VANCOUVER, British Columbia, July 12, 2018 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV:NAR) reports the start of a summer exploration drilling and till sampling program at the Company’s 100% owned Mel Diamond Project, Nunavut. An exploration camp is currently being established on the property and ground geophysical surveys are scheduled for the week of July 16, followed by approximately 1,200m of drilling. Drilling will better define the diamond bearing ML8 kimberlite, as well as test a series of targets at the head of several well-defined kimberlite indicator mineral (KIM) trains. A 62.1 kg sample of the ML8 kimberlite, discovered by North Arrow in August 2017, returned 23 diamonds larger than the 0.106 mm sieve size, including a single, colourless diamond larger than the 0.85 mm sieve size. Details of the discovery were reported in North Arrow news release #17-12 dated October 16, 2017.
The till sampling program will include collection of approximately 400 till samples to better evaluate the potential for additional kimberlite discovery within the 56,075 ha project area. A study of local surficial geology, with a focus on till sample suitability, is now complete, and will be used to plan detailed sampling within existing KIM trains and to evaluate the central project area where very little past sampling has been completed.
The drilling and till sampling programs are expected to be completed by the end of August.
The Mel Diamond Project drilling and till sampling programs are managed by Michael MacMorran, P.Geo. (NU/NWT), Project Geologist for North Arrow. The Company’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.
North Arrow also reports that, pursuant to North Arrow's Stock Option Plan, the Company has granted a total of 2,695,000 incentive stock options to Directors, Officers, Employees and consultants to the Company. The stock options are exercisable to acquire one common share of North Arrow at $0.20 per share and can be exercised until July 12, 2023.
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 a newly discovered kimberlite 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”
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/705b753c-189e-456f-bd08-f31248376732