Mr. Ken Armstrong reports

NORTH ARROW REPORTS RESULTS FROM MACKAY & LDG LITHIUM PROJECTS, NT

North Arrow Minerals Inc. has released lithium assay results from fall 2023 exploration work at its 100-per-cent-owned MacKay and LDG lithium projects in the Northwest Territories. The two properties are located 10 kilometres apart, along the alignment of the annual winter road connecting Yellowknife with the Diavik diamond mine, approximately 13 km to the north of LDG. Highlights of these assay results include:

• At the MacKay project, 14 of 17 samples collected from the newly discovered MK3 pegmatite have returned over 1 per cent Li2O (lithium oxide), including five representative grab samples returning 5.25 per cent, 4.08 per cent, 2.71 per cent, 1.92 per cent and 1.10 per cent Li2O.
• A composite rock sawn channel sample from MK3 returned 2.10 per cent Li2O over four metres.
• Two additional composite four-metre channel samples from MK3 have returned 1.49 per cent Li2O and 1.43 per cent Li2O.
• Three representative grab samples from the previously unsampled northeastern extent of the MK1 spodumene pegmatite returned 3.21 per cent Li2O, 2.62 per cent Li2O and 0.11 per cent Li2O.
• Representative samples from the northern extent of the LDG project's SD2 spodumene pegmatite have returned 3.19 per cent Li2O, 1.53 per cent Li2O and 1.46 per cent Li2O, extending confirmed spodumene mineralization 260 metres to the north.
• A prospecting sample has returned 5.57 per cent Li2O at the southern end of a newly mapped 200 m long subcropping spodumene pegmatite approximately 120 m west of the main SD2 pegmatite showing.

Ken Armstrong, president and chief executive officer of North Arrow, commented: "The initial lithium assays from the MK3 spodumene pegmatite at North Arrow's MacKay project are highly encouraging and confirm MK3 as a new drill target. Additionally, the confirmation of significant lithium grades in the SD2 area of the LDG project provides confidence the area hosts multiple, subparallel spodumene pegmatites. Collectively, these results help advance our thesis that the LDG and MacKay oprojects could host spodumene pegmatites of similar size and grade to the deposits currently being drilled by other workers in the Yellowknife pegmatite province (YPP). With the MacKay and LDG projects, and the DeStaffany project in the YPP, North Arrow now holds a 100-per-cent interest in three Northwest Territories lithium projects where, during 2023, we have defined multiple drill-ready spodumene pegmatites. We are working towards seeing all three properties drilled in 2024."

MacKay lithium project

The MK3 spodumene pegmatite was discovered this fall (please see North Arrow news release dated Oct. 12, 2023), and is a prominent 15 to 20 m wide, white pegmatite exposure with common two-to-30-centimetre-long spodumene crystals. MK3 has been traced near continuously for approximately 130 m and remains open along strike to the west. Five representative grab samples, collected from various locations along the showing, have returned 5.25 per cent, 4.08 per cent, 2.71 per cent, 1.92 per cent and 1.10 per cent Li2O. Three follow-up channel samples, each four metres in length, have returned 2.10 per cent Li2O, 1.49 per cent Li2O and 1.43 per cent Li2O, providing a good representative indication of lithium mineralization within the pegmatite. It is important to note the channels were cut from outcrop areas amenable to sampling with a rock saw and did not test the entire exposed width of the pegmatite.

Follow-up sampling of the MK1 pegmatite, discovered earlier this summer approximately 4.5 km to the east of MK3, focused on the eastern extent of the showing, where three representative grab samples returned 3.21 per cent Li2O, 2.62 per cent Li2O and 0.11 per cent Li2O. These results build on earlier sampling, from which 10 of 12 rock samples returned over 1.1 per cent Li2O (please see North Arrow news releases dated Sept. 20, 2023, and Aug. 14, 2023, for details) and extend confirmed spodumene mineralization at MK1 to a total strike length of 450 m.

The MacKay project area has also been expanded to 8,661 hectares with the staking of additional mineral claims and hosts additional evolved pegmatite occurrences that require follow-up evaluation in 2024.

LDG lithium project

New assays from the SD2 target area on the LDG property extend confirmed spodumene mineralization 260 m northward with three representative grab samples returning 3.19 per cent Li2O, 1.53 per cent Li2O and 1.46 per cent Li2O. In addition, a separate, subcropping pegmatite has returned 5.57 per cent Li2O. This sample was collected at the southern end of a 200 m long, subcropping spodumene pegmatite running subparallel to and approximately 120 m west of the main SD2 pegmatite showing.

Outcrop exposures at both the SD2 and SD4 areas, where July sampling returned assays of up to 1.7 per cent Li2O and 2.1 per cent Li2O, respectively (please see North Arrow news release dated Sept. 18, 2023, for details), are generally of low profile and limited by extensive glacial overburden. However, continuing interpretation of field mapping data and detailed orthophoto and geophysical information indicate these pegmatites may extend beneath overburden along their interpreted strike. The discovery of several subcropping pegmatites in the SD2 area, adjacent to the main pegmatite showing, supports the concept that multiple subparallel pegmatites occur in these target areas with the same size potential as seen at the spodumene pegmatite occurrences in the Yellowknife pegmatite province.

Sample collection, laboratory procedures and quality assurance/quality control

Samples were collected in the field from rock sawn channels or as representative grab samples using a rock hammer. Channel samples were cut using a portable rock saw, with sampled material collected at one m intervals, chipped from between parallel incisions cut nominally three to four cm apart and three to four cm deep. Individual channel and grab samples were collected into plastic polymer bags, sealed and transported to ALS Global, where sample preparation and analytical work was conducted. Samples were prepared using ALS method CRU-31 (crushing to 70 per cent passing through a two-millimetre screen), SPL-21 (split sample -- riffle split) and PUL-31 (pulverize up to 250 grams to 85 per cent passing through a 75-micron screen). A 0.2-gram subsample of the pulverized material was analyzed for 52 elements using a sodium peroxide fusion by inductively coupled plasma mass spectrometry (ALS method ME-MS89L). Samples returning greater than 500 parts per million Li were also assayed using a 0.2-gram 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 per cent Li and have been multiplied by 2.153 to convert to per cent Li2O. Results passed QA/QC screening at ALS and North Arrow's inserted certified reference materials returned results within acceptable limits.

About North Arrow Minerals Inc.

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 advisers have significant successful experience in the global exploration and mining industry. North Arrow is evaluating spodumene pegmatites at its 100-per-cent-owned LDG, MacKay and DeStaffany lithium projects (Northwest Territories) 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 (Nunavut), Pikoo (Saskatchewan) and Loki (NWT) diamond projects and maintains a 100-per-cent interest in the Hope Bay Oro gold project, located approximately three km north of Agnico Eagle's Doris gold mine, Nunavut. North Arrow's exploration programs are conducted under the direction of Mr. Armstrong, PGeo (NWT/Nunavut, Ontario), president and CEO of North Arrow and a qualified person under National Instrument 43-101. Mr. Armstrong has reviewed and approved the technical contents of this press release.

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