North Arrow reports diamond recoveries from Nunavut

North Arrow Minerals Inc. [NAR-TSXV; NHAWF-OTC] on Wednesday March 28 reported final diamond recoveries from composite mini-bulk samples extracted from four units within the Q1-4 kimberlite at the Naujaat Diamond Project, Nunavut.

The samples reported in Wednesday’s release were collected as part of the 2017 delineation drill program and mini bulk sampling that targeted the 12.5-hectare Q1-4 kimberlite body.

It ranks as one of the largest undeveloped diamond resources in Canada, containing a significant population of extremely rare, potentially high value, fancy vivid orangey yellow diamonds.

The Q1-4 kimberlite is estimated to contain an inferred mineral resource of 26.1 million carats from 48.8 million tonnes of kimberlite with an average total diamond content of 53.6 carats per hundred tonnes from surface to a depth of 205 metres.

The summer exploration program was completed in September 2017 and included the collection of a 234 wet tonne mini-bulk sample and over 10,000 kilograms of kimberlite in drill core. It represented the first phase of a larger planned program to better define the size, grade and diamond content of the Q1-4 kimberlite in support of economic assessment.

Subject to permitting and financing, a larger bulk sample is planned for 2018 to obtain a big enough parcel to gain a higher level of confidence in the diamond value.

North Arrow has said the deposit is well located and only 9 km from tidewater and work was conducted directly from the Hamlet of Naujaat, allowing the program to be completed cost effectively without the need for a remote exploration camp.

The samples reported Wednesday were composited from drill core in the field based on observed lithological units and submitted for processing using a combined dense media separation/caustic fusion process. The intention was to recover diamonds greater than 0.425 millimetres.

The largest diamond was recovered from unit A28 and weighs 0.25 carats.

The purpose of these composite samples is to provide diamond recovery information to supplement results from smaller drill core samples submitted for microdiamond (caustic fusion) analyses, including recovery of diamonds greater than 0.106 millimetres.

The diamond recoveries reported in Wednesday’s release will be used to support incoming microdiamond sample results expected over the next eight weeks.

North Arrow is a Canadian-based exploration company focused on the identification of diamond exploration opportunities in Canada. In addition to evaluating the Naujaat Project, the company is also conducting exploration drilling programs this spring at the Loki and LDG Projects in the Northwest Territories. The company is also planning to drill test newly discovered kimberlite at the Mel Project in Nunavut, while awaiting results from its Pikoo Diamond Project in east central Saskatchewan.

The North Arrow asset portfolio includes a 100% stake in the Hope Bay, which is located in Nunavut, roughly 725 kilometres north of Yellowknife.

North Arrow shares were unchanged at 24 cents on Wednesday. The 52-week range is 40 cents and 17.5 cents.