North Arrow Completes Spring Exploration at Redemption, NWT
22 Mai 2014 - 2:30PM
Marketwired
North Arrow Completes Spring Exploration at Redemption, NWT
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) -
North Arrow Minerals Inc. (TSX-VENTURE:NAR) is pleased to announce
completion of the spring 2014 ground geophysics program at the
Redemption Diamond Project in the Northwest Territories. The
property is located in the Lac de Gras region, approximately 32 km
southwest of, and 47 km west of the Ekati and Diavik diamond mines,
respectively. Planning is underway for a summer drilling program to
test a number of the potential kimberlite targets that have been
identified.
The ground geophysical program was designed to confirm and
better define high priority targets identified from a 2013 airborne
gravity gradiometry survey as well as from a review of various
airborne and ground magnetic and electromagnetic geophysical
datasets. Surveys were completed over a total of twenty-one grids,
covering approximately 40 individual targets. An emphasis was
placed on surveying targets that are well located with respect to
the up ice termination of the highly prospective South Coppermine
kimberlite indicator mineral (KIM) train. The South Coppermine
train represents one of the last well defined and unsourced KIM
trains in the Lac de Gras region.
Final compilation and modelling of the survey results is
underway. However, based on an initial review, priority targets
have been identified for follow up ground truthing and drilling. In
particular, six of the eight highest priority targets are located
on land or near shore and can be tested as part of the summer
drilling program that is currently being planned. The targets
represent a mix of gravity, magnetic and electromagnetic
geophysical responses, and the discovery of even a single
kimberlite from any of these top priority targets would upgrade a
number of the remaining prospective targets. A follow up
winter/spring 2015 drilling program will be required to test ice
based targets.
North Arrow is exploring the Redemption property under an option
agreement with Arctic Star Exploration Corp. (TSX-VENTURE:ADD),
under which the Company can earn a 55% interest by incurring $5
million in exploration expenditures prior to July 1, 2017,
including a firm commitment to spend $1,000,000 prior to July 1,
2014. North Arrow is also pleased to announce that with the
completion of the ground geophysical program, the Company has
honored the $1,000,000 commitment.
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 the Redemption
project, North Arrow is planning the collection of a 1,500 tonne
bulk sample from the Q1-4 kimberlite at its Qilalugaq (NU) project
and is also evaluating each of the Pikoo (SK), Lac de Gras (NWT),
Mel (NU), Luxx (NU) and Timiskaming (ON/QC) diamond projects.
North Arrow Minerals Inc.
Kenneth Armstrong, President and CEO
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.
North Arrow Minerals Inc.Ken Armstrong604-668-8355 or
604-668-8354www.northarrowminerals.com
North Arrow Minerals (TSXV:NAR)
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