The Hope Bay ORO project is located approximately five km north of Hope Bay Mining Ltd's (Newmont) new Doris North gold mine and 725 km north of Yellowknife.
A total of 10,138 acres, consisting of five leases.
100% North Arrow.
Proximal to the new Doris North gold mine operated by Hope Bay Mining Ltd. (Newmont) which along with the Madrid and Boston deposits, make up one of the largest undeveloped gold projects in North America (9 million oz. resource).
Property contains similar stratigraphy and structure as the Doris deposit and has known gold occurrences.
Option agreement signed whereby Sennen Resources Ltd. can earn a 60% interest by funding a $5 million exploration program over a five year period.
1,225 metre diamond drill program completed in 2011 confirmed near-surface gold mineralization over 300 metres of strike length; zone remains open to the north, south and at depth
Highlight intervals included 7.55 m grading 4.91 g/t Au in hole 11-HB-04 including 8.00 g/t Au over 4.20 m, and 2.00 m grading 20.22 g/t Au in hole 11-HB-10
Previous mapping and geochemical analyses by Strongbow Exploration has confirmed that the host stratigraphy to the Doris deposit extends onto the Hope Bay property. Several gold showings have been identified, including the Elu shear, an approximately 400 m long mineralized shear zone structure where a 1998 drill program completed by Navigator Exploration Corp. encountered 14.3 g/t Au over 2.12 m and 5.96 m grading 5.48 g/t within a single drill hole. A second, steeper drill hole from the same set up encountered 2.18 m grading 3.61 g/t Au, before encountering a post mineralization dyke. An undrilled section of the Elu shear zone returned 25 g/t Au over a 5 m width on surface.
North Arrow considers the Hope Bay Property to have significant merit given its proximal location to the Doris deposit and the related infrastructure improvements currently being constructed by Newmont, including an airstrip and barge docking facility. An option agreement has been signed whereby Sennen Resources Ltd. can earn a 60% interest by funding a $5 million exploration program over a five year period.
In 2011, the exploration program included 1225 metres of diamond drilling in 11 holes focused on the Elu Shear zone over 300 metres of strike. All holes except for hole 11-HB-03 intersected the Elu shear and returned significant gold values. As well, substantial gold values were returned for the Elu splay and Elu shear east, which occur sub parallel to the Elu shear to the northwest and the southeast of the Elu shear, respectively. Interpretation of the results indicates that additional drilling is warranted to fully outline gold mineralization associated with the Elu shear. In addition, further work to identify other gold mineralized shears on the Oro property is also warranted.