North Arrow Reports Microdiamond Results $3.5M Exploration Budget Approved for 2020, LDG Joint Venture Diamond Project, Lac d...
January 15 2020 - 7:30AM
North Arrow Minerals Inc. (TSXV-NAR) is pleased to
report the approval of a $3.5M 2020 exploration program and
microdiamond results from the Anchor kimberlite on the LDG Joint
Venture Diamond Project, a prospective 147,200 hectare joint
venture property located just south of the Diavik Diamond Mine in
the Northwest Territories.
As reported on July 8, 2019, the Anchor
kimberlite was discovered as part of the 2019 summer exploration
drilling program and represents the first new kimberlite discovered
by the LDG joint venture. Kimberlite was encountered in 6 of 7
drill holes that tested the Anchor target area and is described as
a dark grey to black, fine grained, macrocryst-poor, monticellite
to carbonate coherent kimberlite. Caustic fusion results of drill
core samples have been received and are summarized in the following
table:
|
|
Number of Diamonds per Sieve Size (mm Square Mesh
Sieve) |
Kimberlite |
SampleWeightDry Kg |
+0.075-0.106 |
+0.106-0.150 |
+0.150-0.212 |
+0.212-0.300 |
+0.300-0.425 |
+0.425-0.600 |
+0.600-0.850 |
TotalStones |
Anchor |
388.15 |
153 |
56 |
20 |
3 |
0 |
0 |
0 |
232 |
The presence of microdiamonds in this fine
grained kimberlite is encouraging and a kimberlite indicator
mineral (KIM) characterization study is underway to compare the
Anchor kimberlite mantle sample with the distribution of KIMs in
the local till sample database to aid in identifying additional
drill targets in the area. This work is part of a full review of
the project database that is presently underway, including results
from LIDAR surveying, ground geophysical surveys, prospecting, till
suitability mapping, geophysical anomaly checking and till
sampling.
North Arrow also reports the joint venture has
approved a 2020 program with a budget of $3.5M, designed to
continue with systematic exploration of the project including at
least 2,000m of drilling to test new targets. The program is
expected to commence in late February or early March 2020 with
ground geophysical surveys followed by exploration drilling in late
spring or summer. The 2020 exploration program is being fully
funded by joint venture partner Dominion Diamond Mines, after which
it is expected North Arrow will retain an approximate 18% interest
in the project.
Dominion is the operator of the joint venture
and field operations are managed by Aurora Geosciences Ltd.
(Yellowknife, NWT). Diamond results reported in this news release
are based on caustic fusion processing and diamond sorting
completed by Saskatchewan Research Council’s (SRC) Geoanalytical
Laboratories located in Saskatoon, Saskatchewan. SRC is an
independent mineral process laboratory facility which is accredited
to the ISO/IEC 17025 standard by the Standards Council of Canada as
a testing laboratory for diamond analysis. The contents of this
news release have been reviewed by Ken Armstrong, P.Geo. (NWT/NU,
ON), President and CEO of North Arrow and a Qualified Person under
NI 43-101.
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 global diamond industry. North Arrow’s most
advanced diamond project is the Q1-4 diamond deposit at the Naujaat
Project (NU). The Company has discovered and is evaluating
kimberlite fields at the Mel (NU) and Pikoo (SK) Projects, is
evaluating and exploring for additional kimberlites at the Loki
Project (NWT) and, as demonstrated by this press release, has
exposure to discovery drilling at the LDG JV Project (NWT) with
partner Dominion Diamond Mines. The Company also maintains a 100%
interest in the Hope Bay Oro Gold Project (NU), located
approximately 3 km north of TMAC Resources’ Doris Gold Mine.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”Kenneth
ArmstrongPresident and CEO
For further information, please contact:Ken
Armstrong Tel: 604-668-8355 or 604-668-8354Website:
www.northarrowminerals.com
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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