North Arrow Minerals Updates NWT and Saskatchewan Diamond Projects
TSX VENTURE: NAR
VANCOUVER, British Columbia, Nov. 19, 2018 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to provide an update on its exploration projects in the Northwest Territories and Saskatchewan, including new microdiamond results from the Loki Diamond Project in the Lac de Gras region of the Northwest Territories. Highlights of these programs include:
- At Loki, caustic fusion analyses of 164.7 kg of kimberlite EG05 have returned 28 diamonds greater than the 0.106 mm sieve size and caustic fusion analyses of 40.9 kg of kimberlite 465, discovered in 2018, have returned a single diamond greater than the 0.150 mm sieve size;
- At the LDG Joint Venture Diamond Project (NT), partner and joint venture operator Dominion Diamond Mines has reported completion of diamond and reverse circulation drilling programs and samples of the Big Blue kimberlite are currently undergoing kimberlite indicator mineral (KIM) characterization and microdiamond analyses;
- Recent claim staking has increased the Pikoo Diamond Project (SK) area to over 39,000 ha, in advance of renewed till sampling in 2019.
Ken Armstrong, President and CEO of North Arrow stated, “Exploration drilling programs were completed during the 2018 field season at the Loki and LDG Projects. This work was highlighted by North Arrow’s discovery of kimberlite 465 at Loki, the first publicly reported kimberlite discovery in the Lac de Gras region in over five years, demonstrating the potential for additional new discoveries in the area. Furthermore, recent claim staking has increased North Arrow’s Pikoo Diamond Project area in anticipation of renewed exploration in 2019. This work is part of our corporate strategy of evaluating a pipeline of prospective diamond properties in Canada and is in addition to the ongoing evaluation of newly discovered diamondiferous kimberlite at the Mel Project (NU) and detailed planning in advance of renewed bulk sampling work on the Q1-4 kimberlite at the Naujaat Project (NU). North Arrow is presently evaluating five Canadian projects known to host kimberlite, including four projects where the kimberlites are known to be significantly diamondiferous.”
Loki Diamond Project, NT
North Arrow’s 100% owned Loki project is located in the Lac de Gras region, approximately 30 km southwest, and 24 km west of the Ekati and Diavik diamond mines, respectively, and immediately adjacent to the west of North Arrow’s LDG Joint Venture Diamond Project with Dominion. During the spring of 2018 North Arrow discovered kimberlite 465 and drilled a previously untested portion of kimberlite EG05. The discovery of 465 represented the first kimberlite discovery in the Lac de Gras region in over 5 years (please see North Arrow news release dated April 5, 2018 for details on the drilling program). Caustic fusion results of drill core samples from both kimberlites have been received and are summarized in the following table:
|Number of Diamonds per Sieve Size (mm Square Mesh Sieve)|
An ongoing kimberlite indicator mineral (KIM) characterization study has confirmed EG05 hosts a full suite of KIMs including pyrope and eclogitic garnet, chrome diopside, picroilmenite and chromite. The kimberlite remains unconstrained by drilling completed to date and planning is underway for detailed ground gravity survey in an attempt to better define the extents of the pipe.
The recovery of a single microdiamond from 465 is in line with initial results of petrographic logging and KIM characterization which suggest the kimberlite contains a limited mantle sample. There are no plans for further work on the kimberlite.
LDG Joint Venture, NT.
Dominion, operator of the LDG joint venture, has provided an update of ongoing exploration on the 147,000 ha project. During the spring of 2018, Dominion completed 31 shallow reverse circulation (RC) exploration drill holes in eight target areas and 7 diamond drill holes (1,013m) in two target areas. No new kimberlites were discovered however the Big Blue kimberlite, one of three known kimberlites within the project, was tested by a single RC hole and by two vertical diamond drill holes. Drill core from Big Blue has undergone detailed petrographic logging and samples have been submitted for KIM characterization and microdiamond analyses. Final details on the drilling campaigns will be reported to North Arrow at the end of the program. During August 2018, 93 overburden RC holes and 9 hand dug sample pits were completed in 13 target areas. Till samples collected from this work are presently undergoing heavy mineral processing with the goal of better defining KIM dispersal trains down ice from the target areas. The till sample results will be used to prioritize targets for additional discovery type drilling during the winter 2019 field season. The approved $4M budget for the 2018 exploration program is being fully funded by Dominion and as a result North Arrow expects its interest in the joint venture to be diluted to approximately 25%.
Pikoo Diamond Project, SK.
North Arrow also announces that it has staked additional mineral claims in the vicinity of its 100% owned Pikoo Diamond Project, Saskatchewan, increasing the project area to 39,752 ha. Planning is underway for renewed till sampling at the project in spring of 2019 in an effort to better define existing targets and to identify new target areas on the expanded property.
The Loki Diamond Project exploration program is managed and directed by Michael MacMorran, P.Geo. (NWT/NU), Project Geologist of North Arrow. North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. MacMorran and Mr. Armstrong has reviewed the contents of this press release.
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. North Arrow has discovered and is evaluating kimberlite fields at the Mel (NU) and Pikoo (SK) Projects, and also has exploration exposure to the prolific Lac de Gras region (NT) through its Loki and LDG Joint Venture Projects. The Company’s most advanced diamond project is the large, well located Q1-4 diamond deposit at the Naujaat Project (NU). 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”
President and CEO
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354
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.