North Arrow Confirms $3.7M Budget for 2014 Qilalugaq Project Bulk Sampling Program

North Arrow Confirms $3.7M Budget for 2014 Qilalugaq Project Bulk Sampling 
Program 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/28/14 --   North
Arrow Minerals Inc. (TSX VENTURE: NAR) ("North Arrow") is pleased to
announce that the board of directors of the Company have approved a
2014 exploration program and budget of $3.7M to complete a bulk
sampling program at the Qilalugaq Diamond Project located near the
hamlet of Repulse Bay, Nunavut. The purpose of the program is to
recover a diamond parcel of approximately 500 carats for the purpose
of determining an initial value estimate for the diamonds in the Q1-4
kimberlite. North Arrow is funding the bulk sampling program as part
of an option agreement with Stornoway Diamond Corporation (TSX: SWY)
("Stornoway"). 
Ken Armstrong, President and CEO of North Arrow, stated, "Q1-4 is a
large kimberlite with a good diamond grade and excellent location on
tide water near the hamlet of Repulse Bay. Northern Canada, including
Nunavut, has a history of successful mine development for mineral
deposits located on tide water and a positive diamond valuation for
the Q1-4 kimberlite has the potential to establish Qilalugaq as one
of the more important development track diamond projects in Canada." 
The 2014 program will include the collection of approximately 1,500
tonnes from the 12.5 hectare Q1-4 kimberlite, located just seven
kilometres from tidewater on the Arctic Ocean and nine kilometres
from Repulse Bay. Sample collection will commence in July and the
sample will be shipped south in late August using the annual sealift
to Repulse Bay. The sample will be collected using a small excavator
from an area of Q1-4 where there is limited (less than 1m) overburden
cover. In 2007, Stornoway collected (from hand dug pits) a 20.3 tonne
sample from this same area and recovered 6.1 carats of diamonds for a
sample grade of 30 cpht. The 2014 sample will be processed for the
recovery of commercial sized (+0.85 mm) diamonds and the resulting
diamond parcel will be used to better determine diamond grade, size
distribution, diamond parcel value and to establish whether or not
fancy yellow diamonds persist into the larger diamond sizes. 
About the Qilalugaq Diamond Project 
The Qilalugaq Diamond Project comprises 7,143 hectares of land
located on the Rae Isthmus, which connects the Melville Peninsula to
mainland Nunavut. The property was originally staked by BHP Billiton
Diamonds Inc. and subsequently optioned by Stornoway in 2006.
Stornoway acquired a 100% interest in the project in 2010. A total of
eight kimberlite pipes (Q1-4, A34, A42, A59, A76, A94, A97 and A152)
have been identified within the project as well as a number of
laterally extensive kimberlite dyke systems. All kimberlites tested
to date, including seven of the kimberlite pipes, are diamondiferous
and occur within a 26 x 3 km structurally favourable corridor.  
In April 2013, North Arrow acquired the right to earn an 80% interest
in the Qilalugaq Diamond Project by completing an option work program
consisting of the collection of a minimum 1,000 tonne mini-bulk
sample from the Q1-4 kimberlite. If North Arrow completes the option
work program and provides notice to Stornoway of its intent to vest
an 80% interest in the project, Stornoway has a one-time right (the
"Back-in Right") to buy-back a 20% interest in the project by paying
to North Arrow an amount equal to three times the costs incurred in
connection with the option work program. (Please see North Arrow news
release dated April 29th, 2013 for additional details on the option
agreement with Stornoway.) 
On May 15, 2013 North Arrow announced the filing of a technical
report restating and confirming a mineral resource estimate for the
Q1-4 kimberlite that was first reported by Stornoway in June 2012.
The estimate, authored by Geostrat Consulting Inc., included a total
Inferred Mineral Resource of 26.1 million carats from 48.8 million
tonnes total content of kimberlite with an average +1 DTC total
diamond content of 53.6 carats per hundred tonnes (cpht) extending
from surface to a depth of 205m with additional resource upside in
the form of a target for further exploration for the Q1-4 kimberlite
pipe of between 7.9 to 9.3 million carats from 14.1 to 16.6 million
tonnes total content of kimberlite with an average +1 DTC total
diamond content of 56.1 cpht, extending from 205m depth to 305m
depth. The reader is cautioned that mineral resources that are not
mineral reserves do not have demonstrated economic viability. In
addition, the potential quantity and grade of any target for further
exploration is conceptual in nature; there has been insufficient
exploration to define a mineral resource, and it is uncertain if
further exploration will result in the target being delineated as a
mineral resource. 
Pikoo Diamond Project Update 
North Arrow also reports that Stornoway has declined to exercise its
back-in right with respect to the Pikoo Diamond Project,
Saskatchewan. As a result, ongoing exploration and evaluation of the
Pikoo Project will be conducted under an 80% (North Arrow) / 20%
(Stornoway) participating joint venture arrangement. Exploration
plans for 2014 are currently being developed; however the program is
expected to include an extensive kimberlite indicator mineral (KIM)
till sampling program designed to follow up and better define KIM
trains located within the 33,000 ha property.  
Stock Options 
North Arrow also announces that, pursuant to North Arrow's Stock
Option Plan, the Company has granted a total of 1,055,000 incentive
stock options to Directors, Officers, employees and consultants to
the Company. The stock options are exercisable to acquire one common
share of North Arrow at $0.70 per share and can be exercised until
January 28, 2019. 
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 Canadian diamond
industry. In addition to the Qilalugaq and Pikoo Projects, North
Arrow is also evaluating each of the Redemption (NWT), Lac de Gras
(NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects. 
Qualified Person  
Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and
a Qualified Person under National Instrument 43-101, has reviewed and
approved the contents of this news release.  
North Arrow Minerals Inc.   
Kenneth Armstrong, President and CEO 
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. 
Contacts:
North Arrow Minerals Inc.
Ken Armstrong
President and CEO
604-668-8355 or 604-668-8354
www.northarrowminerals.com
 
 
Press spacebar to pause and continue. Press esc to stop.