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NORTH ARROW AND SPRINGBOK AGREE TO DIAMOND ROYALTY AT LDG PROJECT, NWT
NORTH ARROW AND SPRINGBOK AGREE TO DIAMOND ROYALTY AT LDG PROJECT, NWT Canada NewsWire ...
About this update from North Arrow Minerals Inc.
[{"type":"text","content":"\n \n \n \n NORTH ARROW AND SPRINGBOK AGREE TO DIAMOND ROYALTY AT LDG PROJECT, NWT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading Symbol:  TSXV: NAR\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 5, 2024\n \n \n /CNW/ -\n \n North Arrow Minerals Inc.\n \n (TSXV: NAR) (\"\n \n North Arrow\")\n \n announces it has granted Springbok Holdings Inc. (\"Springbok\") a 2% diamond royalty on its 100% owned LDG Project in the\n \n Northwest Territories\n \n . In exchange, Springbok has agreed to waive its right to receive a future\n \n $1 million\n \n share payment from North Arrow, which could have been triggered as early as this year if exploration proceeds as planned at newly discovered spodumene pegmatites on the property. The royalty will apply only to future diamond production and will not apply to other commodities, including lithium.\n \n \n \n Ken Armstrong\n \n , President and CEO of North Arrow commented, \"Today's news allows North Arrow to proceed with planned evaluation of the SD2 and SD4 spodumene pegmatites, discovered in 2023 on the LDG property, without the overhang of a potentially dilutive\n \n $1M\n \n share payment this summer. While we believe the LDG Project remains prospective for diamonds, our focus over the last 12 months, and looking forward into 2024, is to evaluate the lithium potential of the LDG property and it was therefore important for us to remove the share payment overhang while keeping the property's lithium mineral rights royalty-free.\"\n \n \n \n Background and Agreement Details\n \n \n \n In\n \n April 2013\n \n , North Arrow acquired Springbok's interest in a portion of the current LDG property, as detailed in North Arrow news releases dated\n \n \n October 25, 2012\n \n \n and\n \n \n April 29, 2013\n \n \n . As part of the acquisition, North Arrow retained an obligation, in certain circumstances, to issue to Springbok that number of common shares of North Arrow having a value of\n \n $1 million\n \n . As part of the agreement announced today, Sp...