North Arrow Minerals Inc. Closes Diamond Royalty Sale At Ldg Project, Nwt
VANCOUVER, Feb. 20, 2024 - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow") has closed its previously announced agreement granting Springbok Holdings Inc. ("Springbok") a 2% diamond royalty on North Arrow's 100% owned LDG Project in the Northwest Territories. In exchange, Springbok has waived its right to receive a future $1 million share payment from North Arrow, which could have been triggered as early as this year if exploration proceeds as planned at newly discovered spodumene pegmatites on the property. The royalty will apply only to future diamond production and will not apply to other commodities, including lithium. North Arrow may purchase 1% of the royalty (reducing the royalty from 2% to 1%) by making a single payment of $2 million at any time up to 24 months after the date on which the first royalty payment is due. Dr. Chris Jennings, a director of North Arrow, is a principal of Springbok. Further details related to the agreement can be found in North Arrow news release dated February 5, 2024. Any transaction with an insider constitutes a "related party transaction", as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the royalty is less than 25% of North Arrow's market capitalization.
North Arrow is a Canadian based exploration company focused on the identification and evaluation of lithium and other exploration opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow is evaluating spodumene pegmatites at its 100% owned LDG, MacKay, and DeStaffany Lithium Projects (NWT), is exploring for lithium in Nunavut at the Bathurst Inlet pegmatite field and continues work to identify additional lithium exploration opportunities in northern Canada. North Arrow also owns interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Diamond Projects and maintains a 100% interest in the Hope Bay Oro Gold Project, located approximately 3 km north of Agnico Eagle's Doris Gold Mine, Nunavut. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed and approved the technical contents of this press release.
/s/ "Kenneth A. Armstrong"
Kenneth Armstrong
President and CEO
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for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
SOURCE North Arrow Minerals Inc.
Contact
Ken Armstrong or Nick Thomas, Tel: 604-668-8354 or 778-229-7194, Website: www.northarrowminerals.com
