North Arrow Updates Naujaat Diamond Project, Nunavut

REPORTS MICRODIAMOND RESULTS FROM Q1-4 KIMBERLITE
SUPPORTS NAUJAAT COMMUNITY ACCESS TRAIL

VANCOUVER, Jan. 15, 2019 - North Arrow Minerals Inc. (TSXV-NAR) is pleased to provide an update on its 100% owned Naujaat Diamond Project, Nunavut, including new microdiamond recoveries from the Q1-4 kimberlite diamond deposit, located 9 km from the coastal community of Naujaat. Final diamond recoveries are summarized in the table below.

The microdiamond results reported in this release are for samples collected as part of the 2017 bulk sampling and delineation drill programs, details of which were reported in a North Arrow news release dated September 12, 2017. Microdiamond sampling focused on evaluating representative material from each kimberlite unit between surface and approximately 300m below surface. Results reported today include samples from three of the five Q1-4 model units (A61, A88, and A48b) and compare well with previous microdiamond recoveries from the kimberlite. The Green unit, which was first identified during the 2017 program, has since been recognized in several historic drill holes and, although of minor volumetric importance, is clearly distinct from the other major units in Q1-4. The GLOB unit is a globular segregationary kimberlite of uncertain affiliation that may be distinct from, or part of, the A48a kimberlite unit. A selection of microdiamond samples from A48a have undergone caustic fusion and final diamond recoveries are presently underway.

Project Update

North Arrow continues to focus on planning efforts for collection of a 10,000 tonne bulk sample from Q1-4 for the purpose of evaluating the diamond size distribution and value characteristics of the deposit, with particular emphasis on a distinct population of fancy yellow to orangey yellow diamonds that has been identified in each phase of the kimberlite. Design planning is underway for the bulk sample program, including permitting, collection, transportation and processing options, as well as financing options for collecting the sample.

As part of these efforts, North Arrow is pleased to support a recent application submitted by the Hamlet of Naujaat for a permit to construct a community access trail extending 14.8 km northeast of the community. The proposed access trail will pass approximately 1.5 km southeast of Q1-4 and could be used during further evaluation of the deposit, including collection of the 10,000 tonne bulk sample. Use of the access trail would reduce the cost of a bulk sample by allowing sample collection and transportation to occur without helicopter support, reducing local air traffic disturbance, and increasing opportunities for local businesses and employment. The access trail will lie entirely within the community’s municipal boundaries and the Hamlet has taken the lead on its design and construction as the proposed trail has a number of beneficial social and economic development outcomes, including increased tourism and education opportunities, access to aggregate and carving stone sources as well as improved and safer access to the land for traditional land use activities. North Arrow has been working with the Hamlet on routing, permitting and construction of the access trail, including sharing results of the Company’s ecological mapping, engineering and archaeological studies of potential routes. Next steps for the access trail project include working with the Hamlet to identify funding options for the start of trail construction during the summer of 2019.

Scientific and Technical Data

Diamond results reported above are based on work completed by Microlithics Laboratories, Thunder Bay, Ontario, and I&M Morrison Geological, Delta, British Columbia. Both are independent mineral process and sorting laboratories. 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.

The Naujaat Diamond Project programs are managed by Michael MacMorran, P.Geo. (NU/NWT), Project Geologist for North Arrow. The Company’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow. Both Mr. MacMorran and Mr. Armstrong are Qualified Persons under NI 43-101 and have reviewed the contents of this press release.

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 advanced stage Naujaat Project, North Arrow has discovered and is evaluating kimberlite fields at the Mel (NU) and Pikoo (SK) Projects, and also has exploration exposure to the prolific Lac de Gras region (NT) through its Loki and LDG Joint Venture Projects. The Company also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of TMAC Resources’ Doris Gold Mine.

North Arrow Minerals Inc.

/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO

For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: 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 http://www.globenewswire.com/NewsRoom/AttachmentNg/620994e6-d4d4-433e-8c09-ccbf548ed79e