North Arrow Recovers 384 Carats from Qilalugaq Bulk Sample

(IDEX Online News) – North Arrow Minerals Inc. has recovered 11,083 diamonds greater than +1 DTC (~1 mm) from the Qilalugaq Diamond Project bulk sample. The diamonds totaled 384.28 carats from 1,353.37 dry tons of kimberlite for an overall sample grade of 28.4 cpht (carats per hundred tons).

The sample was collected in July and August 2014 from the Q1-4 kimberlite for the purpose of recovering commercial sized (approximately +0.85 mm) diamonds to undergo a formal valuation in Antwerp Belgium and provide a preliminary indication of Q1-4’s overall diamond value.

The recovered diamonds include 30 diamonds larger than the 3 grainer (~0.6 carat) size and 15 diamonds larger than 1 carat. Yellow diamonds, representing a range of hues and tones, comprise approximately 9 percent by stone count and 21.5 percent by carat weight of the +1 DTC diamonds recovered to date.

The three largest diamonds recovered were 4.42-, 4.16- and 3.53-carat stones.

“These final diamond results from the Q1-4 sample confirm earlier indications that the yellow diamond population in the Q1-4 kimberlite is significant and that the proportion of yellow diamonds increases, both by stone count and carat weight, as the diamonds move into the larger size classifications,” said Ken Armstrong, president and CEO of North Arrow.

“We are also pleased to report that the diamond parcel has been shipped to Antwerp in preparation for the upcoming diamond valuation exercise. The purpose of the valuation will be to provide an indication of the value of the diamonds hosted within the Q1-4 kimberlite, and, if positive, could provide the basis for a preliminary economic assessment of a potential mine development at the Qilalugaq Project.”

He added that the source sample was not intended to confirm the overall diamond grade of the Q1-4 kimberlite.

North Arrow is currently working to earn an 80-percent interest in the Qilalugaq Diamond Project from Stornoway, subject to a one-time back-in right of Stornoway’s, by collecting and processing the current bulk sample.

In addition to the Qilalugaq Project, North Arrow is also evaluating the Pikoo (SK), Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) diamond projects.