North Arrow Minerals Inc. (TSXV-NAR) is pleased to report that the 2015 exploration program at the Pikoo Diamond Project is now complete and new microdiamond results for the PK314 and PK311 kimberlites have increased the total number of diamondiferous kimberlites at Pikoo to four. The project is located in central eastern Saskatchewan, approximately 10 km north of the road accessible community of Deschambault Lake.
Ken Armstrong, President and CEO of North Arrow, commented “2015 exploration work, consisting of exploration drilling and airborne magnetic surveys, has confirmed the Pikoo Diamond Project as an important emerging diamond district in Canada. Seven discrete kimberlite occurrences have now been identified, four of which have been tested and proven to be diamondiferous. Kimberlite PK150 remains the most significant discovery to date. It remains open to depth and along strike to the east and will be subject to further drilling in 2016, as will the newly discovered PK311 and PK312 kimberlites and additional targets generated from recently completed airborne magnetic surveys.”
2015 Microdiamond Results
As reported on September 8, 2015 microdiamond results from 2015 drilling completed on PK150 confirmed this kimberlite as significantly diamond-bearing. A total of 531 kg of kimberlite from PK150 has been tested to date by caustic fusion and the results are compiled in the table below, along with microdiamond results from the PK314, PK311 and PK312 kimberlites discovered in 2015.
New caustic fusion analyses of 476 kg collected from PK314 have returned a total of 23 diamonds larger than the 0.106 mm sieve size. As previously reported on March 30, 2015 PK314 is located in the North Pikoo area and remains open to depth and along strike. A selection of kimberlite indicator minerals (KIMs) derived from PK314 have been submitted for electron microprobe analyses in order to allow for comparison to high priority KIMs recovered from till samples in the North Pikoo KIM train.
A small 4.74 kg composite sample of weathered micaceous kimberlite from PK311 returned two diamonds including one greater than the 0.106 mm sieve size and one greater than the 0.212 mm sieve size. As with earlier reported results (September 8, 2015) for a similarly small sample from the PK312 kimberlite, this result confirms the PK311 kimberlite as diamond bearing and indicates that further evaluation is warranted. Additional drilling of both PK311 and PK312 is required to better define the full extent of these bodies and allow for a more complete evaluation of their diamond potential.
|Number of Diamonds per Sieve Size (mm Square Mesh Sieve)|
Airborne Magnetic Surveys
A detailed, approximately 1,400 line km helicopter-borne magnetic survey is now complete. The survey covered high priority target areas at the up ice termination of the primary kimberlite indicator mineral trains within the project area. Survey results will be reviewed to identify additional targets for drill testing in 2016. A fixed-wing magnetic survey has also been completed covering a number of mineral claims located immediately northeast of the main Pikoo Project. Final data and results for both surveys are expected in the next several weeks.
Planning is now underway for a 2016 drilling program that will focus on defining the full extent of the known kimberlites including PK150, PK311, and PK312, as well as testing new targets identified from the recently completed airborne magnetic surveys.
Scientific and Technical Data
Diamond results reported above are based on caustic fusion processing completed by Microlithics Laboratories, Thunder Bay, Ontario, an independent mineral process laboratory facility. Caustic fusion residues were sent for final diamond recoveries to I&M Morrison Geological Services Ltd. in Delta, British Columbia, an independent mineral sorting and petrographic laboratory. Quality assurance protocols, security and actual operating procedures for the processing, transport and recovery of diamonds conform to industry standard Chain of Custody provisions. As part of North Arrow's ongoing QA/QC programs, concentrate residues and other materials are subject to audit. Any significant changes to recovered diamond contents will be reported when available. 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.
Exploration of the Pikoo Diamond Project is conducted with Stornoway Diamond Corporation (TSX-SWY) under an 80% (North Arrow) / 20% (Stornoway) participating joint venture arrangement.
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 Pikoo Project, North Arrow is also currently evaluating each of the Qilalugaq (NU), 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
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This news release may contain forward looking statements. Readers are cautioned not to put undue reliance on forward-looking statements. These statements are not historical information and relate to future events or the Company’s future business prospects, financial results and other developments. Forward-looking statements can be identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “project”, “predict”, “potential”, “intend”, “may”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements reflect management's current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which the Company operates. These statements involve various risks and uncertainties, including, but not restricted to, the potential extent of mineralization, resources, or reserves; exploration results, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof, risks related to operations, the future price of minerals (including diamonds), defects in title, government regulation of mining operations, environmental risks, the need for adequate financing for future exploration and development, and general economic and financial market conditions, among other things. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those expressed or anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.