North Arrow Minerals Inc. (TSXV:NAR) announced that a winter 2016 exploration drilling program has started up at its Saskatchewan-based Pikoo diamond project.
The company is looking to complete about 2,500 meters of drilling in order to “fully delineate diamond bearing kimberlite discoveries made in 2013 and 2015 and to test new targets identified from geophysical surveys.”
As quoted in the press release:
A total of seven discrete kimberlite occurrences have been discovered to date within the Pikoo Project, four of which have been confirmed as diamond bearing. The most significant discovery to date is the PK150 kimberlite, from which a total of 531.1 kg has been tested by caustic fusion analyses, returning 1232 diamonds greater than 0.106mm including 32 diamonds greater than 0.85mm. (Please see North Arrow news release #15-14 dated October 20, 2015 for details). The 2016 drilling program is designed to fully define the extent of the PK150, PK311 and PK312 kimberlites and to test a number of new targets within the Project area.
Exploration of the Pikoo Project is conducted under an 80% (North Arrow) / 20% (Stornoway Diamond Corporation) participating joint venture arrangement. The joint venture has approved a $1.69M budget (including contingencies) for the 2016 drilling program. Stornoway has elected not to contribute its share of the 2016 exploration budget. North Arrow has elected to solely fund the program and as a result its ownership interest will increase to approximately 85%.
Click here to read the full North Arrow Minerals Inc. (TSXV:NAR) press release.
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