Mining Explorers 2016: North Arrow Minerals Inc.

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.

In March, North Arrow launched a 28-hole (1,577 meters) drill program at Redemption, a diamond project located in the Lac de Gras district of NWT about 32 kilometers (20 miles) southwest of the Ekati Mine. This program, which targeted geophysical anomalies within the central part of the property, did not encounter bedrock kimberlite.

North Arrow later relinquished its option with Arctic Star Exploration Corp. to earn an interest in Redemption. North Arrow did, however, retain a 55 percent interest in one of the Redemption claims. This claim, combined with 13 claims North Arrow staked to cover a kimberlite cluster to the east of Redemption, makes up the Loki diamond project.

In addition, Dominion Diamond Corp. approved a C$1.3 million exploration budget for Lac de Gras, a joint venture diamond exploration project owned 55 percent by Dominion and 45 percent by North Arrow. The 2016 program included data compilation, airborne geophysical surveys and ground work.

As a result of this program, which was fully funded by Dominion, North Arrow expects its interest in the JV to be diluted to 39 percent.

In April, North Arrow reported encouraging results from a 2015 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 the community of Naujaat (Repulse Bay) which is where the company's Qilalugaq project is located. Following positive results from this sampling, North Arrow has decided to apply for permits to drill targets at the up-ice end of the kimberlite trains.

North Arrow also cut a deal in May to sell two lithium properties - Torp Lake, Nunavut, and Phoenix, NWT - to Athabasca Nuclear Corp. Torp Lake hosts the McAvoy lithium-rich pegmatite contained in the mineral spodumene and Phoenix hosts the Big Bird and Curley lithium-rich pegmatites. In exchange for the lithium properties, North Arrow received 2.5 million Athabasca Nuclear shares and warrants to purchase 1 million additional shares at C20 cents each for two years.

-SHANE LASLEY