Trading Symbol: TSXV: NAR
VANCOUVER, BC, Dec. 19,
2024 /CNW/ - North Arrow Minerals Inc. (TSXV:
NAR) ("North Arrow" or the "Company") is pleased to
announce it has agreed to sell three lithium properties located in
the Northwest Territories Canada
to Li-FT Power Ltd. ("Li-FT") (TSXV: LIFT) in exchange for
250,000 common shares of Li-FT.
Ken Armstrong, President and CEO
of North Arrow, stated, "We are pleased to proceed with this
transaction as it provides North Arrow with exposure to the
continued evaluation of these NWT lithium properties as well as
Li-FT's advanced Yellowknife Lithium Project, while allowing our
team to focus on exploration of the Kraaipan Gold Project in
Botswana, where geophysical
surveys, geochemical baseline analyses and target evaluation are
currently underway."
On closing the transaction, North Arrow will transfer to Li-FT a
100% interest in twenty mineral claims and mining leases comprising
the DeStaffany, LDG and MacKay lithium properties, subject to
existing royalty interests on the DeStaffany and LDG properties.
The transfer will also include certain rights and interests in
existing land use permits and associated reclamation bonds. The
transaction is subject to a number of terms and conditions
including approval of the TSX Venture Exchange.
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 Resources Limited'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 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 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.
