VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) - North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to announce completion of the spring 2014 ground geophysics program at the Redemption Diamond Project in the Northwest Territories. The property is located in the Lac de Gras region, approximately 32 km southwest of, and 47 km west of the Ekati and Diavik diamond mines, respectively. Planning is underway for a summer drilling program to test a number of the potential kimberlite targets that have been identified.
The ground geophysical program was designed to confirm and better define high priority targets identified from a 2013 airborne gravity gradiometry survey as well as from a review of various airborne and ground magnetic and electromagnetic geophysical datasets. Surveys were completed over a total of twenty-one grids, covering approximately 40 individual targets. An emphasis was placed on surveying targets that are well located with respect to the up ice termination of the highly prospective South Coppermine kimberlite indicator mineral (KIM) train. The South Coppermine train represents one of the last well defined and unsourced KIM trains in the Lac de Gras region.
Final compilation and modelling of the survey results is underway. However, based on an initial review, priority targets have been identified for follow up ground truthing and drilling. In particular, six of the eight highest priority targets are located on land or near shore and can be tested as part of the summer drilling program that is currently being planned. The targets represent a mix of gravity, magnetic and electromagnetic geophysical responses, and the discovery of even a single kimberlite from any of these top priority targets would upgrade a number of the remaining prospective targets. A follow up winter/spring 2015 drilling program will be required to test ice based targets.
North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration Corp. (TSX VENTURE:ADD), under which the Company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017, including a firm commitment to spend $1,000,000 prior to July 1, 2014. North Arrow is also pleased to announce that with the completion of the ground geophysical program, the Company has honored the $1,000,000 commitment.
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 Redemption project, 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), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) diamond projects.
North Arrow Minerals Inc.
Kenneth Armstrong, President and CEO
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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.