TSX.V: AWS
VANCOUVER, June 28, 2012 /PRNewswire/ - Arrowstar Resources
Ltd. ("Arrowstar" or the "Company") (TSXV: AWS), is preparing its
exploration program on the Company's Rannie
Lake project in Labrador,
Canada. Desk top research of the available data has
been concluded.
The property covers some 4,300 hectares and it
is noted that outcrop is sparse and undergrowth is prolific.
A detailed ground based geophysics and sampling study is being
considered in July 2012 subject to
environmental approvals, weather, ground condition and resource
availability. Rannie Lake is
an important iron ore property, consisting of 172 claims in a major
magnetite-rich zone, in the Sokomon Iron Formation, in the Labrador
Trough. Rannie Lake has strategic
importance similar to Arrowstar's Roberts Lake project. It is
surrounded by large properties owned by Altius Minerals Corp.
(TSXV: ALS) in partnership with Rio Tinto.
An aeromagnetic survey was completed in 2001 by
Terraquest on behalf of the Iron Ore Company of Canada. Its purpose was to further define the
extension of the Sokoman Formation containing the only magnetic
rocks in the area between Fermont
and Rannie Lake utilizing
high-resolution magnetic data. The Arrowstar exploration team will
conduct a ground survey and take grab samples where possible for
geochemical analysis and also structural geological
observations.
Typical of the Knob Lake Range, Schefferville area, there are soft iron ores
(direct shipping ore) composed of friable fine-grained secondary
iron oxides - hematite, goethite, limonite - formed by supergene
leaching and enrichment of the weakly metamorphosed cherty iron
formation. Magnetite iron formation or taconite, fine grained,
weakly metamorphosed iron formations comprised of
magnetite-specularite with above average magnetite content are also
evident.
Metataconite, characteristic of the south
section, Labrador West and eastern Quebec, is intensely metamorphosed iron
formation containing recrystallized coarse-grained magnetite and
hematite. Refolded iron formations attain several hundreds of
metres in structural thickness and iron oxides tend to concentrate
in fold hinges; deposits reach hundreds of millions tonnes grading
25 to 45% iron. The iron ore is easy to separate from its gangue
minerals and produces, by gravity or magnetic separation, a
high-grade iron concentrate of 66%Fe and above.
The Company's objective initially for Rannie Lake is to identify one or more bona fide
iron-oxide targets, either taconite or meta-taconite, that may
exist on the property. Some work on historical structural
interpretation has been completed however parameters such as
thickness, grade, and magnetic susceptibility, alteration of the
magnetite and other factors need to be determined. Geophysical and
geological mapping surveys for target validation and outline are
required to provide a better understand and evaluate the oxide-rich
horizon for an ensuing drilling program. Rannie Lake is an early-stage exploration
property and may host a Lake
Superior-type iron formation target.
Phillip Thomas,
BSc, MBus, MAIG, a Qualified Person under NI 43-101, has
reviewed the content of this release.
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L.
Card
President
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release."
Forward-Looking Statements: This document
includes forward-looking statements. Forward-looking statements
include, but are not limited to, statements concerning AWS's
planned exploration programs and other statements that are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although AWS believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.