North Arrow sells royalty interests

Mar 09, 2023

North Arrow Minerals Inc has sold 0.5% royalty interests in the Loki Diamond Project for proceeds of $374,000. 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 Arctic Canadian Diamond Company.

Ken Armstrong, President and CEO of North Arrow, commented “While North Arrow is focusing on our newly acquired DeStaffany and Bathurst Inlet lithium projects, we are pleased that proceeds from the royalty sale announced today will provide for the non-dilutive financing of continued exploration at the Loki Diamond Project, including ground geophysical surveys of priority kimberlite targets this coming spring.

We believe the Lac de Gras region remains highly prospective for the discovery of new diamond deposits, as highlighted by last year’s kimberlite discoveries by Arctic Canadian Diamond Company on the Ekati mine property, as well as North Arrow’s discoveries of new kimberlites at Loki (April 5, 2018) and the LDG joint venture (July 8, 2019).

Upcoming ground survey targets will be selected on the basis of an ongoing review of Loki exploration datasets, including application of deep machine learning (DML) technology by Mineral Services Canada Inc., similar to DML methods which contributed to discovery of the 1.7 hectare Bear kimberlite at Ekati in 2022.”

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