North Arrow Acquires Destaffany Spodumene Lithium Property, Nwt
Suite 960 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel: 604-668-8355
News Release
NORTH ARROW ACQUIRES DESTAFFANY SPODUMENE LITHIUM PROPERTY, NWT
January 30, 2023 Trading Symbol: TSXV: NAR #23-01
North Arrow Minerals Inc. (TSXV- NAR) (“North Arrow”) is pleased to report it has acquired a 100% interest in the
DeStaffany lithium property, part of the Yellowknife Pegmatite Province, Northwest T erritories as part of an initiative to
leverage North Arrow’s knowledge and experience with lithium and other critical metals in northern Canada while continuing
to evaluate its portfolio of Canadian diamond properties.
Ken Armstrong, President and CEO of North Arrow, commented “Acquisition of the DeStaffany lithium project is part of a
larger opportunity to take advantage of North Arrow’s deep exploration experience in the NWT and Nunavut, including past
evaluation of lithium, tantalum and rare earth element (REE) mineralization at a number of localities in both territories. In
fact, the DeStaffany area was the subject of tantalum and nickel exploration work by a predecessor company to North Arrow
from 1998 to 2002 and North Arrow’s Chairman, Gren Thomas, was responsible for the discovery of niobium, tantalum and
rare earth element mineralization in the nearby Blatchford Lake Complex in the 1970’s, home to the newly opened Nechalacho
mine, Canada’s first producer of rare earth elements.”
The DeStaffany lithium property covers 1,843 ha located on the north central shore of Great Slave Lake, approximately 18
km northeast of the Nechalacho mine and 115 km east of Yellowknife. The property hosts the Moose 1 and Moose 2 lithium-
tantalum-niobium bearing pegmatites. The pegmatites were initially evaluated in the 1940’s for tantalum and niobium but
have never been subject to a focused evaluation of their lithium potential. New discoveries are possible within the property
as highlighted by the identification of additional pegmatites by a predecessor company to North Arrow . At the time, these
pegmatites were not described or evaluated for their lithium potential.
The Moose 1 pegmatite has never been drilled but has been traced over a 370 m strike, averaging 4.5 m to 6.0 m in width,
with a maximum width of approximately 11 m, and hosts spodumene mineralization that returned 1.5% Li2O over 7.5 m from
historic channel sampling in 2009. Additional historic surface samples have returned from background values to 4.1% Li2O.
The Moose 2 pegmatite has been mapped over a 450 m strike length, is up to 30 m wide. The pegmatite was bulk sampled
and test mined for its t antalum and niobium potent ial in the 1940’s and 1950’s , producing tantalum, niobium and lithium
concentrates, but has never been evaluated or drilled for its lithium potential. S podumene mineralization is common
throughout the pegmatite, with elevated lithium analyses of up to 2.73% L i2O returned from samples along at least a 250 m
strike length of the body.
The Moose pegmatites are located within 1 km of Great Slave Lake, providing good year-round access to the property from
both Yellowknife and Hay River on the south side of lake. Next steps for the property will include preparation for mapping,
sampling and prospecting fieldwork ahead of initial drill testing of these mineralized spodumene pegmatites.
Acquisition Terms
North Arrow has entered an agreement with Panarc R esources Ltd. (“Panarc”) to acquire a 100% interest in the D eStaffany
mineral claims by reimbursing staking costs of $18,000 and issuing to Panarc 500,000 shares of North Arrow, subject to the
approval of the TSX Venture Exchange. In addition, Panarc will retain a 2% net smelter returns royalty on future mineral and
metal production from the property. One half of the royalty can be purchased at any time for $2 million. North Arrow and
Panarc have also agreed to a strategic alliance to work together in identifying and acquiring additional lithium projects in
Canada’s three territories.
North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of
North Arrow and a Qualified Person under NI 43- 101. Mr. Armstrong has reviewed and approved the technical contents of
this press release.
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 diamond project is the Q1- 4 diamond deposit at the Naujaat
Project (NU), where diamonds recovered from a $5.6M, 1,814 tonne bulk sample are currently being evaluated. North Arrow
has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV
Figure 1: Outcrop photograph of western margin of north section of the Moose II pegmatite. Direction of crystal growth oriented
perpendicular to the host-rock. Spd = spodumene, Qz = quartz, Ab = albite, Kfs = Kfeldspar. Hammer for scale. Photo from
Anderson, 2013.
Projects (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately
3 km north of Agnico Eagle’s Doris Gold Mine.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
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 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.