VANCOUVER, British Columbia, March 27, 2019 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to provide an update on the Mel Diamond Project, Nunavut and the LDG Joint Venture Diamond Project, Northwest Territories.
Mel Project Till Sample Results
Final kimberlite indicator mineral (KIM) results have been received for 447 till samples collected during the 2018 field program at the Company’s 100% owned Mel Project, located within 18 km of the Arctic Ocean, approximately 140 km south of the community of Hall Beach and 210 km northeast of North Arrow’s Naujaat Diamond Project near the community of Naujaat. KIMs, ranging from 1 to 34 grains, have been recovered from 35 of 447 till samples collected during the 2018 program. The samples had a nominal field weight of 10 kg and were collected on an approximate 1 km by 1 km grid to provide complete, even spaced coverage over the 56,000 ha property. Positive samples have widened the North Mel KIM target by at least 750m, to a total width of 3,600m. In particular, a sample returning 34 KIMs including Cr-pyrope, eclogitic garnet and Mg-ilmenite was located approximately 1,200m north of the significantly diamondiferous ML8 kimberlite occurrences identified during the 2018 drilling program (please see North Arrow news release dated September 24, 2018), and is interpreted as a potential fourth KIM train within the North Mel target area. Sampling in the southern part of the property has expanded the south Mel KIM target area, including the most anomalous sample returned to date in this region (15 KIMs including Cr-pyrope, eclogitic garnet, and Mg-ilmenite). Next steps for the Mel Project include additional prospecting and till sampling to better define areas with unresolved indicator minerals, as well as further geophysics to better define specific drill targets at the head(s) of more well-defined KIM trains. Meetings with the community of Hall Beach to share the complete results of the 2018 exploration program are scheduled for early April 2019.
Ken Armstrong, President and CEO of North Arrow, stated, “KIM results from the 2018 till sampling program have broadened the target areas within the Mel Project. We look forward to conducting additional follow-up till sampling, prospecting, geophysics and drilling in this new diamondiferous kimberlite field.”
Exploration Underway at LDG Joint Venture
North Arrow is also pleased to report the start of the 2019 exploration program at the LDG Joint Venture Property in the Lac de Gras region of the Northwest Territories. Joint venture partner and operator Dominion Diamond Mines has indicated that a program of ground geophysical surveys is underway, with the goal of finalizing target selection for an exploration drilling program this summer. These surveys are part of a $2.8M 2019 exploration program on the LDG property with a focus on kimberlite discovery in this prospective area directly south of, and adjacent to, the Diavik Diamond Mine. The program is being fully funded by Dominion after which it is expected North Arrow will retain a 21% interest in the Project.
The Mel Diamond Project field program is managed by and under the supervision of, Michael MacMorran, P.Geo. (NU/NWT), Project Geologist for 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 have 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 global diamond industry. North Arrow has discovered and is evaluating kimberlite fields at the Mel (NU) and Pikoo (SK) Projects, is evaluating and exploring for additional kimberlites at the Loki Project (NWT) and has exposure to discovery drilling at the LDG JV Project (NWT) with partner Dominion Diamonds. 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.