North Arrow Starts Exploration Work at DeStaffany Lithium Project, NWT
2023年6月13日 - 9:00PM
North Arrow Minerals Inc. (TSXV-NAR)
(“
North Arrow”) is pleased to announce the start
of the 2023 exploration field program at its 100% owned DeStaffany
Lithium Property, Northwest Territories. Highlights of this initial
lithium exploration program will include:
- Detailed evaluation of the Moose 1
and Moose 2 lithium pegmatites including mapping and rock sawn
channel sampling;
- Mineralogical characterization
sampling of spodumene mineralized exposures of the Moose 1 and
Moose 2 pegmatites. Spodumene is the primary lithium-bearing
mineral of interest in these deposits. Sampling of exposed
mineralization will allow for spodumene recovery and
characterization studies to be completed in advance of exploration
drilling planned for August and September;
- Property wide prospecting of
identified target areas for previously undiscovered or undocumented
spodumene mineralized pegmatites; and
- Program funding has recently been
enhanced by a $180,000 grant awarded to the DeStaffany Lithium
Project under the Mining Incentive Program (MIP) of the Government
of the Northwest Territories.
Ken Armstrong, President and CEO of North Arrow
commented, “The start of this exploration program is an important
milestone for North Arrow, as the DeStaffany Lithium Project
represents a compelling spodumene pegmatite target with rapid
evaluation potential. Historic tantalum mining of the Moose 2
pegmatite has exposed spodumene mineralization that is easily
accessible for the mineralogical characterization sampling
currently underway, and channel sampling of the Moose 1 pegmatite
will provide the first full evaluation of spodumene mineralization
and its distribution in this pegmatite. Furthermore, the property’s
first exploration drilling program is planned for later this summer
and potential discovery of additional spodumene pegmatites during
current fieldwork could add new targets to include as part of this
drilling.”
Mr. Armstrong continued, “The combination of
drilling and surface sampling at DeStaffany is intended to rapidly
evaluate the resource potential of these pegmatites. Their
location, within 300 metres of the shoreline of Great Slave Lake,
is unique in the Yellowknife Pegmatite Province, and allows for
excellent access to the property, including barge access to the
NWT’s railhead in Hay River. With the recent closing of a $2.4M
financing and the start of exploration fieldwork, we look forward
to reporting our progress at DeStaffany and North Arrow’s other
lithium exploration properties over the next several months.”
A short slideshow of images from the first few
days of the program can be viewed here.
About the DeStaffany Lithium
Project
The DeStaffany Lithium Project is located on the
shore of Great Slave Lake, approximately 115 km east of
Yellowknife, NWT. The property hosts the Moose 1 and Moose 2
lithium-tantalum-niobium pegmatites, which form part of the
Yellowknife Pegmatite Province. The Moose pegmatites were initially
evaluated in the 1940’s for tantalum and niobium. Despite the
exposure of very large spodumene crystals up to one metre in length
within historic mine workings, the Moose pegmatites have never been
subject to a focused evaluation of their lithium potential.
Spodumene is the primary lithium-bearing mineral of interest in
these deposits and sampling of exposed mineralization should allow
for spodumene recovery and characterization studies to be conducted
in parallel with initial delineation drilling in 2023. A review of
satellite imagery and historic rock geochemistry datasets has
identified additional target areas for potential discovery of new
pegmatites on the property.North Arrow’s exploration programs are
conducted under the direction of Kenneth Armstrong, P.Geo.,
President and CEO of North Arrow and a Qualified Person under NI
43-101. Mr. Armstrong has reviewed and approved the technical
contents of this press release.
About North Arrow Minerals
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 advisors have significant
successful experience in the global exploration and mining
industry. North Arrow is evaluating spodumene pegmatites at the
newly acquired 100% owned DeStaffany Lithium Project located on
Great Slave Lake in the NWT and is also exploring for lithium in
Nunavut at the Bathurst Inlet pegmatite field and on Baffin Island
and continues work to identify additional lithium exploration
opportunities in northern Canada. North Arrow also owns interests
in the Naujaat (NU), Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV
(NWT) Diamond Projects and maintains a 100% interest in the Hope
Bay Oro Gold Project, located approximately 3 km north of Agnico
Eagle’s Doris Gold Mine, Nunavut.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”Kenneth
ArmstrongPresident and
CEO For further
information, please contact:Ken Armstrong or Nick ThomasTel:
604-668-8354 or 778-229-7194Website: www.northarrowminerals.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
This news release contains "forward-looking
statements" including but not limited to statements with respect to
North Arrow’s plans, the estimation of a mineral resource and the
success of exploration activities. Forward-looking statements,
while based on management's best estimates and assumptions, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the successful integration of acquisitions; risks
related to general economic and market conditions; closing of
financing; the timing and content of upcoming work programs; actual
results of proposed exploration activities; possible variations in
mineral resources or grade; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; changes in national and local
government regulation of 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 forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. 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 undertakes no
obligation or responsibility to update forward-looking statements,
except as required by law.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0bf7b53-331e-45e9-9359-da5e13d6b107.
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