The Lac de Gras Diamond Project is located 290 km northeast of Yellowknife and is within 10 km of the Diavik diamond mine.
45% North Arrow (assuming Dominion earn their 55% interest)
Option/Joint Venture agreement with Dominion Diamond Corporation (formerly Harry Winston Diamonds) under which the companies have combined exploration properties to create a 125,000 hectare joint venture property. Dominion can earn a 55% interest by funding $5 million in exploration expenditures prior to September 2016.
Located within the Lac de Gras kimberlite field which includes the world class Ekati and Diavik diamond mines.
Joint-ventured with Dominion Diamond Corporation (formerly Harry Winston Diamond Mines). Dominion owns a 40% interest in the Diavik mine and an 80% interest in the Ekati mine.
Diavik trend projects through the centre of the property and the Ekati trend projects through the western margin of the property.
$3.0 million 2013 overburden drilling program was announced completed October 3, 2013
Considering the proximal location of the Lac de Gras Project to operating diamond mines, North Arrow considers the area to have significant exploration potential for diamondiferous kimberlite. The Diavik mine lies only 10 km away and is projected to produce over 100 million carats of diamonds over its mine life of 16 to 22 years, with an expected annual diamond production peak of approximately 10 million carats (source: www.diavik.ca).
Previous work has included airborne surveys, till sampling, ground geophysics and limited diamond drilling. Untested geophysical anomalies and unexplained geochemical anomalies remain, but the glacial till is thick in the the area south of Lac de Gras and has been exposed to multiple glacial events. The auger drilling of basal till has been shown to be effective around Diavik (by Dominion) an was considered to be the best approach for the 2013 exploration program.
The work consisted of a two phase overburden drilling program intended to test the basal tills of the property. The initial phase one program consisted of 562 drill holes on a nominal 3 km by 1 km grid. A total of 1,309 heavy mineral till samples were collected and initial mineral picking results have been received for 1,208 of the samples. The recently completed phase two program consisted of an additional 195 overburden drill holes (395 samples) drilled at 250 m intervals along variably spaced lines intended to further evaluate several target areas identified from historic data and initial phase one program results. Several of these targets fall along the southern extension of a trendline defined by the Diavik mine kimberlites.
A first pass compilation of results from the 2013 program is expected by the end of October. The compilation will also incorporate historic heavy mineral and geophysical data sets and will provide the basis for planning the 2014 exploration program. The 2013 exploration program is being managed by Aurora Geosciences Ltd. of Yellowknife, NT and till samples are being processed at Overburden Drilling Management Limited of Ottawa, ON.