3 September 2024
September 3, 2024 North Arrow Minerals Inc. (TSXV: NAR) (“North Arrow” or the “Company”) is pleased to announce that it has entered an option agreement with Rockman Resources Ltd. (“Rockman”) under which North Arrow can earn a 60% interest in the Kraaipan Gold Project, located within Botswana. The Company also announces that the board of directors has approved a 10:1 share consolidation and non-brokered private placement of up to $2,000,000 on a post-consolidation basis. The private placement is structured to take advantage of the listed issuer financing exemption (LIFE) whereby common shares issued pursuant to the exemption will be freely tradeable listed equity securities not subject to any hold period.
Under the terms of the agreement with Rockman, North Arrow can earn a 60% interest in the Kraaipan Gold Project (the “Project”), comprised of 1,400km2 of mineral concessions covering the full 60-kilometre strike extent of the Kraaipan Greenstone Belt (“KGB”) in Botswana, by funding US$5 million in exploration expenditures over a three-year period.
The KGB is a highly prospective Archean greenstone belt that straddles the Botswana - South Africa border, with proven mineral endowment including Harmony Gold’s Kalgold gold mine in South Africa, approximately 40km south of the Project. Past exploration of the northern extent of the KGB has been challenged by Kalahari Desert sand cover, impacting approximately 80% of the KGB within Botswana. The sand cover, while extensive, is typically less than 20 metres over much of the Project but can locally reach depths of up to 70 metres. Limited past exploration of the KGB in Botswana has identified local gold mineralization in shallow drilling of exposed banded iron formation (BIF) targets. A focus of new exploration will be to identify BIF-related gold mineralisation beneath the sand cover. To do this, North Arrow will have access to Rockman’s highly experienced Botswana-based exploration team, who are capable of deploying cost-effective proprietary exploration solutions including drone geophysics, truck-mounted drilling and, potentially deep machine learning technologies to rapidly advance the Project.
Eira Thomas, Chair of the North Arrow Board of Directors, stated
"We are very pleased to be teaming up with Rockman to evaluate the Kraaipan greenstone belt in Botswana. In my experience, Botswana is a highly prospective, top tier mining jurisdiction, where early-stage mineral exploration can be completed quickly and cost effectively. Work on the Kraaipan project will allow for an extended window of news flow to compliment North Arrow’s Canadian diamond and lithium exploration properties.”
Ken Armstrong, President and Chief Executive Officer of North Arrow, added
“Truly underexplored, regional scale exploration opportunities are rare. The Kraaipan Gold Project represents a significant opportunity for North Arrow to evaluate the underexplored, sixty-kilometre northern extension of this well-endowed greenstone belt with the benefit of Rockman’s in-country technical team and exploration technologies. North Arrow’s funding of exploration work, including a recently completed program of overburden RC drilling, soil sampling and drone geophysics, is expected to start immediately.”