North Arrow Announces Option Of Yukon Gold Properties
August 3, 2010
North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce it has signed an agreement with Cathro Resources Corp. (50%) and Cazador Resources Ltd. (50%), both private companies and collectively the vendors, whereby North Arrow can earn a 100% interest in the Cal 1-28 (1,446 acres) and Dotty 1-12 (620 acres) mineral claims situated in north-central Yukon Territory.
The project area is located approximately 50 km northwest of Keno City, Yukon. The target is carbonate hosted gold mineralization similar to the newly discovered Rau (Tiger Zone) deposit of ATAC Resources Ltd., located only 70 km to the east. The Cal and Dotty claim blocks were staked to cover anomalous results from government regional stream silt samples. On the Cal property two samples are anomalous for gold and pathfinder elements. One of the samples contains 42 ppb Au and 310 ppb Mo, 21 ppm Pb and 5 ppm W. The other contains 37 ppb Au and 21 ppm As. In the Dotty claim area a sample returned a highly anomalous gold result of 210 ppb Au, as well as 331 ppm As, 1120 ppm Mo, 1230 ppm Ni, 3.4 ppm Sb, and 140 ppm W.
In early August an exploration program of silt sampling, prospecting and contour soil sampling is planned to evaluate the source of the geochemical anomalies. The estimated cost is $35,000 and the program is eligible for a grant from the Yukon Mining Incentives Program.
Under the terms of the agreement North Arrow can earn a 100% interest in the property by funding a minimum $35,000 initial exploration program and cumulative payments totaling $150,000 and cumulative share payments totaling 750,000 shares over a period of four years. Upon completion of the option the vendors will retain a 2.0% net smelter return royalty of which 1% can be purchased at any time for $1,000,000. Advance royalty payments of $25,000 per year will be payable upon exercise of the option until such time as the regular royalty payments begin or the property is returned in good standing. Advance royalty payments can be credited against future royalty payments. The agreement is subject to regulatory acceptance and approval.
North Arrow's exploration programs are conducted under the supervision of Gordon Clarke, P.Geol (NT&NU), Vice President, Exploration for North Arrow and a qualified person under NI 43-101.
North Arrow Minerals Inc.
/s/ "D. Grenville Thomas"
D. Grenville Thomas
President and CEO
For further information, please contact:
D. Grenville Thomas
President and CEO
Tel: 604-668-8355
Email: [email protected]
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website: www.northarrowminerals.com