from stockwatch 2023-12-06 16:10 ET - Market Summary
by Will Purcell
Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) closed unchanged at four cents on 86,000 shares. The company has channel sampled up to 2.1 per cent lithium oxide across four metres from the MK3 pegmatite at its MacKay Lake lithium project in the Northwest Territories. Two other four-metre composite samples also returned healthy grades. Meanwhile, grab sampling at the MK1 pegmatite produced assays of up to 3.21 per cent lithium oxide.
North Arrow also has grab sampling assays from the northern extent of the SD2 pegmatite, on the Lac de Gras (LDG) lithium project. Representative results include a hit of 3.19 per cent lithium oxide, and it and some companion results extend the confirmed mineralization another 260 metres northward. (LDG was long a diamond prospect, where the company and Dominion Diamond Corp. spent years and several million dollars seeking diamonds. Most of the spending came from Dominion, but now it is North Arrow reaping all the exploration success -- albeit from lithium, not diamonds.)
Mr. Armstrong, president and CEO, cheered the initial lithium assays from MK3 as highly encouraging, adding that they confirm it as a new drill target. As well, the confirmation of significant lithium grades in the SD2 area of LDG provides confidence the area hosts multiple, subparallel spodumene pegmatites. Collectively, Mr. Armstrong says, the results help advance North Arrow's thesis that the LDG and MacKay projects could host spodumene pegmatites of similar size and grade to those currently being drilled by rivals in the Yellowknife area.
North Arrow has a prospect in the Yellowknife area as well -- the Moose pegmatites on its DeStaffany property, east of the city. Expect drilling next year, although Mr. Armstrong dances amid a gaggle of weasels when broaching the subject: "We are working towards seeing all three properties drilled in 2024."