North Arrow Updates the Redemption Diamond Project, Lac de Gras
VANCOUVER, BC--(Marketwired - June 02, 2015) - North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to provide an update on the Redemption Diamond Project located in the Lac de Gras region of the Northwest Territories, approximately 32 km southwest, and 47 km west of the Ekati and Diavik diamond mines, respectively. Recent and ongoing activities have focused on ground geophysical surveys and surficial geology evaluations intended to help identify and define potential drill targets for a winter 2016 drilling program.
Ground Magnetic Surveys
In early May, ground magnetic surveys were completed on 14 separate grids within the property. A total of 69 line kilometres of surveying was completed testing 25 targets. All of the targets are well located with respect to the up ice termination of the highly prospective South Coppermine kimberlite indicator mineral (KIM) train. Evaluation of the survey data is ongoing, however initial interpretations indicate a number of the targets can be prioritized for drilling.
Surficial Geology Evaluations
The unsourced South Coppermine KIM train lies within one of five areas that comprise the Slave Province Surficial Materials and Permafrost Study (SPSMPS), an ongoing Government funded research project led by the Northwest Territories Geoscience Office. The SPSMPS has a number of stated goals intended to develop a better understanding of the surficial geology of the Lac de Gras area including the development of new glacial advance models and a regional 3D KIM and till geochemistry database.
As part of the SPSMPS program, approximately 52 overburden reverse circulation drill holes were completed within and around the Redemption property between March and May of 2014. SPSMPS researchers will use the results from these and other drill holes to build the regional 3D indicator mineral and till geochemistry database. Additional shallow core drilling is planned for the coming summer program to better define the glacial till profiles in the Study areas in an effort to further characterize the local till deposits and aid in interpretation of the KIM and geochemical databases.
Separate from the SPSMPS, North Arrow has initiated a more detailed evaluation of the surficial geology of the Redemption property in an effort to better define and interpret the South Coppermine KIM Train. Initial work is consisting of a desktop evaluation of available air photo and satellite imagery as well as the project's KIM database. If warranted, a summer follow up program will be conducted to ground truth and test the interpretations derived from this work.
Results of these new work programs will be used to define targets in preparation for a spring 2016 drill program to locate the bedrock source of the South Coppermine KIM Train.
North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration Corp. (TSX VENTURE: ADD), under which the company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017.
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 Redemption Project, North Arrow is also evaluating each of the Pikoo (SK), Qilalugaq (NU), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
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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Contact
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com