North Arrow Minerals Inc. (TSXV:NAR) confirmed an approved 2014 exploration program and budget of $3.7M for the Qilalugaq Diamond Project in Nunavut. The Company is funding the bulk sampling program as part of an option agreement with Stornoway Diamond Corporation. The purpose of the program is to recover a diamond parcel of approximately 500 carats to determine an initial value estimate for the diamonds in the Q1-4 kimberlite.
As quoted in the press release:
The 2014 program will include the collection of approximately 1,500 tonnes from the 12.5 hectare Q1-4 kimberlite, located just seven kilometres from tidewater on the Arctic Ocean and nine kilometres from Repulse Bay. Sample collection will commence in July and the sample will be shipped south in late August using the annual sealift to Repulse Bay. The sample will be collected using a small excavator from an area of Q1-4 where there is limited (<1m) overburden cover. In 2007, Stornoway collected (from hand dug pits) a 20.3 tonne sample from this same area and recovered 6.1 carats of diamonds for a sample grade of 30 cpht. The 2014 sample will be processed for the recovery of commercial sized (+0.85 mm) diamonds and the resulting diamond parcel will be used to better determine diamond grade, size distribution, diamond parcel value and to establish whether or not fancy yellow diamonds persist into the larger diamond sizes.
North Arrow Minerals Inc. President and CEO, Ken Armstrong, said:
Q1-4 is a large kimberlite with a good diamond grade and excellent location on tide water near the hamlet of Repulse Bay. Northern Canada, including Nunavut, has a history of successful mine development for mineral deposits located on tide water and a positive diamond valuation for the Q1-4 kimberlite has the potential to establish Qilalugaq as one of the more important development track diamond projects in Canada.