VANCOUVER, BC--(Marketwired - September 13, 2016) - North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to provide an update on several of its exploration projects and exploration activities over the summer months.
Ken Armstrong, President and CEO of North Arrow, stated, "North Arrow has completed an active summer of exploration. Work primarily focused on till sampling programs at three projects, including its new Loki Diamond Project located in the Lac de Gras area of the Northwest Territories. The sampling programs were intended to evaluate target areas at Loki and to better define potential drill targets near the heads of well-established kimberlite indicator mineral (KIM) trains at the Pikoo, Saskatchewan and Mel, Nunavut, Diamond Projects."
Pikoo Diamond Project, Saskatchewan. A total of 101 till samples were collected from the Pikoo Diamond Project. Samples were collected from four target areas where an evaluation of past results suggests that undiscovered kimberlites may be present. The targeted areas include; i) north Pikoo in the vicinity of the PK314, PK346 and PK347 kimberlites; ii) east Pikoo in the vicinity of the PK312 kimberlite dyke; iii) south Pikoo to the east of the PK150 and PK151 kimberlites; and iv) a poorly defined KIM train in the Bear Lake area in the southernmost portion of the property. Results of the 2016 sampling will be used to define drill targets for future exploration drilling on the property. Exploration of the Pikoo Project is conducted under an 80% (North Arrow) / 20% (Stornoway Diamond Corporation) participating joint venture arrangement. Stornoway has elected not to contribute to the 2016 exploration program. North Arrow has elected to solely fund the program and as a result its ownership interest is expected to increase to approximately 85%.
Mel Diamond Project, Nunavut. Till sampling was also conducted at North Arrow's 100% owned Mel Project located on the Melville Peninsula, Nunavut. A total of 111 till samples were collected to follow up anomalous KIM counts identified by previous till sampling. Results from the 2015 sampling program included five samples that returned in excess of 100 KIM grains (please see North Arrow news release dated April 5, 2016 for details). These highly anomalous samples were all located at or near the up ice termination of at least two distinct KIM trains. The 2016 samples were collected over an area extending up to 2 km further up ice from the anomalous 2015 samples in an effort to fully define the up ice cut off of these KIM trains. North Arrow intends to apply for the required permits to allow for exploration drilling of targets on the property.
Loki and Redemption Diamond Projects, Northwest Territories. North Arrow has relinquished its option to earn an interest, from Arctic Star Exploration Corp., in the Redemption Project located in the Lac de Gras region of the Northwest Territories. North Arrow has, however, elected to retain a 55% interest in one of the Redemption mineral claims, as allowed under the agreement with Arctic Star. Additionally, North Arrow has identified new target areas to the south and east of Redemption and retains a 100% interest in 13 mineral claims covering 7,059 ha, including several previously staked mineral claims located to the southeast of the Monument kimberlite cluster. These retained mineral claims comprise North Arrow's new Loki Diamond Project. A brief till and esker sampling program was conducted at the Loki Project in August with 56 samples collected to provide an initial evaluation of identified target areas.
Results from the 2016 till sampling programs will be reported as they become available over the next several months. North Arrow's diamond 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.
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 Pikoo, Mel and Loki Projects, North Arrow is also currently evaluating the Qilalugaq (NU), Lac de Gras (NWT), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
North Arrow Minerals Inc.
Kenneth 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.
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