North Arrow Minerals Acquires DeStaffany Spodumene Lithium Property, NWT
VANCOUVER, British Columbia, Jan. 30, 2023 (GLOBE NEWSWIRE) — North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to announce that it has earned a 100% interest in the DeStaffany Lithium Property of Yellowknife Pegmatite Province, Northwest Territories, as part of an initiative to leverage North Arrow’s knowledge and experience in lithium and other critical metals in northern Canada while further evaluating its portfolio of Canadian diamond properties.
Ken Armstrong, President and CEO of North Arrow, commented, “The acquisition of the DeStaffany Lithium Project is part of a larger opportunity to benefit from North Arrow’s extensive exploration experience in the NWT and Nunavut, including previous evaluations of lithium, tantalum and rare earth elements (REE)- Mineralization at a number of locations on both areas. In fact, the DeStaffany area was the subject of tantalum and nickel exploration by a predecessor company of North Arrow from 1998 to 2002 and North Arrow chairman Gren Thomas was responsible for the discovery of niobium, tantalum and rare earth element mineralization in the area at nearby Blatchford Lake Complex in the 1970s, home to the newly opened Nechalacho Mine, Canada’s first producer of rare earth elements.”
The DeStaffany Lithium Property covers 1,843 hectares and is located on the north central shore of Great Slave Lake, approximately 18 km northeast of the Nechalacho Mine and 115 km east of Yellowknife. The property hosts the lithium-tantalum-niobium bearing Moose 1 and Moose 2 pegmatites. The pegmatites were originally assayed for tantalum and niobium in the 1940’s but have never been specifically evaluated for their lithium potential. New discoveries are possible within the property, as demonstrated by the identification of additional pegmatites by a predecessor of North Arrow. At this time these pegmatites have not been characterized or evaluated for their lithium potential.
The Moose 1 pegmatite has never been drilled but has been traced over a 370m strike averaging 4.5m to 6.0m and a maximum width of approximately 11m and hosts spodumene mineralization containing 1, Channel sampling in 2009 returned 5% Li2O over 7.5m from historical. Additional historical surface sampling has returned 4.1% Li2O from background values.
The pegmatite Moose 2 has been mapped over a strike length of 450m and is up to 30m wide. The pegmatite was bulk sampled and mined for tantalum and niobium potential in the 1940’s and 1950’s producing tantalum, niobium and lithium concentrates, but was never evaluated for lithium potential or drilled. Spodumene mineralization is widespread throughout the pegmatite, with elevated lithium assays of up to 2.73% Li2O coming from sampling along at least 250m of strike length of the body.
The Moose pegmatites are located 1 km from Great Slave Lake and provide year-round access to both Yellowknife and Hay River properties on the south side of the lake. The next steps for the property include preparing for mapping, sampling and prospecting prior to initial drill testing of these mineralized spodumene pegmatites.
Conditions of Purchase
North Arrow has partnered with Panarc Resources Ltd. (“Panarc”) has entered into an agreement to earn a 100% interest in the DeStaffany mineral claims by reimbursement of $18,000 in staking costs and the issuance of 500,000 North Arrow shares to Panarc, subject to TSX Venture Exchange approval. In addition, Panarc will retain a 2% royalty on future mineral and metal production from the property. Half of the royalties can be purchased at any time for $2 million. North Arrow and Panarc have also entered into a strategic alliance to work together to identify and acquire additional lithium projects in the three Canadian territories.
North Arrow’s exploration programs are being conducted under the direction of Kenneth Armstrong, P.Geo., North Arrow’s President and CEO and a Qualified Person as defined by NI 43-101. Mr. Armstrong has reviewed and approved the technical content of this press release.
About North Arrow Minerals
North Arrow is a Canadian exploration company focused on identifying and evaluating diamond exploration opportunities in Canada. North Arrow’s management, board and consultants have extensive and successful experience in the global diamond industry. North Arrow’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU) where diamonds recovered from a 1,814 tonne bulk sample valued at US$5.6 million are currently being evaluated. North Arrow has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV (NWT) projects. North Arrow also has a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of Agnico Eagle’s Doris Gold Mine.
North Arrow Minerals Inc.
/s/ “Kenneth A Armstrong”
President and CEO
For more information please contact:
Tel: 604-668-8355 or 604-668-8354
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This press release contains “forward-looking statements,” including, but not limited to, statements relating to North Arrow’s plans, the estimate of a mineral resource and the success of exploration activities. While forward-looking statements are based on management’s best estimates and assumptions, they are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to: risks related with the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; timetable and content of forthcoming work programmes; actual results of proposed exploration activities; potential fluctuations in mineral resources or grade; failure of any facility, equipment or process to function as expected; accidents, labor disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; Changes in national and local government regulations governing 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 the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended fail. 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 assumes no obligation or responsibility to update any forward-looking statement, except as required by law.