North Arrow Minerals (TSXV: NAR) has accomplished a 2,000-tonne bulk pattern from its Naujaat diamond venture in Nunavut, a key step towards discovering if the venture has sufficient fancy colored diamonds – with a excessive sufficient worth – to justify growth.
North Arrow has already delineated a useful resource for the Q1-4 kimberlite at Naujaat, situated solely 7 km from tidewater close to the group of Naujaat. Q1-4 hosts 48.8 million inferred tonnes grading 53.6 carats per hundred tonnes for 26.1 million carats. The majority pattern is aimed toward figuring out the dimensions distribution and character of a inhabitants of doubtless excessive worth fancy yellow to orange yellow diamonds discovered at Q1-4.
North Arrow expects processing of the pattern to start within the fourth quarter.
“Bulk pattern assortment from the Q1-4 kimberlite is now full, with discipline crews having delivered 2,500 bulk pattern luggage of kimberlite to our laydown close to the group of Naujaat,” stated Ken Armstrong, president and CEO of North Arrow. “At roughly 2,000 tonnes, the two,500 luggage symbolize the excessive finish of our anticipated tonnage vary for this system and we look ahead to loading the pattern onto the annual Naujaat sealift in September for cargo to the processing laboratory.”
The $5.6-million bulk pattern program is funded by Burgundy Diamond Mines (ASX: BDM).
Whereas North Arrow has made a number of diamond discoveries in Canada over the previous decade, together with the Pikoo discovery in Saskatchewan, it has been tough to boost funds for exploration.
Final 12 months, the junior signed an choice settlement with Burgundy (then often known as EHR Sources). In return for funding the majority pattern, Burgundy will earn a 40% curiosity in Naujaat. If the outcomes are optimistic, the corporate can earn one other 20% curiosity by funding a bigger, 10,000-tonne bulk pattern.
