VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2013) - North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to announce exploration work at the 11,500 hectare Redemption Diamond Project in the Northwest Territories is now complete. The property is located 32 km southwest of, and 47 km west of the Ekati and Diavik diamond mines, respectively.
Exploration work in 2013 consisted of an airborne gravity gradiometry (AGG) survey, bathymetric surveys and till sampling. Final processed data for the AGG survey were received in early September 2013 and preliminary interpretation identified a number of priority gravity anomalies that were well located with respect to the up ice extent of the South Coppermine kimberlite indicator mineral train (please see North Arrow news release dated July 4, 2013 (http://www.northarrowminerals.com/s/news_releases.asp?ReportID=591070) for details).
Initial follow up work to the AGG survey was conducted in September 2013 and consisted of bathymetry surveys of 12 lakes and the collection of 350 heavy mineral till samples. The till sampling program was designed to test up ice and down ice from specific targets and to better define the regional distribution of kimberlite indicator minerals within the property. Bathymetric survey data are being used to better refine the preliminary targets identified from the AGG survey. Modeling work is ongoing, however 32 targets have been identified to date. The AGG, bathymetry and till sampling data will be evaluated, along with existing datasets, to identify and prioritize potential kimberlite targets for follow-up exploration work in 2014.
North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration Corp. (TSX VENTURE:ADD), under which the company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017, including a firm commitment to spend $1,000,000 prior to July 1, 2014.
About North Arrow Minerals
North Arrow is a Canadian exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the Canadian diamond industry. In addition to the Redemption project, North Arrow is also conducting exploration at each of the Pikoo (Saskatchewan), Qilalugaq (Nunavut), Lac de Gras (NWT), Mel (Nunavut), Luxx (Nunavut) and Timiskaming (Ontario) Diamond Projects.
Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
North Arrow Minerals Inc.
Kenneth Armstrong, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.