North Arrow Reports Results From Mackay & Ldg Lithium Projects, Nt

2.10% Li₂O over 4m from the new MK3 Pegmatite

Trading Symbol: TSXV: NAR

VANCOUVER, Dec. 4, 2023 - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow") is pleased to report lithium assay results from fall 2023 exploration work at its 100% owned MacKay and LDG Lithium Projects in the Northwest Territories. The two properties are located 10km apart, along the alignment of the annual winter road connecting Yellowknife with the Diavik diamond mine, approximately 13km to the north of LDG. Highlights of these assay results include:

• At the MacKay Project, 14 of 17 samples collected from the newly discovered MK3 pegmatite have returned over 1% Li₂O, including 5 representative grab samples returning 5.25%, 4.08%, 2.71%, 1.92% and 1.10% Li₂O.
• A composite rock sawn channel sample from MK3 returned 2.10% Li₂O over 4 metres.
• Two additional composite 4 metre channel samples from MK3 have returned 1.49% Li₂O and 1.43% Li₂O.
• Three representative grab samples from the previously unsampled northeastern extent of the MK1 spodumene pegmatite returned 3.21% Li₂O, 2.62% Li₂O and 0.11% Li₂O.
• Representative samples from the northern extent of the LDG Project's SD2 spodumene pegmatite have returned 3.19% Li₂O, 1.53% Li₂O and 1.46% Li₂O, extending confirmed spodumene mineralization 260m to the north.
• A prospecting sample has returned 5.57% Li₂O at the southern end of a newly mapped 200m long subcropping spodumene pegmatite approximately 120m west of the main SD2 pegmatite showing.

Ken Armstrong, President and CEO of North Arrow commented, "The initial lithium assays from the MK3 spodumene pegmatite at North Arrow's MacKay Project are highly encouraging and confirm MK3 as a new drill target. Additionally, the confirmation of significant lithium grades in the SD2 area of the LDG Project provides confidence the area hosts multiple, subparallel spodumene pegmatites. Collectively, these results help advance our thesis that the LDG and MacKay Projects could host spodumene pegmatites of similar size and grade to the deposits currently being drilled by other workers in the Yellowknife Pegmatite Province (YPP). With the MacKay and LDG Projects, and the DeStaffany Project in the YPP, North Arrow now holds a 100% interest in three Northwest Territories lithium projects where, during 2023, we have defined multiple drill ready spodumene pegmatites. We are working towards seeing all three properties drilled in 2024."

MacKay Lithium Project

The MK3 spodumene pegmatite was discovered this fall (please see North Arrow news release dated October 12, 2023), and is a prominent 15 to 20m wide, white pegmatite exposure with common 2-30 cm long spodumene crystals. MK3 has been traced near continuously for approximately 130m and remains open along strike to the west. Five representative grab samples, collected from various locations along the showing have returned 5.25%, 4.08%, 2.71%, 1.92% and 1.10% Li₂O. Three follow-up channel samples, each four metres in length, have returned 2.10% Li₂O, 1.49% Li₂O and 1.43% Li₂O, providing a good representative indication of lithium mineralization within the pegmatite. It's important to note the channels were cut from outcrop areas amenable to sampling with a rock saw and did not test the entire exposed width of the pegmatite. An image showing the locations of the channel and grab samples at MK3 can be found here and below.

Follow up sampling of the MK1 pegmatite, discovered earlier this summer approximately 4.5 km to the east of MK3, focused on the eastern extent of the showing, where three representative grab samples returned 3.21% Li₂O, 2.62% Li₂O and 0.11% Li₂O. These results build on earlier sampling, from which 10 of 12 rock samples returned over 1.1% Li₂O (please see North Arrow news releases dated September 20, 2023 and August 14, 2023 for details) and extend confirmed spodumene mineralization at MK1 to a total strike length of 450m. An image compiling significant assay results from MK1 can be found here and below.

The MacKay project area has also been expanded to 8,661ha with the staking of additional mineral claims and hosts additional evolved pegmatite occurrences that require follow up evaluation in 2024.

LDG Lithium Project

New assays from the SD2 target area on the LDG property extend confirmed spodumene mineralization 260m northwards with three representative grab samples returning 3.19% Li₂O, 1.53% Li₂O and 1.46% Li₂O. In addition, a separate, subcropping pegmatite has returned 5.57% Li₂O. This sample was collected at the southern end of a 200m long, subcropping spodumene pegmatite running sub parallel to and approximately 120m west of the main SD2 pegmatite showing.

Outcrop exposures at both the SD2 and SD4 areas, where July sampling returned assays of up to 1.7% Li₂O and 2.1% Li₂O, respectively (please see North Arrow news release dated September 18, 2023 for details), are generally of low profile and limited by extensive glacial overburden. However, ongoing interpretation of field mapping data and detailed orthophoto and geophysical information indicate these pegmatites may extend beneath overburden along their interpreted strike. The discovery of several subcropping pegmatites in the SD2 area, adjacent to the main pegmatite showing, support the concept that multiple subparallel pegmatites occur in these target areas with the same size potential as seen at the spodumene pegmatite occurrences in the Yellowknife Pegmatite Province. An image compiling significant assay results from SD2 can be found here and below.

Samples were collected in the field from rock sawn channels or as representative grab samples using a rock hammer. Channel samples were cut using a portable rock saw, with sampled material collected at 1m intervals, chipped from between parallel incisions cut nominally 3-4cm apart and 3-4cm deep. Individual channel and grab samples were collected into plastic polymer bags, sealed and transported to ALS Global, where sample preparation and analytical work was conducted. Samples were prepared using ALS method CRU-31 (crushing to 70% passing through a 2mm screen), SPL-21 (split sample - riffle split), and PUL-31 (pulverize up to 250g to 85% passing through a 75-micron screen). A 0.2g subsample of the pulverized material was analyzed for 52 elements using a sodium peroxide fusion by ICP-MS (ALS method ME-MS89L). Samples returning >500ppm Li were also assayed using a 0.2g subsample dissolved in a sodium peroxide solution and analyzed for lithium according to ALS method Li-ICP81. Lithium results are reported by the lab as % Li and have been multiplied by 2.153 to convert to % Li₂O. Results passed QA/QC screening at ALS and North Arrow's inserted certified reference materials returned results within acceptable limits.

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 LDG, MacKay, and DeStaffany 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), 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. (NWT/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

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.

SOURCE North Arrow Minerals Inc.