North Arrow expects processing of the sample to begin in the fourth quarter.
“Bulk sample collection from the Q1-4 kimberlite is now complete, with field crews having delivered 2,500 bulk sample bags of kimberlite to our laydown near the community of Naujaat,” said Ken Armstrong, president and CEO of North Arrow. “At approximately 2,000 tonnes, the 2,500 bags represent the high end of our anticipated tonnage range for the program and we look forward to loading the sample onto the annual Naujaat sealift in September for shipment to the processing laboratory.”
The C$5.6 million bulk sample program is funded by Burgundy Diamond Mines (ASX: BDM).
While North Arrow has made several diamond discoveries in Canada over the past decade, including the Pikoo discovery in Saskatchewan, it has been difficult to raise funds for exploration.
Last year, the junior signed an option agreement with Burgundy (then known as EHR Resources). In return for funding the bulk sample, Burgundy will earn a 40% interest in Naujaat. If the results are positive, the company can earn another 20% interest by funding a larger, 10,000-tonne bulk sample.
(This article first appeared in The Northern Miner)
