VANCOUVER, British Columbia, April 05, 2018 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV:NAR) is pleased to announce the discovery of a new kimberlite during its winter exploration drilling program at the Company’s 100% owned Loki Diamond Project, Northwest Territories. The 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 Diamond Mines.
Ken Armstrong, North Arrow’s President and CEO stated, “To my knowledge, today’s news represents the first public announcement of a new kimberlite discovery in the Lac de Gras region in over 5 years. The discovery of kimberlite 465 follows on North Arrow’s September 2017 discovery of a new diamondiferous kimberlite field at our Mel Project, Nunavut, and confirms North Arrow’s position as a leading junior diamond exploration company in Canada.”
Mr. Armstrong continued, “The Lac de Gras kimberlite field hosts the Ekati and Diavik diamond mines, which have produced in excess of $20 billion in rough diamonds over the last 20 years, and today’s announcement highlights that the region, and particularly North Arrow’s Loki and LDG Diamond Projects, remains prospective for new discoveries. North Arrow is planning drilling campaigns at both Mel and Loki during the summer of 2018 as well as at our LDG Joint Venture property with partner Dominion Diamond Mines.”
Loki Winter Drilling Program
Winter drilling at the Loki Project has now wrapped up with the completion of four drill holes (607m) testing three targets. A summary of the drilling is provided in the table below.
| Drill Hole | Azimuth | Angle | Target/Kimberlite | Kimberlite | EOH (m) | ||
| From (m) | To (m) | Interval (m) | |||||
| 18-465-01 | 180 | -58 | 465 | N/A | 142.0 | ||
| 18-465-02 | 0 | -51 | 465 | 37.68 | 58.53 | 20.851 | 148.0 |
| 18-EG05-05 | N/A | -90 | EG05 | 17.53 | 169.0 | 151.472 | 169.0 |
| 18-EG05-06 | 0 | -60 | EG05 West | N/A | 148.0 | ||
1includes country rock (granite) blocks from 37.97 to 38.60m and 50.80 to 53.43m.
2includes laminated mudstone from 74.21 to 85.23m.
Target 465 was initially tested with a south oriented drill hole (18-465-01) that encountered granite country rock with intermittent, non-magnetic mafic dykes and localized fracturing down to a depth of 142m. A second drill hole (18-465-02), positioned approximately 30m to the west, was drilled from south to north and encountered a 20.85m interval of black to olive green kimberlite with up to and locally exceeding 10% country rock (granite) dilution. The kimberlite is generally altered and kimberlite indicator minerals including altered olivine and rare garnet have been observed. Orientation of the two drill holes suggests 465 may dip steeply to the south.
In addition to the discovery of 465, a single drill hole (18-EG05-05) also tested the central portion of the EG05 kimberlite. This vertical drill hole encountered resedimented volcaniclastic kimberlite below 17.5m of ice, water and overburden and ended in volcaniclastic kimberlite at a depth of 169m.
Drill hole 18-EG05-06 tested a magnetic anomaly located approximately 160m southwest of drill hole 18-EG05-05. Kimberlite was not intersected and the associated magnetic anomaly remains unexplained.
Detailed logging of the kimberlite intervals from 465 and EG05 will occur over the next week, including sampling for kimberlite indicator minerals and microdiamonds. Additional drilling is required to evaluate the size, orientation, and internal geology of the 465 and EG05 kimberlites, and the Loki Project also hosts a number of untested drill targets having good kimberlite indicator mineral support. Planning is underway for a summer drilling campaign to continue evaluating this prospective area of the Lac de Gras region.
North Arrow acknowledges the winter drilling program at the Loki Diamond Project, including the discovery of kimberlite 465, benefited from funding by the Northwest Territories’ Mining Incentive Program.
The Loki Diamond Project exploration programs are managed by Regan Chernish, P.Geo. (NWT/NU) and Michael MacMorran, P.Geo. (NWT/NU). 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. 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. In addition to evaluating the Loki Project, North Arrow is also preparing for exploration drilling this summer to test newly discovered diamondiferous kimberlite at the Mel Project (NU) and to test targets at the LDG JV Project in the NWT. The Company is also evaluating the Q1-4 kimberlite at the Naujaat Project (NU) and the Pikoo kimberlite field in Saskatchewan. The Company also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of TMAC Resources’ new Doris Gold Mine.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com
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.