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 
FOR: Northcore Resources Inc. 
MAY 15, 2014 
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 - May 15, 2014) - 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
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
INDUSTRY:  Manufacturing and Production - Mining and Metals 
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