North Arrow Reports $5.6M Financing in Place for Bulk Sample Evaluation of Q1-4 Diamond Deposit Naujaat Diamond Project, Nunavut

VANCOUVER, British Columbia, Aug. 18, 2020 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to announce it has been notified by EHR Resources Ltd. (ASX–EHX) that EHR has closed a financing sufficient to fund the remaining $5.3M investment in accordance with the terms of a June 1, 2020 option agreement under which EHR has agreed to fund a C$5.6M preliminary bulk sample from the Q1-4 diamond deposit at the Naujaat Diamond Project, Nunavut. North Arrow presently maintains a 100% interest in the Project located only 9km from the coastal community of Naujaat. Upon completion of the $5.6M preliminary bulk sample program EHR will earn a 40% interest in the Naujaat project.

Ken Armstrong, President and CEO of North Arrow commented, “We are very pleased that EHR was able to close such a significant financing so quickly, which we believe is in part a vote of confidence in our recently announced partnership to further evaluate the Q1-4 diamond deposit. North Arrow has used EHR’s initial $300,000 advance on expenditures to prepare for collection and processing of a 1,500-2,000 tonne preliminary bulk sample during the 2021 summer field season. As part of this preparation, fuel and sampling supplies are currently being shipped to Naujaat via annual community sealift. With these materials and the full program financing in place, we look forward to an on time start to the program in June 2021.”

The sampling program is scheduled to be conducted from June to August of 2021.  The sample will be shipped south and processed during the fourth quarter of 2021 with final diamond recovery results scheduled for the first quarter of 2022.

The scientific and technical disclosure in this news release has been approved by Ken Armstrong, P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. 

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). The Company has discovered and is evaluating kimberlite fields at the Mel (NU) and Pikoo (SK) Projects and is also evaluating and exploring for additional kimberlites at the Loki 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 TMAC Resources’ Doris Gold Mine.