North Arrow Reports 2.4% To 3.7% Li2O From MK1 Spodumene Pegmatite Mackay Lithium Property, NWT

August 14, 2023

North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to report prospecting results from the MK1 spodumene pegmatite, within North Arrow’s recently acquired 100% owned MacKay Lithium Project, Northwest Territories. The property is well located, immediately adjacent to the winter road connecting the city of Yellowknife with the Lac de Gras diamond mines (please see North Arrow news release dated July 17, 2023).

Four grab samples, ranging in weight from 0.45 kg to 2.06 kg, have returned 2.45%, 2.51%, 2.76% and 3.74% Li2O. The samples were collected in June 2023 during initial prospecting of the property. They were intended as a first pass evaluation of spodumene mineralization within the pegmatite and should not be considered representative. The samples contained visual spodumene crystals ranging from 2 cm to 4 cm in length and were collected at four locations over a 120m strike length of the pegmatite. Photos of the pegmatite exposures and spodumene mineralized samples can be found here.

Follow up mapping of the pegmatite was completed in mid-July and indicates that MK1 consists of a series of irregular sub-parallel pegmatite dykes ranging from 0.5m to >10m wide over a combined width of up to 150m and traced over an interpreted strike extent of greater than 400m. Interpretations are based on low relief bedrock exposures, with significant overburden coverage providing scope for expanding the pegmatite along strike.  Rock sawn channel samples have now been collected from MK1 and submitted to ALS Global in Yellowknife for analysis.

Ken Armstrong, President and CEO of North Arrow, stated, “We are pleased to confirm that significant lithium grades are at least locally present in the MK1 spodumene pegmatite at North Arrow’s MacKay Lithium Project. MK1 is an important addition to our lithium exploration portfolio, located within in the same geological setting as spodumene pegmatites on North Arrow’s LDG Lithium Property, approximately 20 km to the north, where an exploration drill program is scheduled to start later this month. North Arrow is requesting permission to include MK1 under the existing LDG land use permit and, if granted in time, it could be included as part of the drilling program.”

Sample preparation and analytical work reported herein were carried out by ALS Global. Samples were prepared using ALS method CRU31 (crushing to 70% passing through a 2 mm screen), SPL-21 (riffle split of 250g), and PUL-31 (pulverize up to 85% passing through a 75-micron screen). A 0.2g subsample of the pulverized material was analyzed for 52 elements using a sodium peroxide fusion by ICP-MS using ALS method ME-MS89L. Samples returning >500ppm Li were also assayed using a 0.2g subsample dissolved in a sodium peroxide solution and analyzed for lithium according to ALS method Li-ICP81. Lithium results are reported by the lab as % Li and have been multiplied by 2.153 to convert to % Li2O. Results passed QA/QC screening at ALS. No standards or blanks were included in the sample batch by the Company.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identification and evaluation of lithium and other exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow is evaluating spodumene pegmatites at its 100% owned DeStaffany, LDG and Mackay Lithium Projects (NWT) and is also exploring for lithium in Nunavut at the Bathurst Inlet pegmatite field and continues work to identify additional lithium exploration opportunities in northern Canada. North Arrow also owns interests in the Naujaat (NU), Pikoo (SK), Mel (NU), and Loki (NWT) Diamond Projects and maintains a 100% interest in the Hope Bay Oro Gold Project, located approximately 3 km north of Agnico Eagle’s Doris Gold Mine, Nunavut. North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101.  Mr. Armstrong has reviewed and approved the technical contents of this press release.

North Arrow Minerals Inc.  

/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO

For further information, please contact:
Ken Armstrong or Nick Thomas
Tel: 604-668-8354 or 778-229-7194

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility
for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow’s plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

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