The company has identified 745 diamonds larger than the 0.106mm sieve size including 23 diamonds larger than the 0.85mm sieve size from a 209.7kg sample of drill core from the PK150 kimberlite at Pikoo.
North Arrow president and CEO Ken Armstrong said the discovery of relatively high counts of +0.85 mm diamonds at Pikoo is an exceptional result and establishes Pikoo and the northern Sask Craton as a new diamond district in Canada.
"PK150 was discovered as part of a short, 10 hole program completed earlier this year, and many priority targets remain on the 33,000+ ha property," Armstrong added.
"North Arrow is well positioned with more than $6 million cash on hand to further advance this new diamond discovery at Pikoo, to collect a 500+ carat diamond parcel from the advanced Qilalugaq Project in Nunavut, and to evaluate unexplained kimberlite indicator mineral trains at the Redemption and Lac de Gras Diamond Projects in the heart of the Lac de Gras diamond district of the NWT," Armstrong continued.
The PK150 was discovered during the company’s 2,002m drilling program completed in July 2013 while the drilling program and related diamond testwork is being funded by North Arrow as part of an option agreement to earn an 80% interest in the Pikoo project, with Stornoway Diamond.
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