North Arrow Options Snowbird Nickel Project From Strongbow Exploration
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/12 -- North Arrow Minerals Inc. (TSX VENTURE: NAR) announces it has entered into an option agreement with Strongbow Exploration Inc. whereby North Arrow can earn a 50% interest in Strongbow's Snowbird nickel project. D. Grenville Thomas, North Arrow's President, CEO and a director, is the Chairman and a director of Strongbow. Kenneth A. Armstrong, a director of North Arrow, is also President, CEO and a director of Strongbow.
The Snowbird project covers approximately 16,000 hectares (40,000 acres) along the southern extent of the Snowbird Tectonic Zone in northern Saskatchewan and southern Northwest Territories. The Snowbird Tectonic Zone is a geologic feature that is considered to be highly prospective for magmatic nickel copper sulphide mineralization and is known to host several deposits including Strongbow's Nickel King Ni-Cu-Co deposit in the Northwest Territories immediately to the north of the Snowbird project.
Exploration work completed by Strongbow has included airborne geophysical surveys, geochemical surveys, bedrock mapping and limited drilling. This work has identified a number of target areas where previously unknown mafic and ultramafic intrusions are coincident with electromagnetic and magnetic geophysical anomalies, geochemical anomalies and nickel-copper mineralization. The highest priority targets are located in the Opescal Lake area along the Saskatchewan - Northwest Territories border where a five kilometre long linear magnetic anomaly coincides with several electromagnetic conductors. These geophysical targets lie beneath glacial cover, however they are within a broad area of mapped mafic and ultramafic rocks where prospecting has identified local occurrences of nickel-copper sulphide mineralization associated with norite and pyroxenite intrusions. Rocks collected in the area have returned values ranging from detection up to 1.17% Ni and 0.40% Cu. The Opescal Lake targets have never been previously drilled and will be a priority for ground geophysical surveys and diamond drilling during the winter of 2013.
Under the terms of the option agreement and subject to North Arrow completing an equity financing by December 31, 2012, North Arrow can earn a 50% interest in the Snowbird project by incurring $4 million in exploration expenditures prior to December 31, 2016, including a firm commitment to spend $30,000 prior to December 31, 2012.
North Arrow's exploration programs are conducted under the supervision of Gordon Clarke, P.Geol. (NT&NU), Vice President, Exploration for North Arrow and a qualified person under NI 43-101.
Grenville Thomas, Chairman and CEO
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.
Grenville Thomas
Chairman and CEO
604-668-8355
info@northarrowminerals.com
www.northarrowminerals.com
