North Arrow Updates Timiskaming, Luxx and Mel Diamond Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) - North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to provide an update on each of its Timiskaming, Luxx and Mel Diamond Projects, including exploration plans for 2014.
Timiskaming
North Arrow and Stornoway Diamond Corp. (TSX:SWY) have commenced an evaluation of four of the seven kimberlites that form part of the Timiskaming Project joint venture in northeastern Ontario and northwestern Quebec. The program will use approximately 3,300 kg of archived drill core from the 95-1, 96-1, Baby and SC-118 kimberlites to complete a comprehensive evaluation of the mineral chemistry of each kimberlite, and to evaluate their potential to host a coarse diamond population. The diamond evaluation will consist of processing a series of micro-DMS samples for the recovery of +0.3 mm diamonds. Due to small sample sizes, this work will not be definitive, however the recovery of even single +0.3 mm diamond from any of the bodies would have positive implications for the project and could result in the need for new drilling to delineate and better assess the kimberlite. The mineral chemistry work will complement the extensive project database and allow for interpretation of locally anomalous till sample results in the vicinity of the kimberlites and evaluation of untested drill targets in these areas.
Exploration of the Timiskaming Project is conducted under an 80%/20% (North Arrow/Stornoway) participating joint venture.
Luxx
The Luxx project consists of approximately 100,000 acres on tidewater, 60 km northwest from the community of Chesterfield Inlet and 100 km north of the community of Rankin Inlet. The project includes at least one, and possibly three kimberlite indicator mineral ("KIM") trains defined from over 350 till samples in public assessment records. 2013 exploration work at Luxx consisted of an airborne magnetic survey and the collection of 64 till samples. A number of high priority targets have been identified from the magnetic survey, including several targets located immediately up ice of the KIM trains. Results from the 2013 till samples have confirmed the historic till sample results, and include two highly anomalous samples (pyrope garnet plus ilmenite) located immediately down ice from the highest priority magnetic anomaly. Follow up evaluation work for 2014 will include additional till sampling and detailed prospecting of the highest priority target areas, as well as the acquisition of required permits for a spring 2015 drilling program.
Mel
The Mel project consists of approximately 183,000 acres on the Melville Peninsula, Nunavut, approximately 140 km south of the community of Hall Beach and 210 km northeast of the community of Repulse Bay which is also the location of North Arrow's Qilalugaq diamond project. The property is located within 10 km of tidewater and hosts two unsourced KIM trains defined from over 500 historical till samples recorded in public assessment files. In 2013 North Arrow conducted airborne magnetic surveys of the two target areas and acquired the historical till sampling database. A review of the database has confirmed that both mineral trains consist of high interest pyrope and eclogitic garnets, as well as kimberlitic ilmenite. Exploration plans for 2014 will include prospecting of targets identified from the 2013 magnetic surveys and additional till sampling.
About North Arrow Minerals
North Arrow is a Canadian 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 Timiskaming, Luxx and Mel Projects, 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), Redemption (NWT), and Lac de Gras (NWT) Diamond Projects.
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.
