VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 10, 2007) - North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to announce its exploration plans for the 28,000 acre Silvertip project, located in the Back River area of Nunavut, approximately 110 km east of the Diavik diamond mine and 115 km south of Sabina Silver's Hackett River deposit. North Arrow can earn up to a 60% interest in the project from Strongbow Exploration Inc. by spending $5 million prior to December 31, 2011. The property covers the Pale, Minou, and Silverhart silver/gold/base metal showings as well as over 15 km of prospective volcanic stratigraphy along the western flank of the Back River Intrusive Complex.
Required land use permits for a $500,000 exploration program are expected to be approved by mid to late May, 2007. Once permits are in place, North Arrow will establish a temporary exploration camp and undertake magnetic, electromagnetic and induced polarization surveys over the Pale and Minou showings to better define targets for a drilling program planned for later in the summer. North Arrow will also carry out a summer prospecting and mapping program to better define surface mineralization at the Silverhart showing and to locate new mineral showings within the Silvertip property. A complete NI 43-101 technical report documenting previous exploration within the Silvertip project area can be viewed at www.sedar.ca
Mineralization at the Pale showing consists of quartz veining and locally significant sulphide mineralization, hosted within a thick northwest striking sequence of variably silicified and carbonate altered felsic volcanic rocks. The showing is interpreted as part of an Archean epithermal system. During 1977 and 1978, Cominco Ltd. tested the showing with thirteen drill holes (2,541 m), with twelve of the holes intersecting significant polymetallic mineralization over a strike length of approximately 300 m and to a depth of 200 m. In particular, the drilling defines a northwest plunging zone of highlight assay values including:
----------------------------------------------------------------------- Drill Interval Silver Silver Gold Gold Lead Zinc Hole (m) (oz/ton) (g/tonne) (oz/ton) (g/tonne) (%) (%) ----------------------------------------------------------------------- P-1 72.50 3.97 136 Trace - - 0.35 ----------------------------------------------------------------------- Incl. 7.50 13.09 449 0.092 3.2 0.82 1.52 ----------------------------------------------------------------------- And 8.70 10.21 350 Trace - 0.25 0.71 ----------------------------------------------------------------------- P-7 60.10 1.17 40 0.095 3.3 1.04 3.05 ----------------------------------------------------------------------- Incl. 6.78 4.25 146 0.151 5.2 3.90 11.64 ----------------------------------------------------------------------- P-8 39.15 2.39 82 0.025 0.9 0.55 1.19 ----------------------------------------------------------------------- P-9 12.90 27.50 943 0.064 2.2 0.87 2.17 ----------------------------------------------------------------------- P-10 44.83 3.33 114 Trace - 0.29 0.89 ----------------------------------------------------------------------- P-12 8.04 7.14 245 Trace - - 0.37 -----------------------------------------------------------------------
Surface sampling completed by Strongbow in 2006 confirmed the tenor of mineralization at the Pale showing, with eleven of nineteen grab samples returning high grade precious and base metal values ranging from 1.98 to 15.7 g/t Au, 380 to 6,162 g/t Ag, 0.55 to 5.5% Pb and 1.18 to 18.0% Zn. Limited bedrock mapping has determined that the showing lies within a structurally complex, mineralized and altered northwest trending corridor. A shallow, northwest plunging mineral lineation has been mapped throughout the area and supports the interpretation of a higher grade, northwest plunging mineralized zone. Past drilling did not test the depth extent of this mineralized zone and this represents a priority exploration target.
The Minou showings are located approximately 2.5 km southeast of the Pale showings and consist of altered felsic pyroclastic rocks. The area was mapped by Cominco in the mid 1970's and again in the mid 1980's with grab samples returning from background levels up to 17.8 g/t Au, 76 g/t Ag, 3.1% Pb and 24.7% Zn. Seven of twelve prospecting grab samples collected by Strongbow geologists in 2006, returned from 1.86 g/t to 14.6 g/t Au and 8.8 g/t to 71.8 g/t Ag, as well as anomalous values of lead and zinc. The showings have been identified over a 500 m by 100 m area and are typically associated with narrow (less than 0.5 m) alteration zones in outcrop, and as discontinuous frost heaved slabs in areas of more extensive overburden.
The Silverhart showing, located 16 km northeast of the Pale showing consists of disseminated sulphide mineralization at or near the contact between felsic and intermediate volcanic flows. Historical trenching returned 970 g/t Ag and 0.48% Zn over 9.1 m, and a single drill hole completed by Silverhart Mines Ltd. In 1984 encountered 114.8 g/t Ag over 10.7 m, including 712 g/t over 1.5 m. North Arrow will complete detailed mapping of the showing in 2007 as well as possible ground geophysical surveys and drilling.
About North Arrow Minerals
North Arrow Minerals is a northern focused exploration company with a diversified portfolio of gold, silver, base metal, and diamond properties, a number of which contain drill ready targets. North Arrow's exploration activities are conducted under the direction of a management team based in Yellowknife, NWT with extensive exploration and development experience in northern Canada. North Arrow's 2007 exploration programs are conducted under the supervision of Gordon Clarke, P.Geol. (NT&NU), President and CEO for North Arrow and a qualified person under NI 43-101.
North Arrow Minerals Inc.
Gordon Clarke, President and CEO
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For more information, please contact
North Arrow Minerals Inc.
Gordon Clarke
President and CEO
1-867-873-8483
Email: [email protected]
