VANCOUVER, BC--(Marketwired - February 08, 2017) - North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to provide an update on its 100% owned Mel Diamond Project located in Nunavut within 18km of the Arctic Ocean, approximately 140km south of the community of Hall Beach and 210km north of North Arrow's Naujaat (Qilalugaq) Diamond Project near the community of Naujaat.
Initial kimberlite indicator mineral (KIM) results have been received from 111 till samples collected from the Mel Project in August 2016. The 2016 sample program evaluated an area extending 2 km up ice from the interpreted head of at least two, and possibly three, KIM trains defined by previous sampling programs. For the most part, the 2016 samples are barren of KIMs, indicating the KIM trains are well cut off within the project area. Additionally, several samples collected near the head of the KIM trains have returned anomalous results, including one highly anomalous sample that has returned in excess of 1,200 KIMs per 20kg of till, an order of magnitude more KIMs than the most anomalous of previous samples collected from the project (please see North Arrow news release dated April 5, 2016 for details of previous sampling), suggesting very close proximity to a kimberlite bedrock source. The suite of indicator minerals recovered from the samples includes mantle-derived magnesian ilmenite, and sub-calcic pyrope and eclogitic garnets.
Ken Armstrong, President and CEO of North Arrow, stated, "The collection of so many barren samples in 2016 represents the desired result for this program. The KIM trains within the northern Mel Project area are now very well defined and the collection of a till sample returning in excess of 1,200 mantle-derived kimberlite indicator minerals provides a strong indication that it was collected in close proximity to a kimberlite bedrock source. We look forward to conducting detailed prospecting and geophysical surveys of these targets in 2017 and receiving the required land use permits to conduct an exploration drill program at Mel."
A video presentation discussing today's results is available at https://youtu.be/ORyk8aorOQU.
About North Arrow Minerals
North Arrow is a Canadian based 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 Mel Project, North Arrow is also currently evaluating the Naujaat (Qilalugaq) (NU), Pikoo (SK), Loki (NWT), Lac de Gras (NWT), Luxx (NU) and Timiskaming (ON) Diamond Projects. North Arrow also maintains a 100% interest in the Oro Hope Bay Gold Project (NU), located approximately 3km north of TMAC Resources' new Doris Gold Mine. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong"
President and 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.
Embedded Video Available: https://youtu.be/ORyk8aorOQU