North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce that ground geophysical surveys have begun on its wholly owned Regan Lake gold project in the Back River area of Nunavut. The 9,787 ha property is located approximately 30 km northeast of North Arrow's Silvertip exploration camp from which the program is being staged. Total field magnetic and horizontal loop electromagnetic (HLEM) surveys are currently underway and are expected to be completed over the next two weeks. A follow up drilling program is tentatively planned for early June utilizing the diamond drill currently working on the Silvertip project.
The exploration target at Regan Lake is an iron formation-hosted gold deposit similar to the Lupin mine and Goose Lake deposit located 165 km to the northwest and 110 km to the northeast, respectively. Past exploration in the Regan Lake area has focused on two occurrences of folded sulphidic iron formation in the southeastern part of the property. These showings were last drilled in 1988 and produced highlight gold assays of 10.7 g/t Au over 4.38 m, 21.3 g/t Au over 2.87 m and 27.4 g/t Au over 4.70 m. However, results from a detailed (50 m line spaced) Dighem helicopter-borne survey conducted in 2004, indicate that iron formation is far more extensive in the Regan Lake area than recognized by previous workers. The survey highlighted the presence of deformed iron formation over a 19 km strike length with complex folding and faulting of the iron formation and related stratigraphy that is very well developed in the southeastern half of the property. Bedrock exposure within the property is very poor and the significant overburden coverage may have inhibited identification of additional potential mineralized zones by previous workers. Several of these fold closures and related deformation zones have never been drilled or explored and represent excellent exploration targets for gold mineralization. Surface mapping and prospecting has shown that gold mineralization is associated with arsenopyrite in quartz veins and typically occurs proximal to multiple horizons of iron formation and major southeast-trending structures.
The primary target of the current program is a broad, fold thickened iron formation located within 800 m and 1500 m respectively of the previously drilled gold occurrences. The detailed airborne survey has outlined a magnetic signature typical of an iron formation type response over an area of approximately 500 m by 300 m. Follow up prospecting has indicated very little outcrop exposure in this area, however grab samples of float occurrences have returned assays up to 16.41 g/t Au. A brief 3-4 hole drilling program is planned to test the most prospective target areas defined by the current ground magnetic and HLEM surveys.
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. A number of the Company's Nunavut based properties, including Regan Lake, are located on Inuit Owned Land and are subject to a five year old exploration agreement with Nunavut Tunngavik Incorporated. 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
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
