North Arrow Confirms Four Spodumene Pegmatites At Ldg Project, Nt Drilling Planned To Start In August

Trading Symbol: TSXV: NAR

VANCOUVER, Aug. 10, 2023 - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow") is pleased to report it has confirmed at least four spodumene pegmatites at the company's 100% owned

LDG Property, Northwest Territories.

Highlights of this recently completed program, initially announced in North Arrow news release dated July 13, 2023, include:

• Four spodumene-bearing pegmatites have been identified within 5 km of the winter road connecting the Diavik diamond mine, 20 km to the north, with the city of Yellowknife, and within 1 km of an alternative winter road alignment used in the past.
• The pegmatites remain open along strike and have been traced over estimated extents of 300m to >500m, based on interpreted continuity of low-relief outcrop exposures. Individual outcrops range from metre-scale to near continuous exposures over 200m in strike length.
• The pegmatites are interpreted to dip steeply at ~75-80 degrees with estimated widths ranging from 5m to 50m. Widths are poorly constrained by abundant overburden and rarely observed contacts with metasedimentary host rocks.
• Pegmatite mineralogy consists of plagioclase, potassium feldspar, quartz, spodumene, muscovite and tourmaline. Spodumene is abundant in the pegmatites, locally reaching 15-20% of observed outcrops, in some cases with very coarse crystals up to 50 cm in size.
• 51 channel and regional prospecting samples have been submitted to ALS Global in Yellowknife with results to be reported when received.
• Abundant overburden in the area provides significant scope for expanding these showings considerably.

Ken Armstrong, President and CEO of North Arrow commented "In a very short period of time, North Arrow has confirmed a new spodumene pegmatite field within our 100% owned LDG Project in the Northwest Territories. Based on the size potential of these pegmatites, their location immediately adjacent to transportation infrastructure provided by the Lac de Gras winter road, and the fact that an exploration camp and drilling permit are already in place, we have refocused our 2023 drilling plans to test these discoveries starting in late August. The program is intended to rapidly evaluate the pegmatites through approximately 2,000m of delineation drilling and sampling, which will provide clarity of their full size and mineralization potential."

Drilling of North Arrow's 100% owned DeStaffany Lithium Project, updated in a North Arrow news release dated July 11, 2023, will occur in 2024.

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 its 100% owned DeStaffany, LDG and MacKay Lithium Projects (NWT) and is also exploring for lithium in Nunavut at the Bathurst Inlet pegmatite field 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), and Loki (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's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NT/NU, ON), 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.

North Arrow Minerals Inc.

/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.

SOURCE North Arrow Minerals Inc.