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: Kenneth 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 nine kilometers from the Hamlet of Repulse Bay (Naujaat), Qilalugaq encompasses Q1-4, a kimberlite with 48.8 metric tons of inferred resource averaging 53.6 carats per hundred tons for a total of 26.1 carats, to a depth of 205 meters.
Throughout the first half of 2015, the company reported results from the evaluation of a 1,353 dry-metric-ton sample collected from Q1-4 during 2014.
Roughly 21 percent of the diamonds recovered from this sample were yellow, and many showed indications of being rare Type 1b fancy yellow diamonds.
Despite the early promise these rare diamonds promised, the final analysis of the valuation of Q1-4 sample was disappointing.
According to the results released in June, a parcel of 383.55 carats of diamonds greater than +1DTC (about 1 millimeter) recovered from a bulk sample was valued at US$13,795, or US$36 per carat.
North Arrow says the relatively small sample was challenged by the fact that there are two distinct populations of diamonds at Q1-4, including the rare yellows diamonds.
The company says a sample containing roughly 3,000 carats of diamonds is needed to properly evaluate the Q1-4 diamond values.
As a result of the bulk sample program, North Arrow has earned an 80 percent interest in Qilalugaq from Stornoway Diamonds Corp. In July, Stornoway opted to not exercise its back-in rights on the project.
As a result, exploration will now proceed under an 80-20 joint venture.
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 (20 miles) southwest of the Ekati Mine. The 2015 program at Redemption included geophysical surveys and surficial geology evaluations intended to help identify and define potential drill targets for a winter 2016 drilling program that hopes to find the bedrock source of the South Coppermine kimberlite mineral trail at Redemption.
North Arrow also carried out a till sampling program aimed at narrowing down the bedrock source of two kimberlite indicator mineral trains at the Mel diamond project located roughly 250 kilometers (155 miles) northeast of Qilalugaq. The company's portfolio also includes the Luxx diamond project, Nunavut; Pikoo diamond project, Saskatchewan; and a number of gold, base metal and lithium projects in the Northwest Territories and Nunavut.
Cash and Cash Equivalents: C$5.0 million (July 31, 2015)
Working Capital: C$4.9 million (July 31, 2015)
Market Capitalization: C$18.5 million (Sept. 23, 2015)
789 West Pender Street, Suite 960, Vancouver, BC, V6C 1H2
Tel: 604-668-8355 Fax: 604-336-4813
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