Well like I said all the insiders are loading up and continue to load.
VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to provide an update on its Loki Diamond Project, including the sale of 0.5% royalty interests in the Project for $266,000. The Loki Project is located in the Lac de Gras region of the Northwest Territories, approximately 30 km southwest, and 24 km west of the Ekati and Diavik diamond mines, respectively, and immediately adjacent to the west of North Arrow’s LDG Joint Venture Diamond Project with Dominion Diamond Mines.
North Arrow has reached an agreement with Umgeni Holdings International Limited (“Umgeni”) under which Umgeni has agreed to increase its royalty interests in the Loki Project from 1.5% to 2.0% in exchange for payment of $266,000 to North Arrow. The royalties consist of net smelter return royalties on base and precious metals and a gross overriding royalty on diamonds. Umgeni is a private company of which Christopher Jennings, a director of North Arrow, is a beneficiary of the sole shareholder. Closing of the agreement with Umgeni is subject to the receipt of all required regulatory approvals including approval of the TSX Venture Exchange.
North Arrow also announces completion of a summer till sampling program at the Loki Project. A total of 190 samples were collected and are presently being shipped to a laboratory for processing and recovery of kimberlite indicator minerals. Sample results will be used to prioritize targets for ground geophysical surveys and exploration drilling. In addition to the funds raised by the royalty sale to Umgeni, this exploration is also supported by a grant from the Northwest Territories’ Mining Incentive Program.
Ken Armstrong, President and CEO of North Arrow, commented, “Proceeds from the royalty sale announced today, combined with the NWT Mining Incentive Program grant, provide for the non-dilutive financing of continued exploration at the Loki Diamond Project. We believe the Lac de Gras region remains highly prospective for the discovery of new diamond deposits, as highlighted by North Arrow’s recent discoveries of new kimberlites at Loki (April 5, 2018) and the LDG joint venture (July 8, 2019). The current till sampling program has filled some crucial gaps in the Loki Project’s sampling database and the results will be important in prioritizing targets for drilling in the winter of 2020.”
The Loki Diamond Project exploration program is managed and directed by Michael MacMorran, P.Geo. (NWT/NU), Project Geologist of North Arrow. North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. MacMorran and Mr. Armstrong have reviewed the contents of this press release.
