Trading Symbol: TSXV: NAR
VANCOUVER, BC, Oct. 3, 2024
/CNW/ - North Arrow Minerals Inc. (TSXV: NAR) ("North
Arrow" or the "Company") is providing an update on the
transaction announced September 3,
2024, specifically an option agreement with Rockman
Resources Ltd. ("Rockman") under which North Arrow can earn a 60%
interest in the Kraaipan Gold Project (the "Project"), located
within Botswana.
The Company has received conditional acceptance of the
transaction by the TSX Venture Exchange. Final acceptance of the
transaction is conditional on the Company satisfying a number of
filing requirements. The Project consists of three Prospecting
Licences ("PLs") held by Rockman. PL089/2021, PL220/2021, and
PL026/2022 were granted for a term of three years ending
September 30, 2024, December 31, 2024, and March 31, 2025, respectively. In accordance with
the Botswana Mines and Minerals Act (the "Act"), Rockman has
submitted applications for a First Renewal Period of two years for
both PL089/2021 and PL220/2021 and will submit an application for a
similar renewal of PL026/2022 in December
2024. Under the Act, Prospecting Licence holders are
entitled to the granting of not more than two renewals, each
renewal for a period not exceeding two years, and renewal of the
PLs is therefore expected to be received in due course.
The Company and Rockman have also amended the option agreement
such that:
- Upon incurring cumulative US$5,000,000 in expenditures and delivering to
Rockman a written notice of exercise of the option, the Company
will issue to Rockman 1,000,000 North Arrow shares at which point
North Arrow will have vested its 60% interest, and
- Under the PEA Option Election (as outlined in the Company news
release of September 3, 2024) North
Arrow will have earned the additional 20% interest in the Project
upon delivering a PEA and issuing to Rockman 2,000,000 North Arrow
shares.
About the Kraaipan Gold Project, Botswana
The Kraaipan Gold Project is comprised of 1,400km2 of
mineral concessions covering the full 60-kilometre strike extent of
the Kraaipan Greenstone Belt ("KGB") in Botswana. The KGB is a highly prospective
Archean greenstone belt that straddles the Botswana - South
Africa border, with proven mineral endowment including
Harmony Gold's Kalgold gold mine in
South Africa, approximately 40km
south of the Project. Past exploration of the northern extent of
the KGB has been challenged by Kalahari Desert sand cover,
impacting approximately 80% of the KGB within Botswana. The sand cover, while extensive, is
typically less than 20 metres over much of the Project but can
locally reach depths of up to 70 metres. Limited past exploration
of the KGB in Botswana has
identified local gold mineralization in shallow drilling of exposed
banded iron formation (BIF) targets. A focus of new
exploration will be to identify BIF-related gold mineralisation
beneath the sand cover. To do this, North Arrow will have access to
Rockman's highly experienced Botswana-based exploration team, who are
capable of deploying cost-effective proprietary exploration
solutions including drone geophysics, truck-mounted drilling and,
potentially deep machine learning technologies to rapidly advance
the Project.
About North Arrow Minerals
North Arrow is a Vancouver,
BC-based exploration company currently focused on the
evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of
directors and advisors have significant successful experience in
the global exploration and mining industry. North Arrow is also
evaluating spodumene pegmatites at its 100% owned LDG, MacKay, and
DeStaffany Lithium Projects (NWT), and continues to maintain its
diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT)
Projects. North Arrow's exploration programs are conducted under
the direction of Kenneth Armstrong,
P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a
Qualified Person under NI 43-101.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong"
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.
SOURCE North Arrow Minerals Inc.
