North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce an agreement with Dr. Chris Jennings to jointly explore its Lac de Gras diamond property. The Lac de Gras property is located within the prolific Lac de Gras diamondiferous kimberlite field in Canada's Northwest Territories. The property directly adjoins the mineral leases that host the Diavik diamond mine, located 10 km to the north. The Ekati diamond mine is located within 40 km to the northwest. The kimberlites of the Diavik and Ekati diamond mines represent some of the richest diamond deposits in the world.
Under the terms of the agreement, Dr. Jennings can earn a 70% interest in the Lac de Gras property by i) paying the full legal survey costs required to convert existing mineral claims to mining leases, ii) paying the first year's rental fees for the mining leases, and iii) conducting a review of existing geophysical magnetic data using a proprietary processing technique. Subsequent exploration of the Lac de Gras property will be carried out based upon a 70%/30% (Dr. Jennings/North Arrow) joint venture. A comprehensive review of detailed high resolution helicopter borne total field magnetic data has been carried out by Dr. Jennings using a proprietary processing technique. The data review has outlined numerous untested geophysical targets with characteristic kimberlite signatures. Some of these targets lie along the projected southern extensions of both the Ekati and Diavik Mine kimberlite trends. This same processing technique has been used on geophysical data collected outside of, but proximal to, the Lac de Gras property and in 2008 resulted in the discovery of diamondiferous kimberlites. An exploration program for the Lac de Gras property is planned for 2010.
Dr. Chris Jennings states "In November 1991, Gren Thomas and I left Yellowknife to start the staking of what is now the Diavik Diamond Mine. I'm delighted to be working with Gren once again".
North Arrow maintains a diverse portfolio of lithium, diamond, gold and base metal exploration properties in North America. North Arrow's exploration programs are conducted under the supervision of Gordon Clarke, P.Geol (NT&NU), Vice President, Exploration for North Arrow and a qualified person under NI 43-101.
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]
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
