VANCOUVER,
Sept. 26, 2013 /PRNewswire/ -
Robert L. Card, President of
Arrowstar Resources Ltd., ("Arrowstar" or the
"Company") (TSXV: AWS), is pleased to report that the U.S. Bureau
of Land Management has issued a Bond request of $68,100 for a proposed drilling program at the
Company's Snettisham Iron Ore project. Arrowstar anticipates
the drilling permit will be issued by the Department of Mineral
Resources following posting of the bond.
Once the drilling permit is received, the
Company can proceed with developing its next phase of the
Snettisham Iron Ore project. The drilling permit covers a
proposed 3,000 meters of drilling comprised of nine holes ranging
in depth from 200 to 500 metres. Initial review has identified
three high magnetic intensity areas over a 750 metre distance with
the largest area having a magnetic intensity greater than 78,000
nanoTeslas over an ellipsoidal surface area of approximately 750
metres by 750 metres.
The drilling program was designed by
Phillip Thomas, VP of Exploration,
based on historical drilling done on the property by the Bureau of
Mines and Marcona Corporation. The purpose of the drill
program is to determine the extent of the mineralization at depth,
the mineralogy and petrology, the contact rock and the magnitude of
the mineralization. With this data, a NI 43-101 Report will be
prepared to report on the drilling results and the extent of the
mineralization. The drilling program is budgeted at $1.2 million.
In anticipation of favorable results, the
Company plans a Phase 2 program of an additional 5,000 - 7,000
meters in 11-15 holes to further delineate the parameters of the
iron formation and determine a measured resource estimate.
The Snettisham Iron Ore project was historically
explored by the Bureau of Mines in 1955 and Marcona Corporation in
1969. Marcona conducted sufficient drilling to complete
a feasibility study on the deposit and announced plans to put the
property into production in partnership with Marubeni of
Japan. Marcona's plans in
1970 called for production of 5 million tonnes of pellets per
year over a mine life of 50 years. The decline of iron ore
prices in the early 1970's caused the project to be delayed and
eventually abandoned. Arrowstar believes the deposit remains
extremely well located and of large size to make it economic in
todays iron ore market. The property is also located on
Tidewater on the Pacific Ocean and would serve the Asian Iron Ore
Trade. The property will be suitable for direct loading of
sea vessels from the property, therefore requiring no roads or rail
lines to be built. The Juneau Hydro Electric Power line is
located within 2 miles of the property.
Phillip Thomas,
BSc, MBus, MAIG, MAIMVA, a Qualified Person under NI 43-101,
has reviewed the content of this release.
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L.
Card
President
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release."
Forward-Looking Statements: This document
includes forward-looking statements. Forward-looking statements
include, but are not limited to, statements concerning AWS's
planned exploration programs and other statements that are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although AWS believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.