North Arrow Completes Pikoo Diamond Project Exploration Program, Announces $1.5M Private Loan, Canadian Business Journal

VANCOUVER, British Columbia, November 21, 2022 (GLOBE NEWSWIRE) — North Arrow Minerals Co., Ltd. (TSXV-NAR) (“north arrow”) is pleased to report that the crew has completed an exploration and geophysical survey program up to sampling at the wholly owned Pikoo Diamond Project, located approximately 140 km east of La Longe, Saskatchewan. 110 samples were collected from 10 target areas in the middle and two ground magnetic and very low frequency electromagnetic (VLF EM) surveys were completed along with preparatory line cutting ahead of next year’s exploration drill program. better defined some sourceless kimberlite indicator mineral columns and tested previously unsampled regions under ice of potential kimberlite targets generated from a recent review of the project dataset. The sample has arrived at the Microlithic Laboratory in Thunder Bay, Ontario and is undergoing heavy mineral recovery processing.

North Arrow President and CEO Ken Armstrong commented: As reported at the 2022 Yellowknife Earth Science Forum, the technique led to the discovery of two of his kimberlites at NWT’s Ekati diamond mine earlier this year. Ekati’s findings confirm the successful application of Deep His Machine Learning to extensively explored brownfield environments. ”

Armstrong continues: A priority for drill testing in 2023. ”

North Arrow also announced that it has arranged an unbrokered private placement of its flow-through common stock (“Flow-Through Equity”At a price of $0.06 per flow-through share, we raised approximately $500,000 in gross proceeds, while also offering a non-brokered private placement of non-flow-through units (“non-flow-through unit”) Total revenue of approximately $1,000,000 at a price of $0.05 per non-flow-through unit. Combined, these placements will generate approximately $1,500,000 in total revenue. Each non-flow-through unit consists of a single non-flow-through common stock of the Company (each a “Non-flow-through share”) and one transferable non-flow-through common stock purchase warrant (each a “warrant”). Each warrant holder may purchase his one additional non-flow-through share at a price of $0.10 for 24 months after the completion of the private placement. Beginning four months after the date of issuance of the Warrant, if the closing price of North Arrow’s stock remains above $0.20 for ten consecutive trading days, the expiration date of the Warrant may be moved up to the next day. is 30 trading days after the acceleration trigger date. North Arrow insiders are expected to participate in the private placement on the terms set forth herein.

Proceeds from the private placement will be used to advance North Arrow’s Canadian diamond projects, including the Pikoo diamond project, and for general corporate purposes. North Arrow intends to use gross proceeds from the flow-through shares for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) and the Company intends to secure an amount equal to such proceeds. We make our best efforts to It will be used to cover Canadian exploration costs associated with the North Arrow exploration project. The Company will waive such Canadian exploration costs with an effective date of December 31, 2022.

North Arrow may pay finder fees based on offerings in accordance with applicable securities laws and TSX Venture Exchange policies. All securities issued in private placements are subject to a statutory holding period of four months. Closing of the private placement is subject to negotiation and execution of definitive documents and receipt of all regulatory approvals, including TSX Venture Exchange approval.

This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or state securities laws. Registered under the securities laws of the United States and applicable state securities laws or an exemption from such registration is available.

North Arrow also announced its intention to enter into an amended agreement with Anglo Celtic Exploration Ltd. (“Anglo Celtic”) to extend the term of the $400,000 loan provided to North Arrow for a further one year, which will expire in February 2021. First announced on May 17th and later fixed. February 18, 2022, respectively. Under the Loan Agreement Amendment (the “Agreement”), the revised date by which the outstanding loan balance must be paid in full is February 16, 2024. All other terms and conditions relating to the loan and contract remain the same. However, North Arrow intends to issue a security interest in mineral claims contained in Pikoo, Loki and CSI’s diamond projects in connection with the financing and future financing from Anglo Celtic. Anglo-Celtic is a private company managed by D. Grenville Thomas, director of North his Arrow.

About the Picu Diamond Project

The Pikoo Diamond Project comprises 39,752 hectares of mineral claim located approximately 140 km east of La Longe, Saskatchewan. Year-round roads and power lines to the Lake DeChambeau community reach within 6 km of the project’s southern boundary. North Arrow said that within the project area he discovered 10 kimberlite occurrences, of which his kimberlite microdiamond testing confirmed that they contained diamonds. All kimberlites are found at or near the ice edge of well-defined kimberlite indicator mineral sequences. Detailed kimberlite petrology and diamond results, mineral abundance, and detailed sampling information indicate that there are additional kimberlites within the project area that have yet to be discovered. For more information on diamond recoveries and past exploration efforts, visit the North Arrow website here.

North Arrow’s exploration program is conducted under the direction of Kenneth Armstrong, P.Geo, President and CEO of North Arrow and NI 43-101 Qualified Person. Mr. Armstrong has reviewed and approved the technical content of his release for this press release.

About North Arrow Minerals

North Arrow is a Canadian-based exploration company focused on identifying and evaluating diamond exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have been highly successful in the global diamond industry. North Arrow’s most advanced diamond project is the Naugjart Project (NU) Q1-Q4 diamond deposit, currently valued at $5.6 million, with diamonds recovered from a bulk sample of 1,814 tons . North Arrow has also discovered and evaluated diamond-bearing kimberlites at Pikoo (SK), Mel (NU), Loki (NWT), and the LDG JV project (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of Doris Gold Mine in Agnico Eagle.

North Arrow Minerals Co., Ltd.

/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
Representative Director and President

For more information, please contact:
Ken Armstrong
Phone: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com

Neither TSX Venture Exchange nor its regulated service providers are responsible About the validity or accuracy of this release.

This news release contains “forward-looking statements” including, but not limited to, statements regarding North Arrow’s plans, mineral resource estimates and the success of exploration activities. Forward-looking statements are based on management’s best estimates and assumptions, but actual results may differ materially from those expressed or implied by such forward-looking statements. Subject to risk and uncertainty. Successful integration of acquisitions. risks associated with general economic and market conditions; the closing of funding; the timing and content of future work programs; actual results of proposed exploration activities; potential variations in mineral resources or grades; A plant, equipment, or process does not perform as expected. Accidents, labor disputes, title disputes, insurance coverage claims and limitations, and other mining risks. changes in national and local government regulations, tax laws and regulations relating to mining operations; North Arrow has attempted to identify important factors that could cause its actual results to differ materially from those contained in the forward-looking statements that could cause results to differ from those anticipated, estimated or intended. There may be other factors that contribute to There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected in such statements. You should not place undue reliance on forward-looking statements. North Arrow does not undertake any obligation or responsibility to update any forward-looking statements, except as required by law.

CBJ Newsmaker