North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce a 1,500 metre drilling program at its 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. (SBW: TSXV) by spending $5 million prior to December 31, 2011. Drilling is set to commence the first week of April, 2008.
The drilling program will focus on further defining the Pale showing, which 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 up 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. The results from bedrock mapping and ground geophysical surveys completed in 2006 and 2007 support the interpretation of a northwest plunging mineralized zone. The goal of the current drill program will be to test this interpreted extension at depth and along strike.
North Arrow is a northern based, northern focused exploration company with significant land holdings in Nunavut and the Northwest Territories. The company maintains a diversified portfolio of over ten gold, silver, base metal and diamond properties. A number of these properties contain drill ready targets including the Canoe Lake and Run Lake base metal prospects, respectively located 25 km south and 26 km northwest of Zinifex's High Lake base metal deposit, and the ORO gold property located on tide water in the Hope Bay greenstone belt, approximately 3 km north and along strike of Newmont Mining's Doris gold deposit. North Arrow presently has 21,810,795 shares issued and outstanding (27,359,217 fully diluted) and working capital of approximately $2.5 million.
North Arrow's 2008 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.
/s/ "Gordon Clarke"
Gordon Clarke
President and CEO
For further information, please contact:
Gordon Clarke
President and CEO
Tel: 867 873-8483
Email: [email protected]
Website: www.northarrowminerals.com
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