The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NAR: TSX.V
Chairman: D. Grenville Thomas
President and CEO: Ken Armstrong
Advisor: Eira Thomas
North Arrow Minerals Inc. has seven diamond exploration projects in Canada - Qilalugaq, Mel and Luxx in Nunavut; Lac de Gras and Redemption in Northwest Territories; Pikoo in Saskatchewan; and Timiskaming in Ontario.
Located on the Melville Peninsula, Qilalugaq encompasses Q1-4, considered to be the largest known kimberlite in the eastern Canadian Arctic.
In 2013, North Arrow confirmed an inferred resource for the Q1-4 kimberlite of 48.8 metric tons averaging 53.6 carats per hundred tons for a total of 26.1 carats, to a depth of 205 meters.
The company has an option to earn an 80 percent interest in Qilalugaq from Stornoway Diamonds by completing a work program that includes the collection of at least a 1,000 metric ton bulk sample from the Q1-4 kimberlite.
Targeting the recovery of 500 carats of diamonds, North Arrow collected a sample in excess of 1,500 metric tons from the Q1-4 kimberlite.
The sample is being processed for the recovery of commercial sized diamonds, which will be used to better determine diamond content, size distribution and value.
If North Arrow decides to vest an 80 percent interest in Qilalugaq, Stornoway has a one-time right to buy-back a 20 percent interest in the project by paying to North Arrow an amount equal to three times the costs incurred in connection with the option work program.
North Arrow also completed a small till and stream sediment program at the Mel diamond project located roughly 250 kilometers (155 miles) northeast of Qilalugaq and a two-day program of prospecting and till sampling at high priority targets was completed in August at Luxx diamond project, located 100 kilometers (62 miles) north of the community of Rankin Inlet, Nunavut.
In 2013, North Arrow entered into an agreement with Arctic Start Exploration to earn a 55 percent interest in Redemption, a diamond project located in the Lac de Gras district of NWT about 32 kilometers southwest of the Ekati Mine.
North Arrow began its exploration of the newly acquired property with the completion of an airborne gravity survey, bathymetry survey and the collection of 350 heavy mineral till samples.
An 800-meter drill program completed in 2014 did not encounter kimberlite.
The company said the property hosts a number of lake-based geophysical anomalies that would need to be tested with winter drilling.
North Arrow's 2014 exploration also included till sampling in preparation for winter drilling at the Pikoo diamond project in eastern Saskatchewan.
This work is being carried out under an 80-20 joint venture with Stornoway Diamonds.
In addition to its diamond projects, North Arrow holds an interest in a number of gold, base metal and lithium projects in the Northwest Territories and Nunavut.
The company does plan to explore these non-diamond properties on its own.
Cash and Cash Equivalents: C$7.63 million (July 31, 2014)
Working Capital: C$7.04 million (July 31, 2014)
Market Capitalization: C$30.37 million (Sept. 30, 2014)
789 West Pender Street
Suite 960
Vancouver, BC, V6C 1H2
Tel: 604-668-8355
Fax: 604-336-4813
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