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North Arrow Minerals Inc (2)
Symbol NAR
Shares Issued 175,302,243
Close 2023-08-09 C$ 0.10
Market Cap C$ 17,530,224
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North Arrow confirms four spodumene pegmatites at LDG

2023-08-10 14:12 ET - News Release

Mr. Ken Armstrong reports


North Arrow Minerals Inc. has confirmed at least four spodumene pegmatites at the company's 100-per-cent-owned LDG property, Northwest Territories.

Highlights of this recently completed program, initially announced in North Arrow news release dated July 13, 2023, include:

  • Four spodumene-bearing pegmatites have been identified within five kilometres of the winter road connecting the Diavik diamond mine, 20 km to the north, with the city of Yellowknife, and within one km of an alternative winter road alignment used in the past.
  • The pegmatites remain open along strike and have been traced over estimated extents of 300 metres to greater than 500 m, based on interpreted continuity of low-relief outcrop exposures. Individual outcrops range from metre-scale to near continuous exposures over 200 m in strike length.
  • The pegmatites are interpreted to dip steeply at about 75 to 80 degrees with estimated widths ranging from five m to 50 m. Widths are poorly constrained by abundant overburden and rarely observed contacts with metasedimentary host rocks.
  • Pegmatite mineralogy consists of plagioclase, potassium feldspar, quartz, spodumene, muscovite and tourmaline. Spodumene is abundant in the pegmatites, locally reaching 15 to 20 per cent of observed outcrops, in some cases with very coarse crystals up to 50 centimetres in size.
  • Fifty-one channel and regional prospecting samples have been submitted to ALS Global in Yellowknife with results to be reported when received.
  • Abundant overburden in the area provides significant scope for expanding these showings considerably.

Ken Armstrong, president and chief executive officer of North Arrow, commented: "In a very short period of time, North Arrow has confirmed a new spodumene pegmatite field within our 100-per-cent-owned LDG project in the Northwest Territories. Based on the size potential of these pegmatites, their location immediately adjacent to transportation infrastructure provided by the Lac de Gras winter road, and the fact that an exploration camp and drilling permit are already in place, we have refocused our 2023 drilling plans to test these discoveries starting in late August. The program is intended to rapidly evaluate the pegmatites through approximately 2,000 m of delineation drilling and sampling, which will provide clarity of their full size and mineralization potential."

Drilling of North Arrow's 100-per-cent-owned DeStaffany lithium project, updated in a North Arrow news release dated July 11, 2023, will occur in 2024.

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 the 100-per-cent-owned DeStaffany lithium project located on Great Slave Lake in the Northwest Territories and is also exploring for lithium at the LDG project, Northwest Territories, and in Nunavut at the Bathurst Inlet pegmatite field and on Baffin Island. The company continues work to identify additional lithium exploration opportunities in northern Canada. North Arrow also owns interests in the Naujaat (Nunavut), Pikoo (Saskatchewan), Mel (Nunavut) and Loki (Northwest Territories) 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 Kenneth Armstrong, PGeo, 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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