Northcore Resources and Nuna Minerals Sign a Memorandum of Understanding for the High Grade Ymer 0 Tungsten-Antimony-Gold

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
South Margeries Dal (Historical drilling by Nordisk

--  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

--  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 ge
ophysical 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 
Northcore Resources Inc.
Garry Majerle
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