North Arrow Minerals Inc. (TSXV:NAR) has been notified by Dominion Diamond Corporation that the 2013 field exploration program at the Lac de Gras Diamond Project in the Northwest Territories is now complete. North Arrow also announced an amendment to the financing announced on August 26, 2013: the Company now intends to issue up to 12,500,000 common shares at a price of $0.40 per share for total gross proceeds of $5,000,000.
As quoted in the press release:
Exploration 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.
Dominion is funding the $3 million 2013 exploration program as part of an option to earn a 55% interest in the Lac de Gras property by incurring $5 million in exploration expenditures prior to September 2016.
North Arrow also announces it is amending the terms of a non-brokered private placement financing, previously announced on August 26, 2013. The Company now intends to issue up to 12,500,000 common shares at a price of $0.40 per share for total gross proceeds of $5,000,000. All other terms of the private placement financing remain the same. Proceeds from the private placement will be used to finance exploration programs at the Company’s diamond properties and for working capital purposes. The private placement remains subject to regulatory acceptance and approval.