According to North Arrow Minerals Inc., it now has the option to buy a 100% stake in the Bathurst Inlet lithium property in Nunavut. The area covered by the property includes a number of pegmatite intrusives that are mapped and understood to be within 9 km of tidewater at Bathurst Inlet.
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A port facility utilized by Sabina Gold and Silver to serve their Back River gold mine is 12 km from the southernmost mineral claim. The northern portion of the property is around 80 km to the northeast of the Oro Hope Bay Gold Mine owned by North Arrow and the Doris Gold Mine owned by Agnico Eagle.
Acquisition of the Bathurst Inlet Property is part of North Arrow’s ongoing strategic work with Panarc Resources to identify and acquire lithium pegmatite opportunities in the NWT and Nunavut. Pegmatites have been known to occur in the Bathurst Inlet area for many decades.
Ken Armstrong, President and Chief Executive Officer, North Arrow Minerals Inc.
Armstrong added, “However, local bedrock mapping was at a scale where noting the locations, extent, and mineralogy of these pegmatites was not practical, nor considered a priority. With the help of recent satellite imagery, we’ve been able to prioritize target areas for follow up detailed mapping and prospecting for lithium mineralization in early summer 2023.”
Pegmatites have been found in the Bathurst Inlet lithium targets using remote sensing methods and an analysis of previous bedrock mapping in the region. Due to their proximity (both geographically and perhaps temporally) to the Torp Lake spodumene pegmatite on the west side of Bathurst Inlet, these pegmatites are regarded as prospective hard rock lithium prospects.
Government mappers have noticed pegmatites in the Bathurst Inlet region, but they have not been examined for possible spodumene and related lithium mineralization.
Further remote sensing work is one of the next phases, followed by a field examination of targeted outcrop regions in 2023 to search for spodumene mineralization connected to the Bathurst pegmatite field.
Acquisition Terms
In a contract with Panarc Resources Ltd. (Panarc), North Arrow has agreed to purchase a 100% interest in the Bathurst Inlet Property by paying $16,515 in staking costs, issuing 100,000 shares of the company within 15 days of receiving TSX Venture Exchange approval, and issuing an additional 500,000 shares before September 30th, 2023.
On any future mineral and metal production from the land, Panarc shall keep a 2% net smelter returns royalty. For $2 million, one-half of the royalties can be acquired at any time.
In addition, within 15 days of North Arrow’s first public disclosure of a new mineral resource (of any category) on the site, North Arrow will issue an additional 2,000,000 shares to Panarc. Any common share issuance is subject to TSX Venture Exchange approval.
Source: http://www.northarrowminerals.com/