VANCOUVER, British Columbia, July 08, 2019 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to report it has been notified by joint venture partner and operator Dominion Diamond Mines that kimberlite has been discovered in the first drill hole of the summer exploration drilling program at the LDG Joint Venture Diamond Project, Northwest Territories.
The drill hole (2700 /-450) was oriented to test an OhmMapper resistivity anomaly coincident with gravity and magnetic lows. The hole intersected kimberlite at approximately 40m down hole and remains in kimberlite at approximately 64m downhole with drilling still underway. A more detailed description of the kimberlite will be forthcoming upon completion of the program. For more details, please see the image and description for ‘Grid 4 target’ in North Arrow’s news release dated July 4, 2019.
The ongoing drilling is part of a summer work program scheduled to also include LIDAR surveying, prospecting, till suitability mapping and sampling. The program is expected to run through to the end of July and is part of a $2.8M 2019 exploration program designed to focus on kimberlite discovery in this prospective 147,200 hectare joint venture property located adjacent to the south of the Diavik Diamond Mine. The 2019 exploration program is being fully funded by Dominion after which it is expected North Arrow will retain an approximate 21% interest in the project.
Dominion is the operator of the joint venture and field operations are being managed by Aurora Geosciences based in Yellowknife NWT. The contents of this news release have been reviewed by Ken Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under NI 43-101.
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’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU) where planning is underway for collection of a large, 10,000 bulk sample. The Company has discovered and is evaluating kimberlite fields at the Mel (NU) and Pikoo (SK) Projects, is evaluating and exploring for additional kimberlites at the Loki Project (NWT) and, as demonstrated by this press release, has exposure to discovery drilling at the LDG JV Project (NWT) with partner Dominion Diamond Mines. 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”
President and CEO
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354
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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.