North Arrow Minerals Inc. - Canoe Lake

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

Location:

Canoe Lake
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The Canoe Lake project is located approximately 25 km south of the High Lake base metal deposit, approximately 190 km south southeast of Kugluktuk and approximately 520 km north of Yellowknife.

Size:
The Canoe Lake project consists of 12 mineral claims, 2 mining leases and a portion of Inuit Owned land parcel (IOL CO-27) with a combined total of 9,370 ha.

Ownership:
100% North Arrow.

Highlights:

Known base metal mineralization with associated electromagnetic anomalies. Historical drilling included an intersection of 1.6 m section of banded sulphides in massive dacite assaying 89 g/t Ag, 5% Zn, 0.5% Pb and 0.8% Cu.
Know gold mineralization (Bamako gold showings), historical drilling intersected 15.30 g/t Au over 2.60 m.

Summary:
The Canoe Lake project is located within the High Lake greenstone belt and contains base metal and gold showings. At the Canoe Lake showing sulphides were intersected in two 1974 drill holes at depths of up to 50 m in felsic and intermediate volcanics. Intersections included a 1.6 m section of banded sulphides assaying 89 g/t Ag, 5% Zn, 0.5% Pb and 0.8% Cu, stringer sulphides over 0.5 m of core grading 211 g/t Ag, 0.5% Zn and 1.8% Cu. As well a 2.9 m intersection of stringer and banded sulphides yielded 24 g/t Ag, 1.7% Zn, 0.2% Pb and 0.2% Cu. Geological mapping has outlined exposure of alteration and related stringer sulphide mineralization over an area of 500 m by 200 m. Electromagnetic surveys have coincident responses with the mapped mineralization. These responses extend into overburden covered areas. Due to the limited drilling the recognizable alteration and associated geophysical responses additional drilling is warranted at the Canoe Lake showing. In 2005 a grab sample of siliceous rhyolite approximately 2 km north of the Canoe Lake showing assayed 0.063% Cu and 4.12% Zn. The sample location is coincident with a strong horizontal loop electromagnetic anomaly with a coincident magnetic response. This anomaly also warrants drill testing.

The Bamako gold occurrences are located approximately 1.7 km to the west of the Canoe Lake showing. Exploration on the Bamako gold occurrences has identified three sub-parallel, near vertically dipping gold bearing mineralized horizons within a 300 m stratigraphic interval. Mineralization is characterized by zones of sulphide enrichment and silicification within sheared mafic metavolcanic rocks. Disseminated to semimassive pyrrhotite is the dominant sulphide, typically accompanied by lesser amounts of pyrite and chalcopyrite and pervasively brecciated blue--grey to black quartz flooding. Surface samples have returned assays up to 54.4 g/t Au. In 1995 BHP - Utah Mines Ltd. carried out a 6 hole diamond drilling program. Highlights included 15.30 g/t Au over 2.60m @ 46.55m down hole and 5.4g/t Au over 1.21m at 39.79m down hole. This program only tested portions of potential mineralized stratigraphy at shallow depths. Further drilling is warranted.