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North Arrow Minerals Acquires Bathurst Inlet Lithium Property, Nunavut
VANCOUVER, British Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to report it has acquired an opti
About this update from North Arrow Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) is pleased to report it has acquired an option to purchase a 100% interest in the Bathurst Inlet lithium property, Nunavut. The property covers a series of mapped and interpreted pegmatite intrusives located on or within nine kilometres of tidewater at Bathurst Inlet. The southernmost mineral claim lies within 12 km of Sabina Gold and Silver’s port facility, being used to service Sabina’s Back River gold mine. North Arrow’s Oro Hope Bay Gold Property and Agnico Eagle’s Doris Gold Mine are located approximately 80 km to the northeast of the northern part of the property. Ken Armstrong, President and CEO of North Arrow, commented, “Acquisition of the Bathurst Inlet Property is part of North Arrow’s ongoing strategic work with Panarc Resources to identify and acquire lithium pegmatite opportunities in the NWT and Nunavut. Pegmatites have been known to occur in the Bathurst Inlet area for many decades. However, local bedrock mapping was at a scale where noting the locations, extent and mineralogy of these pegmatites was not practical, nor considered a priority. With the help of recent satellite imagery, we’ve been able to prioritize target areas for follow up detailed mapping and prospecting for lithium mineralization in early summer 2023.” The Bathurst Inlet lithium targets consist of pegmatites that have been identified using remote sensing techniques and a review of past bedrock mapping in the area. These pegmatites are considered prospective hard rock lithium targets due to their spatial and potential temporal relationship to the Torp Lake spodumene pegmatite on the west side of Bathurst Inlet. While pegmatites have been noted in the Bathurst Inlet area by government mappers, they have not been evaluated for potential spodumene and related lithium mineralization. Next steps include continued remote sensing work ahead of a 2023 field evaluation of prioritized outcrop areas to prospect for spodumene mineralization associated with the Bathurst pegmatite field. Acquisition Terms North Arrow has entered an agreement with Panarc Resources Ltd (“Panarc”) to acquire a 100% interest in the Bathurst Inlet Property by reimbursing staking costs of $16,515, issuing 100,000 shares of North Arrow within 15 days of receiving TSX ...