VANCOUVER, BC, Nov. 26, 2024 /CNW/ - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow" or the "Company") is pleased to provide an update on exploration plans and activities at its Kraaipan Gold Project, Botswana. The Kraaipan Project comprises a large land package covering 1,266 km2 of mostly underexplored, Archean greenstone terrain, referred to as the Kraaipan Greenstone Belt ("KGB"). The KGB straddles the Botswana – South Africa border and is prospective for the discovery of both gold and base metal deposits, however, in Botswana, it has undergone limited historical exploration owing to a generally thin (<40m) cover of Kalahari sand that hinders the collection of traditional exploration data using geological mapping, prospecting and geochemical sampling. The South African portion of the KGB is better exposed and explored and is host to numerous mineral occurrences including Harmony Gold's multi-million-ounce Kalgold mine, in operation since the late 1990's and located approximately 40km south of the Kraaipan Project.
North Arrow Minerals Logo (CNW Group/North Arrow Minerals Inc.)
Ken Armstrong, President and CEO of North Arrow, stated, "North Arrow is pleased to have started work evaluating the gold potential of the Kraaipan Project, in collaboration with our partner, Rockman Resources. Our initial focus is to systematically explore beneath Kalahari sand cover for orogenic gold mineralization associated with banded iron formation (BIF) units of the Kraaipan Greenstone Belt. We believe the KGB within the Kraaipan project area is an excellent regional scale exploration opportunity because, while typically less than 40m thick, the Kalahari sands have presented an obstacle to past exploration efforts. North Arrow and Rockman are taking a systematic, technology driven, regional approach to exploration that will include prospectivity analysis using existing and newly generated data sets. Proprietary techniques, including detailed magnetic drone surveying and portable RC drilling to collect basal Kalahari sand and bedrock geochemical samples will enable a rapid, and cost-effective regional assessment of the land package in support of developing priority, hard rock drilling targets."
Initial fieldwork has included collection of 905 line-kms of high-resolution magnetic data, 23 RC drill holes intended to sample bedrock and the basal Kalahari sand cover within a new target area in the central part of the property, and a single RC hole and small orientation soil sampling grid in the southern part of the property within the footprint of a much larger soil sampling grid completed in the 1990's. Ongoing exploration and evaluation work through the end of 2024 will include:
Testing of a smaller RC drill platform to allow for increased production above the current rate of approximately three holes per day. This test drilling will also provide important information on the thickness of sand cover at one of the areas of interest within the project.
Additional analytical work, including multi-element analyses of existing pulps from 2024 and earlier samples, as well as test analyses of variously screened fine fractions from archived splits of soil and base of Kalahari drill samples. The goal of this work is to optimise the analytical approach and to identify a suite of pathfinder elements to aid in identification of rock types and gold-associated alteration within bedrock.
Ground geophysical surveys of several areas inaccessible to drone surveys due to power lines. These surveys will help stitch together previously surveyed blocks, providing more complete high-resolution magnetic coverage of the project area.
Mr. Armstrong continued, "Results from this 2024 work, in combination with an ongoing comprehensive review of existing regional and project datasets, including regional prospectivity analysis, will be used to guide target selection and develop a comprehensive work program for 2025. Expected work streams include additional RC drilling (base of Kalahari and bedrock sampling), surface soil sampling, final collection of high-resolution magnetic data and follow up diamond (core) drilling of identified target areas."
About the Kraaipan Gold Project, Botswana
The Kraaipan Gold Project is comprised of 1,266 km2 of mineral concessions covering the 60 km strike extent of the Kraaipan Greenstone Belt in Botswana. The KGB is a highly prospective Archean greenstone belt that straddles the Botswana - South Africa border, with proven mineral endowment including Harmony Gold's Kalgold gold mine in South Africa, approximately 40 km south of the Project. Past exploration of the northern extent of the KGB has been challenged by Kalahari Desert sand cover, impacting approximately 80% of the KGB within Botswana. The sand cover, while extensive, is typically less than 20m over much of the Project but can locally reach depths of up to 70m. Limited past exploration of the KGB in Botswana has identified local gold mineralization in shallow drilling of exposed banded iron formation (BIF) targets. A focus of new exploration will be to identify BIF-related gold mineralisation beneath the sand cover. To do this, North Arrow will have access to Rockman's highly experienced Botswana-based exploration team, who are capable of deploying cost-effective proprietary exploration solutions including drone geophysics, truck-mounted drilling and, potentially deep machine learning technologies to rapidly advance the Project.
As detailed in a news release dated October 28, 2024, North Arrow is currently working to earn a 60% interest in the Project by investing US$5 million by June 30, 2027, including a firm commitment to invest US$1 million by June 30, 2025.
About North Arrow Minerals
North Arrow is a Vancouver, BC-based exploration company currently focused on the evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow is also evaluating spodumene pegmatites at its 100% owned LDG, MacKay, and DeStaffany Lithium Projects (NWT), and continues to maintain its diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Projects. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong" 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.
