VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2007) - North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to announce mobilization will commence this week, and an exploration program will be initiated on 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 is funding all exploration expenditures for 2007 and can earn a 60% interest in the project by spending $5 million prior to December 31, 2011. The project area 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.
All required land use permits are in place and magnetic, electromagnetic and induced polarization surveys will be undertaken over the Pale showing. Data collected from these surveys will be used to plan a follow up diamond drill program. Additional mineral potential of the Silvertip property will be evaluated through mapping and prospecting and, if warranted, additional geophysical surveys will be carried out.
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. 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:
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Drill Hole Interval Silver Silver Gold Gold Lead Zinc
(m) (oz/ton) (g/tonne) (oz/ton) (g/tonne) (%) (%)
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P-1 72.50 3.97 136 Trace -- -- 0.35
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Incl. 7.50 13.09 449 0.092 3.2 0.82 1.52
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And 8.70 10.21 350 Trace -- 0.25 0.71
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P-7 60.10 1.17 40 0.095 3.3 1.04 3.05
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Incl. 6.78 4.25 146 0.151 5.2 3.90 11.64
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P-8 39.15 2.39 82 0.025 0.9 0.55 1.19
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P-9 12.90 27.50 943 0.064 2.2 0.87 2.17
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P-10 44.83 3.33 114 Trace -- 0.29 0.89
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P-12 8.04 7.14 245 Trace -- -- 0.37
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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.
The Company also reports that it has received notice that Stornoway Diamond Corporation has relinquished its option to earn an interest in the Lac de Gras project which includes the LDG and Daring Lake properties.
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
North Arrow to Commence Exploration Program for Silvertip Project Nunavut, Canada
For more information, please contact
North Arrow Minerals Inc.
Gordon Clarke
President and CEO
(867) 873-8483
Email: [email protected]
