenure will add additional 33km2 of total area and approximately 8 kilometres of known strike length north east of the current drilling programme on the Morrison Prospect. Previous anomalous grade soil geochemistry results derived from the due-diligence programme on the Brotet Licence indicate the continuation of the Morrison trend for some kilometres with further soil geochemistry analysis required which will form an integral part of further exploration on this concession.
The exploration of this tenure will be carried out in conjunction with the Cape Three Points programme.
Nkoroba Prospect
Nkoroba is located on the South-West portion of the Cape Three Points Concession, to the East of the villages of Asuboe and Nkwantanang. Both villages are situated on the all-weather gravel road that runs from the main Axim-Agona tar road, just West of Edwumako, Southwards to Princess Town. Access to the Southern part of the project is via a rubber plantation dirt road that turns east just before the village of Asuboe, and crosses the laterite plateau to the Southern boundary of Cape Three Points Forest Reserve. Access to the main zone of historic underground workings, and the Northern region of the project, is via footpaths leading eastwards from the various villages, as well as North from the rubber plantation road. The workings are located on a range of NE-SW trending hills to the East of the Cape Three Points Forest Reserve.
The Company has submitted an application to the relevant Government Departments for the rights to this new prospecting licence that lies contiguous to the Cape Three Points Concession. Noble awaits the approval of this application.