Trading Symbol: TSXV: NAR
VANCOUVER, BC, Jan. 23,
2025 /CNW/ - North Arrow Minerals Inc. (TSXV:
NAR) ("North Arrow" or the "Company") is pleased to
announce it has closed the previously disclosed sale of three
lithium properties located in Canada's Northwest
Territories to Li-FT Power Ltd. ("Li-FT") (TSXV:
LIFT) in exchange for 250,000 common shares of Li-FT.
Ken Armstrong, President and CEO
of North Arrow, stated, "Closing of this sale provides North Arrow
with exposure to the continued evaluation of these NWT lithium
properties as well as Li-FT's advanced Yellowknife Lithium Project,
while allowing our team to focus on exploration of the Kraaipan
Gold Project in Botswana, where
detailed structural mapping and interpretation work will soon
begin, complementing ongoing geophysical surveys and geochemical
baseline analyses. Priority target areas identified from this work
will be tested as part of a reverse-circulation drilling program in
Q2 2025."
On closing the property sale, North Arrow has transferred to
Li-FT a 100% interest in the DeStaffany, LDG and MacKay lithium
properties, subject to existing royalty interests on the DeStaffany
and LDG properties, and has received 250,000 common shares of
Li-FT, which are subject to a statutory hold period of four months
from the date of receipt.
About the Kraaipan Gold Project, Botswana
The Kraaipan Gold Project is comprised of three 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 is to
identify BIF-related gold mineralisation beneath the sand cover. To
do this, North Arrow is working with Rockman Resources Limited'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 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 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.
SOURCE North Arrow Minerals Inc.