North Arrow Initiates Geophysical Surveys at Agua Grande Gold-Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/11 -- North Arrow Minerals Inc. ('North Arrow' or 'the Company') (TSX VENTURE: NAR) is pleased to announce that it has initiated induced polarization ('IP') and ground magnetic surveys at the Agua Grande gold-copper project in Chile. The surveys are part of the technical due diligence agenda undertaken by North Arrow under the Letter of Intent ('LOI') to acquire the project, as announced in the news release dated July 11th, 2011.
The Agua Grande property includes two district-scale intersecting faults running northeast and north-northwest and these are believed to be the main feeders of hydrothermal fluids to the system. Hydrothermal alteration covers an area of approximately six square kilometres, including a silicified core and an argillic envelope. Copper and gold mineralization is found in large veins and stockworks, which in several areas of the property are being mined in small-scale open-pit and underground operations, including the El Peralito, Venero Negro and Albrun mines. The geophysical surveys will cover the entire project area with a goal of identifying similar vein systems as well as potential larger mineralized source deposit(s) at depth.
The Chilean geophysical company Geoexploraciones has been contracted to complete the 13.6 line kilometre IP and magnetic surveys, which will penetrate up to 400 metres depth. In addition to the geophysical surveys, North Arrow will conduct an initial surface sampling program on the property during the due diligence period. Results from the geophysical and geochemical programs will be evaluated along with historical surface geochemical data generated by the Chilean National Agency ENAMI to delineate potential drill targets.
LOI Extension
The 90-day due diligence period was originally scheduled to commence at the signing of the LOI. However, a condition of the LOI required the underlying project owners to secure certain outstanding properties. That condition is now being fulfilled, however due to the length of time required to meet the obligation, the 90-day due diligence period will now start September 14th, 2011.
South American Operations
North Arrow has completed the creation of its Chilean subsidiary, Compania Minera North Arrow Chile Limitada and established an office in Santiago. The Company continues to review advanced exploration properties throughout South America and expects to add to its portfolio of precious and base metal projects in the coming months.
About North Arrow Minerals
North Arrow Minerals is a well-established junior exploration company with a diversified portfolio of gold, base metal and diamond projects. Most of the North Arrow's Canadian properties are funded through option or joint venture agreements, allowing the Company to focus its resources on the acquisition and development of exploration properties in South America.
North Arrow Minerals Inc.
Brian McEwen, President and COO
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes certain 'forward-looking statements' All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NAR's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and First Nation groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. NAR's forward-looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. NAR assumes no obligation to update the forward-looking statements if management's beliefs, opinions, projections, or other factors should they change.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
North Arrow Minerals Inc.
Julie Hajduk
Corporate Communications
604-681-5543 or Cell: 778-240-7077
julie@northarrowminerals.com
www.northarrowminerals.com
