North Arrow Minerals Inc. - Anialik

Silvertip Anialik Canoe Lake Regan Lake Eagle Hope Bay Napaktulik Lac de Gras Nebbish

Location:

Anialik
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The Anialik project is located in the western portion of Nunavut, approximately 170 km southeast of Kugluktuk and approximately 575 km north-northeast of Yellowknife.

Size:
The Anialik project consists of portions of 3 Nunavut Tunngavik Incorporated (NTI) parcels of Inuit Owned Lands (parcels CO-30, CO-31 and CO-81) and fourteen mineral claims. Combined the parcels and the claims total 21,628 ha.

Ownership:
100% North Arrow.

Highlights:

Covers portions of the Anialik River volcanic belt and the High Lake volcanic belt. The High Lake volcanic belt hosts the High Lake VMS deposit which is undergoing prefeasability stage exploration.
Historical work at North Arrow's Run Lake prospect located 28 km from High Lake has identified significant stringer copper mineralization related to the Run Horizon. In the mid 1970's seven of eight drill holes drilled at shallow depths (<60 m) within a sequence of felsic to mafic volcanics returned Cu values ranging from 0.30% to 3.85% over widths of 1.4 to 7.6 m. Most recently in 1993, deeper drilling returned 0.91% copper over 22.5 m including 0.40 m of massive sulphide mineralization returning 8.06% Zn and 1.70% Cu.
Previous work by Strongbow Exploration Inc., has identified a number of prospective gold showings.

Summary:
The Anialik project covers Archean greenstone terrain which is favourable for volcanogenic massive sulphide (VMS) and gold deposits. VMS prospects include the mineralized Run Lake horizon and the Rush base metal showing. In the mid 1970's seven of eight drill holes drilled at Run Lake to shallow depths (<60 m) within a sequence of felsic to mafic volcanics returned Cu values ranging from 0.30% to 3.85% over widths of 1.4 to 7.6 m. Most recently in 1993, deeper drilling returned 0.91% copper over 22.5 m including 0.40 m of massive sulphide mineralization returning 8.06% Zn and 1.70% Cu. Mineralization at the Run Horizon appears to be widening and remains open at depth. The Rush showing consists of several gossans with anomalous base metal mineralization. Surface grab samples from the area have returned from 0.08% to 2.1% copper and up to 24.5% zinc.

Gold mineralization includes the Frank and Felicia showings and the Locanna prospect. The Frank showing consists of pyrite gossans in discrete quartz veins with 3 samples returning assays greater than 10 g/t Au. The Felicia showing consists of quartz-chalcopyrite veinlets in carbonate altered intermediate to mafic volcanics. Anomalous samples included 18.8 and 8.7 g/t Au. The Locanna gold prospect is characterized by deformed stockwork pyritic quartz veins that locally contain significantly anomalous concentrations of gold. Mineralization occurs within a 300 m wide by 3000 m long corridor. Forty seven of 146 prospecting samples collected along this corridor returned in excess of 1 g/t gold with high values of 44.2 g/t gold, 20.9 g/t gold, and 14.2 g/t gold. Channel sampling of three areas along a 7 m strike length of one vein near the southern end of the corridor returned 14.4 g/t gold over 1.6 m, 51.2 g/t gold over 0.25 m, and 6.8 g/t gold over 1.18 m.