VANCOUVER, BC–(Marketwired – July 25, 2016) – North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to announce additional microdiamond results from the 2016 drilling program at the Pikoo Diamond Project. The Company has also concluded a summer till sampling program at the project, which is located in central eastern Saskatchewan, approximately 10 km north of the road accessible community of Deschambault Lake. The microdiamond results confirm that all Pikoo kimberlites tested to date are diamondiferous, including new kimberlite PK346.
As reported in North Arrow news release dated April 4, 2016, a total of 2,124m of drilling was completed during the 2016 program with kimberlite encountered in 14 of 19 drill holes. The most significant discoveries were made in the North Pikoo area where kimberlite was encountered in seven of nine holes including the discovery of kimberlites PK346 and PK347. Initial microdiamond results reported on May 31, 2016, confirmed that PK346 is diamondiferous, as were samples from the PK150 kimberlite and the interpreted eastern and western extensions of the PK314 kimberlite. New caustic fusion results have been received for additional samples from PK346, PK150 and the interpreted western extension of PK314 and are summarized in the following table:
|Number of Diamonds per Sieve Size (mm Square Mesh Sieve)|
Detailed petrographic work is underway to aid in the interpretation of the Pikoo kimberlites in conjunction with diamond results, mineral abundances and core logging information. Initial results from this work suggest that additional, as yet undiscovered, kimberlites are located in the North Pikoo area. This conclusion is based on the relative lack of pyrope garnet in the mantle sample of PK314 and PK346 as compared to the abundance of pyrope garnets in till samples collected down ice from the kimberlites.
To further develop and evaluate potential drill targets, North Arrow is also pleased to report it has completed a till sampling program within the project area. A total of 121 till samples have been collected within the project, including from the North Pikoo and East Pikoo target areas. The samples will be processed over the next 6-8 weeks with results expected in the fall of 2016.
Scientific and Technical Data
Diamond results reported above are based on caustic fusion processing completed by Microlithics Laboratories, Thunder Bay, Ontario, an independent mineral process laboratory facility. Caustic fusion residues were sent for final diamond recoveries to I&M Morrison Geological Services Ltd. in Delta, British Columbia, an independent mineral sorting and petrographic laboratory. Quality assurance protocols, security and actual operating procedures for the processing, transport and recovery of diamonds conform to industry standard Chain of Custody provisions. As part of North Arrow’s ongoing QA/QC programs, concentrate residues and other materials are subject to audit. Any significant changes to recovered diamond contents will be reported when available. North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.
Exploration of the Pikoo Project is conducted under an 80% (North Arrow) / 20% (Stornoway Diamond Corporation) participating joint venture arrangement. Stornoway has elected not to contribute its share of the approved 2016 exploration budget. North Arrow has elected to solely fund the program and as a result its ownership interest will increase to approximately 85%.
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 Pikoo Project, North Arrow is also currently evaluating the Qilalugaq (NU), Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
North Arrow Minerals Inc.
/s/ “Kenneth A. 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.
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354