17 January 2017
January 17, 2017
North Arrow Minerals Inc. (TSXV-NAR) is pleased to announce it has entered a property purchase agreement with Stornoway Diamond Corporation (TSX-SWY) under which North Arrow will acquire Stornoway's remaining interests in the Qilalugaq and Pikoo Diamond Projects. Upon closing the transaction, North Arrow will hold 100% interests in both projects.
Ken Armstrong, President and CEO of North Arrow, stated, "The agreement announced today allows North Arrow to consolidate our ownership of the Qilalugaq and Pikoo Projects without up-front cash payments and provides the company with greater flexibility to manage continued evaluation of two of the most compelling exploration stage diamond projects in Canada. The Qilalugaq Project, Nunavut, hosts the large Q1-4 kimberlite which contains a population of fancy orangey yellow diamonds that are unique in Canada. A diamond drill has been mobilized to the community of Naujaat, just 9 km from Q1-4, where a drilling and sampling program is planned for this spring and summer. Further, the Pikoo Project remains Canada's most recently discovered new diamond field with kimberlite intersected in 70% of the drill holes completed to date. We continue to define priority drilling targets at Pikoo both near existing discoveries and at the heads of unsourced kimberlite indicator mineral trains."