Hope Bay

Summary

Location: Melville Sound, Nunavut -725 km north of Yellowknife, 150 km southwest of Cambridge Bay, NU
Size: 4,103 hectares, consisting of five leases
Ownership: 100% North Arrow (currently under option to Sennen Resources Ltd.)
Stage: confirmed near-surface gold mineralization over 300 metres of strike; further drilling required
Closest Infrastructure: north project boundary on tidewater of Melville Sound; south project boundary within 5 km of Doris Mine (not currently in operation)
Project Location Map: Click here to view


Highlights


Overview

Mapping and geochemical surveys have confirmed that the host stratigraphy to the Doris deposit extends northward onto North Arrow’s Hope Bay property. Several gold showings have been identified, including the Elu shear, an approximately 400 m long mineralized shear zone structure where a 1998 drill program completed by Navigator Exploration Corp. encountered 14.3 g/t Au over 2.12 m and 5.96 m grading 5.48 g/t within a single drill hole. A second, steeper drill hole from the same set up encountered 2.18 m grading 3.61 g/t Au, before encountering a post mineralization dyke. North Arrow considers the Hope Bay Property to have significant merit given its proximity to the Doris deposit and the related infrastructure improvements currently being constructed by TMAC, including an airstrip and barge docking facility.

An option agreement was announced on July 21, 2001 whereby Sennen Potash Ltd. can earn a 60% interest by funding a $5 million exploration program over a five year period.In 2011, Senned funded anexploration program that included 1225 metres of diamond drilling in 11 holes focused on the Elu Shear zone. Ten of the eleven holes  intersected the Elu shear and returned significant gold values. As well, substantial gold values were returned for the Elu splay and Elu shear east, which occur sub parallel to the Elu shear to the northwest and the southeast of the Elu shear, respectively. Interpretation of the results indicates that additional drilling is warranted to fully outline gold mineralization associated with the Elu shear. In addition, further work to identify other gold mineralized shears within the property is also warranted.

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