27 February 2023
(February 27, 2023, NAR: TSXV)
North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to report it has acquired an option to purchase a 100% interest in the Bathurst Inlet lithium property, Nunavut. The property covers a series of mapped and interpreted pegmatite intrusives located on or within nine kilometres of tidewater at Bathurst Inlet. The southernmost mineral claim lies within 12 km of Sabina Gold and Silver’s port facility, being used to service Sabina’s Back River gold mine. North Arrow’s Oro Hope Bay Gold Property and Agnico Eagle’s Doris Gold Mine are located approximately 80 km to the northeast of the northern part of the property.
Ken Armstrong, President and CEO of North Arrow, commented “Acquisition of the Bathurst Inlet Property is part of North Arrow’s ongoing strategic work with Panarc Resources to identify and acquire lithium pegmatite opportunities in the NWT and Nunavut. Pegmatites have been known to occur in the Bathurst Inlet area for many decades. However local bedrock mapping was at a scale where noting the locations, extent and mineralogy of these pegmatites was not practical, nor considered a priority. With the help of recent satellite imagery, we’ve been able to prioritize target areas for follow up detailed mapping and prospecting for lithium mineralization in early summer 2023.”
The Bathurst Inlet lithium targets consist of pegmatites that have been identified using remote sensing techniques and a review of past bedrock mapping in the area. These pegmatites are considered prospective hard rock lithium targets due to their spatial and potential temporal relationship to the Torp Lake spodumene pegmatite on the west side of Bathurst Inlet. While pegmatites have been noted in the Bathurst Inlet area by government mappers, they have not been evaluated for potential spodumene and related lithium mineralization. Next steps include continued remote sensing work ahead of a 2023 field evaluation of prioritized outcrop areas to prospect for spodumene mineralization associated with the Bathurst pegmatite field.
North Arrow has entered an agreement with Panarc Resources Ltd (“Panarc”) to acquire a 100% interest in the Bathurst Inlet Property by reimbursing staking costs of $16,515, issuing 100,000 shares of North Arrow within 15 days of receiving TSX Venture Exchange approval and issuing a further 500,000 shares of North Arrow prior to September 30, 2023. Panarc will retain a 2% net smelter returns royalty on future mineral and metal production from the property. One half of the royalty can be purchased at any time for $2 million.
In addition, North Arrow will issue a further 2,000,000 shares to Panarc within 15 days of North Arrow’s first public disclosure of a new mineral resource (any category) on the property. Issuance of all common shares is subject to the approval of the TSX Venture Exchange.
North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., 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 is a Canadian based exploration company focused on the identification and evaluation of lithium and diamond 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 preparing to evaluate spodumene pegmatites at the newly acquired 100% owned DeStaffany Lithium Project located on Great Slave Lake in the NWT and is also exploring for spodumene mineralization in the Bathurst Inlet pegmatite field, NU. North Arrow’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU), where it is evaluating a population of rare high value fancy colour diamonds. North Arrow has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV Projects (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of Agnico Eagle’s Doris Gold Mine.