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Summary

Location: Lac de Gras, Northwest Territories - 290 km northeast of Yellowknife
Size: 125,000 hectares
Ownership: 45% North Arrow, 55% Dominion Diamond with Participating Interests
Stage: till sampling and geophysics; drill target generation
Closest Infrastructure: Diavik diamond mine 10 km to northeast; Ekati mine located 20 km north; ice road comes through property boundary


Highlights


Overview

The Lac de Gras Project is located in the Lac de Gras kimberlite field, close to two of the world’s richest  diamond mines: Diavik and Ekati. North Arrow considers the area to have significant exploration potential for the discovery of new diamondiferous kimberlites.  Exploration of the project is conducted under joint venture agreement with Dominion Diamond Corporation under which Dominion owns 55% interest in the project.  Dominion is the most important diamond company in the NWT, owning an interest in both the Diavik (40%) and Ekati (80%) mines.

Previous work in the project area has included airborne surveys, till sampling, ground geophysics and limited diamond drilling. Untested geophysical anomalies and unexplained geochemical anomalies remain, but the glacial history of the project area south of Lac de Gras is considered to be complex, having been exposed to multiple glacial events.

In 2013, Dominion earned their interest in the Project by conducting an extensive, $5 million program of reverse circulation overburden drilling intended to fully evaluate basal tills for kimberlite indicator minerals.  The program utilized a helicopter portable reverse circulation drill capable of sampling a complete till column to reach basal till not accessed by previous surficial till sampling. A total of 757 overburden reverse circulation drill holes (1,704 samples) tested the basal tills of the property for kimberlite indicator minerals (KIMs).  The 2013 exploration program was managed by Aurora Geosciences Ltd. of Yellowknife, NT and till samples were processed at Overburden Drilling Management Limited of Ottawa, ON.  

In January 2016 the joint venture approved a $1,280,000 exploration budget for the period from February 2016 to January 2017. The program will consist of data compilation work, airborne geophysical surveys and ground follow up work. Subsequent to the approval of the 2016 exploration program and budget, the Company elected not to contribute its 45% share of costs to the program and Dominion elected to fund the full program and budget. As a result, assuming the full program budget is spent, the Company expects its interest in the LDG joint venture to dilute to approximately 39%. The decision to not participate in the approved program and budget allows North Arrow to focus its exploration expenditures on the Pikoo and Redemption Project drill programs while retaining a significant interest in the LDG joint venture.

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