North Arrow Minerals Inc. (TSXV-NAR) is pleased to provide an update on the ongoing processing of the Qilalugaq Diamond Project bulk sample. The approximately 1,500 tonne sample was collected in July and August 2014 from the Q1-4 kimberlite located just nine kilometres from the Hamlet of Repulse Bay (Naujaat), Nunavut. The sample is being processed for the recovery of commercial sized (+0.85 mm) diamonds and the resulting diamond parcel will be used to provide an indication of Q1-4’s overall diamond value as well as the sample’s diamond content, size distribution and to establish whether or not a population of yellow diamonds seen in earlier-stage sampling persists into the larger diamond sizes.
Dense media separation processing of the sample is over 50% complete and is expected to be finished in March. Diamond sorting is also well underway and preliminary observations indicate that diamond recoveries are in line with expectations and similar in character to diamond parcels from earlier, smaller samples, including a population of coloured diamonds exhibiting a range in yellow hues. Full processing of the sample is on track for completion in April 2015. Disclosure of the recovered sample diamond content and characteristics will be reported at that time, with a diamond valuation to follow thereafter.
DMS processing of the sample is being conducted by Microlithics Laboratories Inc. in Thunder Bay, ON. Final processing of the DMS concentrate is being conducted at Stornoway Diamond Corporation’s (TSX-SWY) x-ray sorting machine and diamond sorting facility in North Vancouver, BC.
North Arrow is currently working to earn an 80% interest in the Qilalugaq Diamond Project from Stornoway, subject to one-time back-in right of Stornoway’s, by collecting and processing the current bulk sample (please see North Arrow news release dated April 29th, 2013 for additional details on the option agreement with Stornoway). For more information on the Qilalugaq Project please visit our website www.northarrowminerals.com/projects/qilalugaq.
North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.
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 Qilalugaq Project, North Arrow is also evaluating each of the Pikoo (SK), Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
President and CEO
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354
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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.