The Contwoyto project is located near the past-producing Lupin gold mine, in western Nunavut, approximately 400km north of the city of Yellowknife.
The Contwoyto project consists of 5 mineral claims and two mining leases totaling 13,871.5 acres
100% North Arrow.
Under option to Elgin Mining Inc. Elgin can earn a 60% interest by funding $6 million in exploration expenditures over 6 years.
Strategically located near the Lupin gold mine (past producer of >3.3 million ounces gold @ 9 g/t avg grade).
Known gold occurrences and deposits on the Contwoyto properties
Potential for new banded-iron formation hosted gold discoveries, particularly through advances in the interpretation of geophysical signatures associated with gold bearing iron formation
The Contwoyto project is strategically located proximal to the past-producing Lupin gold mine. The mine was last operated by Kinross Gold Corp. who shut the mine down in January 2005. From the start of commercial production in 1982 to the final shutdown, Lupin produced in excess of 3.3 million troy ounces of gold at an average gold head grade of approximately 9 grams per tonne. In the spring of 2011, Elgin Mining Inc. purchased the Lupin gold mine from Minerals and Metals Group and is actively carrying out new exploration on the Lupin mine leases. Elgin considers there is excellent potential to assign near term production ounces to the existing mineralization and to make additional discoveries in regionally located banded iron formations. New exploration will in part be guided by targeting altered iron formation with demagnetized signatures and associated Spectral Induced Polarization (IP) survey resistivity low/chargeability high targets. This exploration strategy has not been previously applied in the Contwoyto area and has proven very successful in the discovery of previously unknown gold mineralized iron formation in the Back River area of Nunavut by Sabina Gold and Silver.
North Arrow's Contwoyto gold properties host known gold occurrences. Highlight drill intercepts from some of these occurrences include:
Dune - 63 g/t Au over 4.8m*
Pan - 5.3 g/t Au over 4.8m*
Shallow Bay - 35 g/t Au over 3.6m*
A3 v- 38 g/t Au over 2.5m*
Fin - 5.25 g/t Au over 5.3m*
Fin - 11.6 g/t Au over 3.1m*
*Historical highlight drill results from 1980's and 1990's. Full drilling results ranged from background or anomalous values up to listed highlight intercepts.
Under a June 2012 option agreement with Lupin Mines Incorporated (a wholly owned subsidiary of Elgin), Elgin can earn a 60% interest in the Contwoyto property by incurring exploration expenditures totaling $6M within six years.