North Arrow Minerals Inc. ("North Arrow" or "the Company") (TSXV-NAR) is pleased to announce that it has initiated induced polarization ("IP") and ground magnetic surveys at the Agua Grande gold-copper project in Chile. The surveys are part of the technical due diligence agenda undertaken by North Arrow under the Letter of Intent ("LOI") to acquire the project, as announced in the news release dated July 11th, 2011.
The Agua Grande property includes two district-scale intersecting faults running northeast and north-northwest and these are believed to be the main feeders of hydrothermal fluids to the system. Hydrothermal alteration covers an area of approximately six square kilometres, including a silicified core and an argillic envelope. Copper and gold mineralization is found in large veins and stockworks, which in several areas of the property are being mined in small-scale open-pit and underground operations, including the El Peralito, Venero Negro and Albrun mines. The geophysical surveys will cover the entire project area with a goal of identifying similar vein systems as well as potential larger mineralized source deposit(s) at depth.
The Chilean geophysical company Geoexploraciones has been contracted to complete the 13.6 line kilometre IP and magnetic surveys, which will penetrate up to 400 metres depth. In addition to the geophysical surveys, North Arrow will conduct an initial surface sampling program on the property during the due diligence period. Results from the geophysical and geochemical programs will be evaluated along with historical surface geochemical data generated by the Chilean National Agency ENAMI to delineate potential drill targets.
LOI Extension
The 90-day due diligence period was originally scheduled to commence at the signing of the LOI. However, a condition of the LOI required the underlying project owners to secure certain outstanding properties. That condition is now being fulfilled, however due to the length of time required to meet the obligation, the 90 day due diligence period will now start September 14th 2011.
South American Operations
North Arrow has completed the creation of its Chilean subsidiary, Compania Minera North Arrow Chile Limitada and established an office in Santiago. The Company continues to review advanced exploration properties throughout South America and expects to add to its portfolio of precious and base metal projects in the coming months.
About North Arrow Minerals
North Arrow Minerals is a well-established junior exploration company with a diversified portfolio of gold, base metal and diamond projects. Most of the North Arrow's Canadian properties are funded through option or joint venture agreements, allowing the Company to focus its resources on the acquisition and development of exploration properties in South America.
North Arrow Minerals Inc.
/s/ "Brian McEwen"
Brian McEwen
President and COO
For further information, please contact:
Julie Hajduk
Corporate Communications
Tel: 604-681-5543/ Cell : 778-240-7077
Email: [email protected]
Website: www.northarrowminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements The information in this press release includes certain "forward-looking statements". All forward-looking statements and information are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
