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North Arrow Minerals and StrategX Announce Data Sharing and Royalty Agreement Mel Diamond Project, Nunavut
VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to announce it has entered into a data sharing an
About this update from North Arrow Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) is pleased to announce it has entered into a data sharing and royalty agreement with StrategX Elements Corp. involving North Arrow’s Mel Diamond Project, Nunavut. Under terms of the agreement, StrategX has acquired the non-diamond mineral rights to the 56,000 ha Mel property, subject to North Arrow retaining a 1% gross overriding royalty (“GOR”) on non-diamond production from both the property and an approximately 435,000 ha surrounding area of interest (“AOI”). North Arrow will retain 100% of the diamond rights to any mineral claims acquired by StrategX within the AOI, subject to StrategX retaining a 2% GOR on diamonds, reduced to 1% where an existing 1% GOR interest applies (please see North Arrow news release dated August 19, 2013 for details on the existing royalty). The agreement also provides for logistics and cost sharing during exploration programs. About the Mel Project The Mel Project centres on a diamondiferous kimberlite field discovered by North Arrow in 2017 within 18 km of the Arctic Ocean, approximately 140 km south of the community of Sanirajak (formerly Hall Beach) and 210 km north of North Arrow’s Naujaat Diamond Project near the community of Naujaat. In addition to the ML8 and ML345 kimberlite occurrences, the Mel Project hosts a number of unsourced kimberlite indicator mineral trains. Details on the Project can be found at http://northarrowminerals.com/projects/mel/ About StrategX Elements Corp. StrategX is a private company, unrelated to North Arrow, pursuing gold and base metal exploration opportunities in Canada. 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 global diamond industry. North Arrow’s most advanced project is the Q1-4 diamond deposit at the Naujaat Project (NU), where a fully funded 1,500 to 2,000 tonne bulk sample will be collected in 2021. North Arrow has also discovered and is evaluating diamondiferous kimberlite fields at the Mel (NU) and Pikoo (SK) Projects and is evaluating and exploring for additional kimberlites at the brownfields Loki and LDG JV Projects in th...