- North Arrow Minerals (NAR) has announced that crews have completed Pikoo Diamond Project exploration program
- 110 till samples were collected from ten target areas, and two ground magnetic and very low frequency electromagnetic (VLF EM) surveys were completed
- North Arrow has also arranged a non-brokered private placement of flow-through common shares and non-flow-through units for combined gross proceeds of $1,500,000
- The company has also announced its intention to sign an amended agreement with Anglo Celtic Exploration Ltd. to extend by one year the term of a loan of $400,000
- North Arrow Minerals Inc. is an exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada
- North Arrow Minerals Inc. was up 25.00 per cent, trading at $0.05 at 12:05 PM ET
North Arrow Minerals (NAR) has announced that crews have completed the Pikoo Diamond Project exploration program.
The exploration program involved till sampling and ground geophysical survey.
During the program, 110 till samples were collected from ten target areas and two ground magnetic. Very low frequency electromagnetic (VLF EM) surveys were completed along with some preparatory line cutting in advance of an exploration drill program next year.
The till samples are intended to define several unsourced kimberlite indicator mineral trains better and to test previously unsampled areas down-ice of potential kimberlite targets generated from a recent review of project datasets.
North Arrow has also announced the commencement of a non-brokered private placement of flow-through common shares at a price of $0.06 per flow-through share to raise approximate gross proceeds of $500,000.
Concurrently, it has also arranged a non-brokered private placement of non-flow-through units at a price of $0.05 per non-flow-through unit for approximate gross proceeds of $1,000,000.
Together, the placements will combine for total gross proceeds of approximately $1,500,000.
The company plans to use the proceeds from the private placements to advance North Arrow’s Canadian diamond projects, including the Pikoo diamond project, and for general corporate purposes.
North Arrow intends to use the gross proceeds from the flow-through shares for “Canadian exploration expenses” within the meaning of the Income Tax Act (Canada).
The company has also announced that it intends to sign an amended agreement with Anglo Celtic Exploration Ltd. to extend by one year the term of a loan of $400,000 provided to North Arrow and first announced and later amended on February 17, 2021, and February 18, 2022, respectively.
The Pikoo Diamond Project consists of 39,752 hectares of mineral claims located approximately 140 km east of La Ronge, Saskatchewan.
North Arrow Minerals Inc. is a Canadian-based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada.
North Arrow Minerals Inc. was up 25.00 per cent, trading at $0.05 at 12:05 PM ET.