North Arrow Identifies Pegmatite Targets at DeStaffany Lithium Project, NWT

 

VANCOUVER, British Columbia, March 30, 2023 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to update an ongoing data review at its 100% owned DeStaffany lithium property, NWT. Highlights of this work include:

• Eight lithium geochemical targets have been identified within the property.
• Four of these anomalies are associated with features of interest identified from satellite imagery.
• The presence of coarse grained spodumene has been confirmed by photographs of the Moose 2 pegmatite.
  

In preparation for an initial field evaluation of the Moose 1 and Moose 2 pegmatites, North Arrow is reviewing available data related to past work on the DeStaffany property. This includes a 1998 lithogeochemical dataset consisting of composite bedrock samples collected throughout the property. These data confirm lithium and cesium alteration halos associated with the Moose pegmatites, and have also been used to identify eight additional anomalies that potentially represent alteration related to undiscovered pegmatites. Four of these targets correspond with features of interest identified from recently acquired GeoEye satellite imagery, including one target area where pegmatite was noted in the lithogeochemical survey data.

Ken Armstrong, President and CEO of North Arrow, commented “Priority targets identified by North Arrow’s ongoing review of historic datasets and new satellite imagery will help focus initial prospecting work this summer, with the goal of discovering new spodumene pegmatites within the DeStaffany property.”

North Arrow has also reviewed available photographs of the property. Photos of the Moose 2 pegmatite confirm the local presence of metre-scale pale green to grey spodumene crystals. In particular, coarse spodumene megacrysts are prominent in the lower western wall of the historic mining pit (see accompanying image), confirming that spodumene was not targeted by past mining. These exposures of spodumene mineralization should allow for collection this summer of samples sufficient for mineral recovery and characterization studies. Additional photos can be found in the new presentation on the corporate website.

North Arrow is also pleased to report that, as part of its strategic alliance with Panarc Resources, it has acquired new mineral claims on Baffin Island, Nunavut. Staked targets are located within 12km of tidewater in an area where granite pegmatites, up to 10's of metres wide, have been mapped by government geologists.

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.

About North Arrow Minerals

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 evaluating 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 and Baffin Island pegmatite fields, NU, and continuing work to identify and acquire additional spodumene pegmatite opportunities in northern Canada. 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 diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV Projects (NWT) and 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.

North Arrow Minerals Inc.

/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO

For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7c0a591-3b4b-47ac-b4cd-1ee48c6ee8a9