North Arrow Minerals (NAR-V) May 22, '14 is pleased to announce completion of the spring 2014 ground geophysics program at the Redemption Diamond Project in the Northwest Territories. The property is located in the Lac de Gras region, approximately 32 km southwest of, and 47 km west of the Ekati and Diavik diamond mines, respectively. Planning is underway for a summer drilling program to test a number of the potential kimberlite targets that have been identified.The ground geophysical program was designed to confirm and better define high priority targets identified from a 2013 airborne gravity gradiometry survey as well as from a review of various airborne and ground magnetic and electromagnetic geophysical datasets. Surveys were completed over a total of twenty-one grids, covering approximately 40 individual targets. An emphasis was placed on surveying targets that are well located with respect to the up ice termination of the highly prospective South Coppermine kimberlite indicator mineral (KIM) train. The South Coppermine train represents one of the last well defined and unsourced KIM trains in the Lac de Gras region.
Final compilation and modelling of the survey results is underway. However, based on an initial review, priority targets have been identified for follow up ground truthing and drilling. In particular, six of the eight highest priority targets are located on land or near shore and can be tested as part of the summer drilling program that is currently being planned. The targets represent a mix of gravity, magnetic and electromagnetic geophysical responses, and the discovery of even a single kimberlite from any of these top priority targets would upgrade a number of the remaining prospective targets. A follow up winter/spring 2015 drilling program will be required to test ice based targets.
North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration (ADD-V), under which the Company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017, including a firm commitment to spend $1,000,000 prior to July 1, 2014. North Arrow is also pleased to announce that with the completion of the ground geophysical program, the Company has honored the $1,000,000 commitment. |
