North Arrow Minerals Inc. (TSXV-NAR) is pleased to announce that the winter 2016 exploration drilling program is underway at the Pikoo Diamond Project in central eastern Saskatchewan.Â Approximately 2,500 m of drilling is planned to fully delineate diamond bearing kimberlite discoveries made in 2013 and 2015 and to test new targets identified from recent geophysical surveys. Ground geophysical surveys of selected target areas are underway and the drill is to be mobilized to the property this week. The program is expected to run through to the end of March 2016.
A total of seven discrete kimberlite occurrences have been discovered to date within the Pikoo Project, four of which have been confirmed as diamond bearing. The most significant discovery to date is the PK150 kimberlite, from which a total of 531.1 kg has been tested by caustic fusion analyses, returning 1232 diamonds greater than 0.106mm including 32 diamonds greater than 0.85mm. (Please see North Arrow news release #15-14 dated October 20, 2015 for details). The 2016 drilling program is designed to fully define the extent of the PK150, PK311 and PK312 kimberlites and to test a number of new targets within the Project area.
Exploration of the Pikoo Project is conducted under an 80% (North Arrow) / 20% (Stornoway Diamond Corporation) participating joint venture arrangement. The joint venture has approved a $1.69M budget (including contingencies) for the 2016 drilling program. Stornoway has elected not to contribute its share of the 2016 exploration budget. North Arrow has elected to solely fund the program and as a result its ownership interest will increase to approximately 85%.
North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed and approves of the scientific and technical content in this news 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 Pikoo Project, North Arrow is also currently evaluating the Qilalugaq (NU), Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
North Arrow Minerals Inc. Â
/s/ “Kenneth A. Armstrong”
President and CEO
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354
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Â for the adequacy or accuracy of this release.
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.