North Arrow Confirms New Diamondiferous Kimberlites at Pikoo, Saskatchewan
VANCOUVER, BC--(Marketwired - May 31, 2016) - North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to announce initial microdiamond results from the 2016 drilling program at the Pikoo Diamond Project in central eastern Saskatchewan, approximately 10 km north of the road accessible community of Deschambault Lake. These results continue to confirm that all Pikoo kimberlites tested to date are diamondiferous, including new kimberlite PK346.
As reported in North Arrow news release dated April 4, 2016, a total of 2,124m of drilling was completed during the 2016 program with kimberlite encountered in 14 of 19 drill holes. The most significant discoveries were made in the North Pikoo area where kimberlite was encountered in seven of nine holes. The table below summarizes results from the PK150 kimberlite as well as three bodies in the North Pikoo area: PK346, PK314WestExt, and PK314EastExt:
| Number of Diamonds per Sieve Size (mm Square Mesh Sieve) | ||||||||||||||||||||
| Kimberlite | Sample | 0.106 | 0.15 | 0.212 | 0.3 | 0.425 | 0.6 | 0.85 | Total | Total | ||||||||||
| Weight | -0.15 | -0.212 | -0.3 | -0.425 | -0.6 | -0.85 | -1.18 | Stones | Carats | |||||||||||
| Dry Kg | +0.85mm | |||||||||||||||||||
| PK150 | 50.95 | 29 | 18 | 16 | 8 | 3 | 1 | 1 | 76 | 0.021 | ||||||||||
| PK314 WestExt | 78.6 | 8 | 1 | 1 | 0 | 0 | 0 | 0 | 10 | N/A | ||||||||||
| PK346 | 157.3 | 17 | 4 | 1 | 0 | 0 | 0 | 0 | 22 | N/A | ||||||||||
| PK314 EastExt | 39.9 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 5 | N/A | ||||||||||
A 157.3 kg sample from drill hole 16PK-41 testing PK346 returned 22 diamonds greater than the 0.106 mm sieve class. PK346 is interpreted as a near vertical northeast trending body located approximately 25m north of kimberlite PK314, discovered in 2015, and south of a series of kimberlite dykes discovered in 2013.
A separate 78.6 kg sample also from drill hole 16PK-41 returned 10 diamonds greater than the 0.106 mm sieve class. This kimberlite interval is tentatively interpreted as the western extension of kimberlite PK314 ("PK314WestExt"), however it may alternatively be part of PK346 or a distinct body located between PK314 to the south and PK346 to the north.
A 39.9 kg sample from drill hole 16PK-46 returned 5 diamonds greater than the 0.106 mm sieve class. This kimberlite interval is tentatively interpreted as the eastern extension of PK314 ("PK314EastExt"), however it could alternatively represent a discrete body to the southeast of PK314.
Detailed petrographic work is underway to aid in the interpretation of the North Pikoo kimberlites in conjunction with diamond results, mineral abundances and core logging information. As part of this exercise, a number of samples from each kimberlite have been submitted for mineral abundance and composition analyses in an effort to determine if these kimberlites represent a potential source for high interest pyrope garnets identified in the North Pikoo kimberlite indicator mineral train.
In the South Pikoo area, a 50.95 kg sample of PK150 from drill hole 16PK-38 has returned 76 diamonds greater than the 0.106 mm sieve class. This result is in line with previously reported microdiamond results from this body.
An additional 239 kg of kimberlite from PK150, PK346 and PK314WestExt are currently being processed for additional microdiamond information.
Scientific and Technical Data
Diamond results reported above are based on caustic fusion processing and diamond sorting completed by Saskatchewan Research Council's Geoanalytical Laboratories located in Saskatoon, Saskatchewan, an independent mineral process laboratory facility which is accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory for diamond analysis. Quality assurance protocols, security and actual operating procedures for the processing, transport and recovery of diamonds conform to industry standard Chain of Custody provisions. As part of North Arrow's ongoing QA/QC programs, concentrate residues and other materials are subject to audit. Any significant changes to recovered diamond contents will be reported when available. North Arrow's diamond 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 approves the scientific and technical content of this press release.
Exploration of the Pikoo Project is conducted under an 80% (North Arrow) / 20% (Stornoway Diamond Corp.) participating joint venture arrangement. Stornoway has elected not to contribute its share of the approved 2016 exploration budget. North Arrow has elected to solely fund the program and as a result its ownership interest will increase to approximately 85%.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the Canadian diamond industry. In addition to the Pikoo Project, North Arrow is also currently evaluating the Qilalugaq (NU), Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
/s/ "Kenneth A. Armstrong"
Kenneth Armstrong
President and CEO
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.
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Contact
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com