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VANCOUVER, British Columbia, June 21, 2021 (GLOBE NEWSWIRE) — North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is happy to announce the beginning of a $5.6 million bulk sampling program at its Naujaat Diamond Challenge, Nunavut.
Area crews have arrived on website and preparations are underway for the beginning of pattern assortment throughout the first week of July. This system, scheduled to run by the tip of August, will contain assortment of as much as 2,000 tonnes from the Q1-4 kimberlite. The pattern will probably be shipped south in September, with processing and diamond restoration anticipated to start out within the fourth quarter of calendar 2021. Diamonds recovered from the pattern are supposed to substantiate the dimensions distribution and character of an necessary inhabitants of probably high-value, fancy yellow to orange yellow diamonds discovered within the Q1-4 deposit.
This system is funded by accomplice Burgundy Diamond Mines (ASX-BDM), as a part of a June 1, 2020 choice settlement below which Burgundy might earn a 40% curiosity within the Naujaat Challenge by funding the present bulk pattern program.
In regards to the Naujaat Challenge
The Naujaat Challenge is situated close to the neighborhood of Naujaat, Nunavut. A complete of eight kimberlite pipes have been recognized throughout the Challenge in addition to a number of laterally intensive kimberlite dyke programs. The Q1-4 kimberlite, situated simply 7 km from the Firm’s laydown close to the neighborhood, is the most important and most diamondiferous of the kimberlites found so far and hosts an necessary, doubtlessly high-value, inhabitants of Kind IaA – Ib fancy colored, yellow to orange yellow, diamonds. At 12.5 ha in floor space, Q1-4 hosts an estimated inferred mineral useful resource of 26.1 million carats whole diamond content material in 48.8 million tonnes of kimberlite with common +1 DTC whole diamond content material of 53.6 carats per hundred tonnes (cpht) extending from floor to a depth of 205m. Delineation drilling of Q1-4 suggests vital potential to broaden the useful resource at depth with the deepest drill gap terminating in kimberlite at a depth of 376m. The reader is cautioned that mineral assets are usually not mineral reserves and do not need demonstrated financial viability. Particulars on knowledge verification and useful resource estimation procedures may be discovered within the May 2013 technical report filed on www.sedar.com in addition to posted on North Arrow’s web site together with particulars on subsequent exploration efforts on the Challenge [here].
The Naujaat Diamond Challenge exploration program is being carried out below the route of Kenneth Armstrong, P.Geo. (NWT/NU and ON), President and CEO of North Arrow and a Certified Individual below NI 43-101. Mr. Armstrong has reviewed and authorized the technical contents of this press launch.
About North Arrow Minerals
North Arrow is a Canadian based mostly exploration firm targeted on the identification and analysis of diamond exploration alternatives in Canada. North Arrow’s administration, board of administrators and advisors have vital profitable expertise within the international diamond business. North Arrow’s most superior diamond venture is the Q1-4 diamond deposit on the Naujaat Challenge (NU), the place a $5.6M 2,000 tonne bulk pattern is underway. The Firm has additionally found and is evaluating kimberlite fields on the Mel (NU) and Pikoo (SK) Tasks and is evaluating and exploring for added kimberlites on the Loki and LDG JV Tasks (NWT). The Firm additionally maintains a 100% curiosity within the Hope Bay Oro Gold Challenge (NU), situated roughly 3 km north of Agnico Eagle’s Doris Gold Mine.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO
For additional data, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Web site: www.northarrowminerals.com
Neither the TSX Enterprise Change nor its Regulation Providers Supplier accepts accountability
for the adequacy or accuracy of this launch.
This information launch incorporates “forward-looking statements” together with however not restricted to statements with respect to North Arrow’s plans, the estimation of a mineral useful resource and the success of exploration actions. Ahead-looking statements, whereas based mostly on administration’s finest estimates and assumptions, are topic to dangers and uncertainties that will trigger precise outcomes to be materially completely different from these expressed or implied by such forward-looking statements, together with however not restricted to: dangers associated to the profitable integration of acquisitions; dangers associated to basic financial and market situations; closing of financing; the timing and content material of upcoming work applications; precise outcomes of proposed exploration actions; attainable variations in mineral assets or grade; failure of plant, tools or processes to function as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage protection and different dangers of the mining business; modifications in nationwide and native authorities regulation of mining operations, tax guidelines and rules. Though North Arrow has tried to determine necessary components that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. There may be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. North Arrow undertakes no obligation or accountability to replace forward-looking statements, besides as required by legislation.
