Trading Symbol: TSXV: NAR
VANCOUVER, BC, Nov. 26,
2024 /CNW/ - North Arrow Minerals Inc.
(TSXV: NAR) ("North Arrow" or the "Company") is
pleased to provide an update on exploration plans and activities at
its Kraaipan Gold Project, Botswana. The Kraaipan Project comprises a
large land package covering 1,266 km2 of mostly
underexplored, Archean greenstone terrain, referred to as the
Kraaipan Greenstone Belt ("KGB"). The KGB straddles the
Botswana – South Africa border and is prospective for the
discovery of both gold and base metal deposits, however, in
Botswana, it has undergone limited
historical exploration owing to a generally thin (<40m) cover of Kalahari sand that hinders the
collection of traditional exploration data using geological
mapping, prospecting and geochemical sampling. The South African
portion of the KGB is better exposed and explored and is host to
numerous mineral occurrences including Harmony Gold's multi-million-ounce Kalgold mine,
in operation since the late 1990's and located approximately 40km
south of the Kraaipan Project.
Ken Armstrong, President and CEO
of North Arrow, stated, "North Arrow is pleased to have started
work evaluating the gold potential of the Kraaipan Project, in
collaboration with our partner, Rockman Resources. Our initial
focus is to systematically explore beneath Kalahari sand cover for
orogenic gold mineralization associated with banded iron formation
(BIF) units of the Kraaipan Greenstone Belt. We believe the KGB
within the Kraaipan project area is an excellent regional scale
exploration opportunity because, while typically less than
40m thick, the Kalahari sands have
presented an obstacle to past exploration efforts. North Arrow and
Rockman are taking a systematic, technology driven, regional
approach to exploration that will include prospectivity analysis
using existing and newly generated data sets. Proprietary
techniques, including detailed magnetic drone surveying and
portable RC drilling to collect basal Kalahari sand and bedrock
geochemical samples will enable a rapid, and cost-effective
regional assessment of the land package in support of developing
priority, hard rock drilling targets."
Initial fieldwork has included collection of 905 line-kms of
high-resolution magnetic data, 23 RC drill holes intended to sample
bedrock and the basal Kalahari sand cover within a new target area
in the central part of the property, and a single RC hole and small
orientation soil sampling grid in the southern part of the property
within the footprint of a much larger soil sampling grid completed
in the 1990's. Ongoing exploration and evaluation work through the
end of 2024 will include:
- Testing of a smaller RC drill platform to allow for increased
production above the current rate of approximately three holes per
day. This test drilling will also provide important information on
the thickness of sand cover at one of the areas of interest within
the project.
- Additional analytical work, including multi-element analyses of
existing pulps from 2024 and earlier samples, as well as test
analyses of variously screened fine fractions from archived splits
of soil and base of Kalahari drill samples. The goal of this work
is to optimise the analytical approach and to identify a suite of
pathfinder elements to aid in identification of rock types and
gold-associated alteration within bedrock.
- Ground geophysical surveys of several areas inaccessible to
drone surveys due to power lines. These surveys will help stitch
together previously surveyed blocks, providing more complete
high-resolution magnetic coverage of the project area.
Mr. Armstrong continued, "Results from this 2024 work, in
combination with an ongoing comprehensive review of existing
regional and project datasets, including regional prospectivity
analysis, will be used to guide target selection and develop a
comprehensive work program for 2025. Expected work streams include
additional RC drilling (base of Kalahari and bedrock sampling),
surface soil sampling, final collection of high-resolution magnetic
data and follow up diamond (core) drilling of identified target
areas."
About the Kraaipan Gold Project, Botswana
The Kraaipan Gold Project is comprised of 1,266 km2
of mineral concessions covering the 60 km strike extent of the
Kraaipan Greenstone Belt 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 40 km
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 20m over much of
the Project but can locally reach depths of up to 70m. 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.
As detailed in a news release dated October 28, 2024, North Arrow is currently
working to earn a 60% interest in the Project by investing
US$5 million by June 30, 2027, including a firm commitment to
invest US$1 million by June 30, 2025.
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.
