TORONTO, Oct. 07, 2021 (GLOBE NEWSWIRE) —(“Evergold” or the “Company”) ( , WKN:A2PTHZ) is pleased to announce new intercepts of the C Zone, Pyramid Peak, in this year’s drill program on the Snoball property, located in northwest B.C.’s Golden Triangle. Due to the early onset of winter, the drill program has now wrapped up for a total of 400 metres in four shallow holes (SB21-14 through 17), less than the originally targeted 2,000 metres. The new intercepts include quartz veining with associated pyrrhotite, pyrite, arsenopyrite and chalcopyrite. ALS Global, the Company’s analytical services provider, currently projects mid-December for delivery of assays.
Golden Lion Property – Assays Anticipated in the Near Term
As announced on August 3 this year, strongly mineralized intercepts were achieved this summer at the Company’s Golden Lion property, where drilling in July at the GL1 Main Zone, designed to test for a potential strengthening of the epithermal system below the shallow drilling carried out by the Company in 2020, and by Newmont of Canada Ltd. in 1984, returned the strongest visual intercepts yet seen by the Company on that property, including intercepts of intense hydrothermal alteration encompassing base metal sulphide-bearing quartz-carbonate veins, veinlets, stockworks and breccias, and intervals of semi-massive to massive sulphides. ALS Global now projects delivery of all assays by the end of the first week in November.
“Although we and our contractors faced significant labour shortage and weather challenges in the field this year,” commented Kevin Keough, President & CEO, “we are excited by what we’ve seen in select core. We continue to patiently await receipt of the assay results which will tell the story for both Snoball and Golden Lion.”
Readers are advised that visual estimates should be treated with caution and are not a replacement for laboratory analysis.
has been assembled by a team with a record of recent success in B.C., namely the establishment of in 2016 and the discovery in 2017 of the Saddle epithermal and porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories. GT Gold was recently acquired by . Evergold combines four 100%-owned properties in prime B.C. geological real estate from well-known geologist C.J. (Charlie) Greig, with the recently optioned Rockland property in Nevada, seasoned management, and a qualified board. The Company’s flagship assets consist of the Golden Lion property, the Snoball property, and the past-producing high-grade Rockland gold-silver property in Nevada. All three properties host zones of precious metals that the Company believes offer considerable upside.
Andrew J. Mitchell, P.Geo., Vice President, Exploration forand a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Fabled Retracts Certain Technical Disclosure in Respect of the Muskwa Copper Project
VANCOUVER, BC / ACCESSWIRE / October 26, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is issuing the following…
VANCOUVER, BC / ACCESSWIRE / October 26, 2021 /(“Fabled” or the “Company”) ( )(OTCQB:FBSGF)(FSE:7NQ) is issuing the following news release to retract certain technical disclosures made in relation the Muskwa Copper Project.
The Company wishes to retract and clarify certain technical disclosure made in the following media:
- a video (the “Video”) posted to the Company’s website and social media channels on August 11, 2021 entitled “Fabled Copper Update”;
- the Company’s management information circular (the “Circular”) dated September 27, 2021 in respect of its Annual General and Special Meeting to be held on October 28, 2021, and filed on the Company’s profile on SEDAR on October 1, 2021; and
- the Company’s 43-101 Technical Report (the “Technical Report”) entitled “Technical Report on the Muskwa Project” dated July 6, 2021 and posted to the Company’s SEDAR profile on October 1, 2021 and the SEDAR profile of it’s wholly owned subsidiary, Fabled Copper Corp. on September 27, 2021.
In the Video the Company made certain disclosures and statements regarding historical reserves and resources based upon a feasibility study conducted on a portion of the Muskwa Project in 1970 and speculated regarding the calculation of potential reserves and resources. Such statements are retracted by the Company and should not be relied upon. The Company has removed the video from its website and all social media channels. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.
Information Circular and Technical Report
Portions of the Technical Report were copied to, and summarized in, the Information Circular. The Company wishes to retract and clarify certain statements made in the Technical Report and copied to the Circular.
- the Company confirms that the Churchill Copper deposit is not considered economic and there is no current economic analysis done on any part of the Muskwa Project and retracts any statements that suggest otherwise.
- The Company wishes to retract all statements regarding historical estimates and historical mining studies. The Company confirms that the Muskwa Project is an early stage property without a Mineral Resource or Mineral Reserve, and as such, cannot support any feasibility study or preliminary economic assessment.
- The Company confirms that only historical development work has been done on the Davis-Keays Property and there is no current authority for attributing a value to such work and no work has been done to assess the current condition of such historical work. Any statement to the contrary is retracted.
The Company is preparing a revised Technical Report that it expects to file on SEDAR prior to the completion of its proposed listing on the Canadian Securities Exchange (the “Exchange”), which is expected to occur before December 31, 2021.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company’s mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.
The Company has entered into an agreement with(NYSE American and ) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
About Fabled Copper Corp.
Fabled Copper is a wholly owned subsidiary of the Company whose primary interest is in exploring the Muskwa copper Project located in Northern British Columbia.
The Company is in the process of spinning out Fabled Copper by distributing the shares it holds in Fabled Copper to the shareholders of the Company through a statutory plan of arrangement (the “Spin Out Transaction”). Concurrently Fabled Copper is applying to list its common shares on the Exchange following completion of the Spin Out Transaction.
Mr. Peter J. Hawley, President and C.E.O.
Phone: (819) 316-0919
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company’s financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital
on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company’s continuous disclosure filings filed under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
View source version on accesswire.com:
Mandalay Resources Corporation Reports High-Grade Gold Discovered at the Brown’s Prospect – 2 km From the Shepherd Discovery and Youle Mine
Brown’s prospect contains visible gold along two main mineralized trendsTORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ("Mandalay"…
Brown’s prospect contains visible gold along two main mineralized trends
TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) —[/nxtlink] (“Mandalay” or the “Company”) ( [/nxtlink], OTCQB: MNDJF) is pleased to provide an update on the deep drilling campaign completed at the Brown’s Prospect at its Costerfield Operation (Victoria, Australia).
- 17-hole diamond drill program confirms the presence of a promising gold system at the Brown’s Prospect, 2 km east of the current mining operation at Youle.
- Drilling has identified two main mineralized trends exhibiting high-grade gold intercepts, including:
- 19.5 g/t gold over a true width of 1.01 m in BWN009, including;
- 38.4 g/t gold over a true width of 0.51 m and;
- 19.9 g/t gold over a true width of 1.70 m in BWN023, including;
- 158.4 g/t gold over a true width of 0.09 m and;
- 110.8 g/t gold over a true width of 0.16 m
- 19.5 g/t gold over a true width of 1.01 m in BWN009, including;
Note: Further intercept details can be found in Table 1 in the Appendix to this document.
Dominic Duffy, President and CEO of Mandalay, commented: “We are pleased to report encouraging results from our ongoing drill testing campaign at the Brown’s Prospect situated 2 km to the east of the Shepherd discovery and Youle mine. The most recent results confirm significant gold grades within fault hosted breccias along two mineralized trends, building on previous high-grade results seen and reported in 2020.”
Mr. Duffy continued, “Mineralization across the two trends has been tracked over a 200 m strike and 300 m vertical extent. The Felix trend is associated with the historic shallow Felix Brown mine and associated alluvial workings that played an important role in gold production during the 1890’s. However, the newly discovered Western Trend is not associated to the old workings and was unknown to previous explorers; it is therefore still open up dip to surface.”
Mr. Duffy concluded, “A strong increase in data resolution through this prospect has allowed us to improve our understanding of the structural complexity associated with the mineralized trends. We observe that the structural controls on the Brown’s mineral system could be likened to those that allowed the formation of the nearby million ounces Bendigo and Castlemaine gold deposits. This inference, along with the knowledge that the geological setting of the Central Costerfield line sits below the recent drilling success, provides further confidence that there is a more extensive, high-grade mineralization at depth.”
A video has been prepared by Mr. Chris Davis, Vice President of Operational Geology and Exploration, to further explain the information in this release. The video can be found on Mandalay’s website or by clicking here.”
Drilling Results and Interpretation
Early success was achieved on the initial five-hole drill testing program at Brown’s with BWN001 intercepting 14.5 g/t gold over true width of 1.27 m underneath the historic (approx. 1883-1894) Felix Brown Mine and paving the way for a more detailed testing campaign. Since the release of the initial two holes (June 22, 2020), a further 20 holes have been drilled to identify the nature and extent of gold mineralization at Brown’s Prospect (Figure 1). To date, this drilling has identified multiple high-grade intercepts in a sequence of tightly folded sandstone-dominated turbidites crosscut by three main “panel boundary” thrust faults. Gold mineralization is concentrated in the middle thrust panel within narrow, brecciated and sheared fault zones along two main mineralized trends (Figure 2).
Figure 1: Surface map of the Brown’s prospect, showing collar locations and drillhole traces. Coordinates are in GDA95 Zone 55:
The Felix Trend is a moderately west dipping trend parallel to the axial plane of the main Brown’s anticline, expressing at surface with the historically mined Felix Lode. Mineralized structures associated with this trend are typically steeply dipping quartz-stibnite bearing fault hosted breccias, with associated stockwork veining and wide pyrite halos. These structures have developed preferentially in hinge zones of the main Brown’s anticline, parallel to the axial planar cleavage. Visible gold is present in several intercepts along this trend. Mineralization along the Felix Trend has been identified over a vertical extent of 200 m and a strike extent of ~100 m; however, gold anomalism along this trend has been observed down to the Swallowtail Fault at a depth of approximately 300 m. An increase in gold grade observed between 1000 RL and 1100 RL may be caused by the interaction of the fault-hosted breccias with syn-to-post mineralization, northeast dipping faults. The anticipated potential for upgrade in this zone was demonstrated with an intercept of the highest grade yet seen at Brown’s, comprising an interval with two steep east dipping gold bearing breccias and quartz-stibnite veining grading at 19.9 g/t gold with trace amounts of antimony over a true thickness of 1.70 m in BWN023 (Figures 3 and 4).
Figure 2: Brown’s Prospect cross section along 6200N (mine grid) showing main structures, mineralised trends and intercepts between 6300N and 6100N:
Figure 3: Drill core photos of BWN023 high-grade gold intercepts and gold grades for each sample:
Figure 4: Microphotographs of gold grains in the high-grade gold bearing quartz breccia grading at 110.7 g/t gold (0.16 m true width) in BWN023 at 223.77 m depth:
The Western Trend is a broadly subvertical corridor containing several high-grade intercepts that occur in structures that have developed across a secondary antiformal structure on the western limb of the Brown’s anticline. Like the Felix Trend, intercepts are characterized by quartz-stibnite fault-hosted breccias and veins with large pyrite alteration halos and in some cases visible gold. While mineralization along this trend has been identified over a vertical extent of approximately 100 m, the strike extent remains open and poorly constrained at this date. The Western Trend contains high-grade gold intercepts comparable to the Felix Trend, including a quartz-stibnite breccia with intense pyrite alteration grading 19.5 g/t gold and 2.4% antimony over a true thickness of 1.01 m in BWN009 (Figure 5).
Figure 5: Drill core photos of BWN009 high-grade gold intercept and gold grades for each sample:
Panel Boundary Faults
The panel boundary faults that control the mineralized structures at Brown’s Prospect are interpreted to predate mineralization and accommodate movement caused by shortening of the turbidite sequence. Minor fault reactivation during and after mineralization has been observed along these structures and drilling has identified areas of gold anomalism along them. The highest grade to date on a panel boundary fault was observed on the Metalmark Fault in BWN008 up-dip of the western trend, culminating in an intercept of 9.1 g/t gold over a 0.63 m true width. Mineralization has also been observed in the panel bounding Swallowtail Fault, the highest grade seen being 1.3 g/t gold over a true width of 0.67 m in BWN004. Excitingly, visible gold was also observed in the Swallowtail Fault in BWN002, confirming that the panel thrust faults bounding the mineralized middle thrust panel represent important pathways for the mineralized fluids. The Luna Fault, the deeper of the three panel boundary faults, exhibits intense sericitic alteration characteristic of a distal discharge of gold bearing hydrothermal fluids vectoring towards a gold rich fluid source at depth.
The Brown’s Prospect drilling program has demonstrated the presence of a promising mineral system extending at depth at the Brown’s prospect. Increasing levels of fold shortening compared to the central (Costerfield) line of lode has resulted in the formation of a strong fluid trapping environment and consequently, the distribution of the fault-hosted mineralized breccias is strongly controlled by fold geometry and bedding. Current interpretation suggests that this structural architecture may share similarities with the Bendigo and Castlemaine goldfields, which are found in a similar structural environment and exhibit similar controls on mineralization. Extension of the mineralized trends to the south, beyond the currently tested zone is expected based on the continuation of the north-south trending Brown’s anticline, as well as the presence of historically worked gold reef systems along-strike at the Robinson Prospect (press released June 22, 2020). A soil sampling and geochemistry program is currently underway to cover the entire eastern corridor and identify extension of the mineralised system to the south. In addition, surface drilling along the eastern corridor will continue in 2022, targeting depth and strike extensions, including the Robinson prospect.
Encouragingly, mineralized breccias in the middle thrust panel at the Brown’s Prospect may only represent the most surficial expression of a much more extensive mineral system at depth; district-scale structural and litho-stratigraphic modelling suggests that the geological and structural setting of the central corridor may be present at about 600 m depth under the tightly folded sequence of the Wapentake Formation turbidites. The depth continuation of the Brown’s mineral system may therefore be hosted in the same favourable lithostratigraphic environment that hosts classic Costerfield-style mineralization like that of the Youle and Cuffley deposits. Gold anomalism in two subvertical quartz breccias under the Luna fault intercepted in BWN010 provides additional evidence that such a domain may exist beneath the Brown’s prospect.
Figure 6: Conceptual cross section across Costerfield and Brown’s looking north:
Drilling and Assaying
All diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Samples featuring coarse grained visible gold were assayed using a variant of fire assay known as screen fire assay. This method is routinely used to mitigate potential problems associated with heterogeneity in the distribution of coarse gold within drill samples. The procedure collects all coarse heterogenous coarse gold by screening at 75µm after crushing and pulverisation, and subsequently fire assays the resultant mass to extinction. A mass weighted average of gold grade of the sample is subsequently calculated from the +75µm and -75µm fractions of the sample. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled “Costerfield Operation, Victoria, Australia NI 43-101 Report” dated March 30, 2020, available on SEDAR (www.sedar.com) for a complete description of drilling, sampling, and assaying procedures.
Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
For Further Information
President and Chief Executive Officer
Manager, Analytics and Investor Relations
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to continue being a significant cash flow generating company.
This news release contains “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Brown’s Prospect (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2021, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.
Table 1. Significant intercepts of the Brown’s Testing Drilling Program
|DRILL HOLE ID||FROM
1. The AuEq (gold equivalent) grade is calculated using the following formula:
|AuEq g per t = Au g per t + Sb% x||Sb price per 10kg x Sb processing recovery|
|Au price per g x Au processing recovery|
Prices and recoveries used: Au $/oz = 1,760; Sb $/t = 12,800; Au Recovery = 93% and; Sb Recovery = 95%
2. LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01%
3. Composites that are not interpreted to be connected to a named vein or trend and are below 1 g/t Au are not considered significant and are not recorded here.
North Arrow Reports Naujaat Project Bulk Sample Processing is Underway
VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) — North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) reports the start of processing…
VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) —[/nxtlink] (TSXV-NAR) (“North Arrow”) reports the start of processing of a 2,000 tonne bulk sample from its Naujaat Diamond Project, NU. The 2,500 bag sample was collected from the Q1-4 kimberlite in July and August and arrived in Montreal on October 6, 2021. As of October 22, approximately one third of the sample has been delivered to the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon, SK. The balance of the sample is expected to be delivered over the next several weeks.
Dense media separation (DMS) processing of the sample is underway. The recovered diamond parcel is intended to confirm the size distribution and character of an important population of potentially high-value, fancy yellow to orange yellow diamonds. Diamond recoveries are expected to be reported in stages as processing is completed on each of five subsamples.
Ken Armstrong, President and CEO of North Arrow commented, “The start of bulk sample processing is an important milestone for the Naujaat Project. The purpose of this sample is to confirm that a unique population of fancy yellow to orange yellow diamonds extend into coarser diamond sizes. The quality of these diamonds will also be very important as we believe these fancy coloured diamonds will be a key value driver for potential future development of the Q1-4 deposit.”
The $5.6M bulk sample program is funded by partner Burgundy Diamond Mines (ASX-BDM), as part of a June 1, 2020 option agreement under which Burgundy may earn a 40% interest in the Naujaat Project by funding the current bulk sample program. Further details on the collection of the bulk samples can be found in North Arrow’s news release dated August 19, 2021.
About the Naujaat Project
The Naujaat Project is located near the community of Naujaat, Nunavut. A total of eight kimberlite pipes have been identified within the Project as well as several laterally extensive kimberlite dyke systems. The Q1-4 kimberlite, located just 7 km from the Company’s laydown near the community, is the largest and most diamondiferous of the kimberlites discovered to date and hosts an important, potentially high-value, population of Type IaA – Ib fancy coloured, yellow to orange yellow, diamonds. At 12.5 ha in surface area, Q1-4 hosts an estimated inferred mineral resource of 26.1 million carats total diamond content in 48.8 million tonnes of kimberlite with average +1 DTC total diamond content of 53.6 carats per hundred tonnes (cpht) extending from surface to a depth of 205m. Delineation drilling of Q1-4 suggests significant potential to expand the resource at depth with the deepest drill hole terminating in kimberlite at a depth of 376m. The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability. Details on data verification and resource estimation procedures can be found in the May 2013 technical report filed on www.sedar.com as well as posted on North Arrow’s website along with details on subsequent exploration efforts on the Project [here].
The Naujaat Diamond Project exploration program is being conducted under the direction of Kenneth Armstrong, P.Geo. (NWT/NU and 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.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience in the global diamond industry. North Arrow’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU), where a $5.6M 2,000 tonne bulk sample is underway. The Company has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV Projects (NWT). The Company 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.
/s/ “Kenneth A. Armstrong”
President and CEO
For further information, please contact:
Tel: 604-668-8355 or 604-668-8354
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.
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