Closes Sale of N Wt Lithium Properties to L I - FT Power January 23 , 202 5
Suite 960
–
789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel:
604
-
668
-
8355
News Release
NORTH ARROW
CLOSES SALE OF
N
WT
LITHIUM PROPERTIES
TO L
i
-
FT POWER
January
23
,
202
5
Trading Symbol: TSXV: NAR
#
2
5
-
0
2
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
transfer
red
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 Go
ld’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 8
0% 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 shall
ow 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
technol
ogies 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.
2
About North Arrow Minerals
North Arrow is a
Vancouver
, BC
-
based exploration company focused on the evaluation of
the Kraaipan G
old
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
interest
s
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.
(N
W
T/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
For further information, please contact:
Ken Armstrong
or Nick Thomas
Tel: 604
-
8
89
-
5252
or 778
-
229
-
7194
Website:
www.northarrowminerals.com
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 b
y 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 vari
ations in mineral r
esources 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 th
ose contained in forward
-
looking
statements, there may be other factor
s 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.
According
ly, 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.