North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce that Time Domain Electromagnetic (TEM) ground geophysical surveys are underway out on its Canoe Lake property in Nunavut. The work is being carried out by Quantec Geoscience of Toronto, Ontario, under the direction of Zinifex Canada Inc. Zinifex Canada, recently entered into an agreement with North Arrow, allowing Zinifex to earn an interest in North Arrow's Canoe Lake property. Under the terms of the agreement, Zinifex may earn up to a 70% interest in the property by spending $3 million by December 1st 2009. A minimum expenditure of $1 million is required by December 1st, 2008. The 15,909 ha property is located within the High Lake greenstone belt, approximately 25 km south of Zinifex's High Lake base metal deposit. Zinifex Canada Inc. was formed as a result of the 2007 acquisition of Wolfden Resources by Zinifex Limited. Zinifex Canada has retained the Wolfden management team, which has been recognized for its exploration expertise in the discovery of the West Zone of the High Lake deposit.
It is planned that nine, 1 km by 1 km grids will be established and surveys will be carried out over conductors previously identified by horizontal loop electromagnetic surveys (HLEM). These conductors are coincident with volcanogenic massive sulphide (VMS) type stratigraphy, alteration and related stringer sulphide mineralization. The TEM data will provide more quantitative information and greater depth penetration. This information will be used to identify the most favourable targets for a planned drill program.
North Arrow is a 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 Silvertip project where North Arrow is currently carrying out an exploration drilling program. Other properties include the Run Lake base metal prospect located 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 $1.7 million.
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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