North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce a grab sample from its spodumene bearing McAvoy pegmatite has returned an assay of 3.5% Li2O. The McAvoy pegmatite is located in the Torp Lake area of Nunavut, 30 km southwest of tidewater on the Arctic coast and 245 km east southeast of the Hamlet of Kugluktuk. The area was previously investigated by the Geological Survey of Canada and the McAvoy pegmatite dike was described as being traceable for 200 m, with discontinuous outcrops suggesting that the dike may extend for as much as 400 m along strike.
The Company is also pleased to report it has acquired, by staking, several additional lithium prospects in the Reid Lake area of the Northwest Territories. Previous Government funded studies of the Reid Lake area identified outcrops of spodumene-bearing pegmatites up to 20 m wide by 230 m in length. Two claims totaling 2,273 acres were staked to cover pegmatite occurrences described as containing abundant spodumene. The Reid Lake area is located 275 km northeast of Yellowknife, within 5 km of existing winter road infrastructure and will be explored as part of the Company's Phoenix project which includes the 1,200 m long Big Bird pegmatite.
North Arrow has also amended the terms of the agreement for its Hay Duck project, Northwest Territories. Under the amended terms, the due date of a May 1, 2009 cash payment of $25,000 to the property vendor has been postponed to January 1, 2010. North Arrow will seek regulatory approval to issue 50,000 common shares of North Arrow to the property vendor as partial compensation for amending the payment terms. The estimated fair value of the common shares at the issuance date will be deducted from the January 1, 2010 payment.
North Arrow's primary focus for the 2009 field season will be to fully evaluate and advance its wholly owned Phoenix and Torp lithium projects located in northern Canada.
North Arrow Minerals Inc.
/s/ "D. Grenville Thomas"
D. Grenville Thomas
President and CEO
For further information, please contact:
D. Grenville Thomas
President and CEO
Tel: 604-668-8355
Email: [email protected]
Website: www.northarrowminerals.com
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