Latest news with #KenArmstrong
Yahoo
9 hours ago
- Business
- Yahoo
Westhaven Announces Non-Brokered Private Placement With Eric Sprott and Earthlabs, for Gross Proceeds of $3.16 Million
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, June 16, 2025 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) ('Westhaven' or the 'Company') is pleased to announce that the Company has arranged a non-brokered private placement (the 'Offering') for aggregate gross proceeds of $3,160,000 from the sale of 8,333,333 units of the Company (each, a 'Unit') at a price of $0.12 per Unit, and 12,500,000 flow-through units of the Company to be sold on a charitable flow-through basis (each, a 'Charity FT Unit', and collectively with the Units, the 'Offered Securities') at a price of $0.1728 per Charity FT Unit. Eric Sprott and Earthlabs Inc. are expected to be the subscribers for the Units and the end purchaser of Charity FT Units, following the charitable flow through donations in the Offering. Ken Armstrong, President and CEO of Westhaven, commented: 'We are pleased to welcome Eric Sprott as a new shareholder of Westhaven, as well as the continued support of Earthlabs. This financing represents a strong endorsement of Westhaven's approach to advance the Company's Spences Bridge Gold Belt properties, particularly the Shovelnose gold project located adjacent to well-established transportation and power infrastructure, less than 2.5 hours by car from Vancouver in southern British Columbia. Proceeds of this private placement will allow the Company to expand our summer exploration drilling program to at least 5,000m and advance work towards realizing the potential outlined in a recently completed preliminary economic assessment of a high grade, high margin underground gold mining opportunity at the South Zone, FMN and Franz gold deposits at Shovelnose (please see news release dated March 3rd, 2025 for details).' Each Unit will consist of one common share of the Company (each, a 'Unit Share') and one-half of one common share purchase warrant (each whole warrant, a 'Warrant'). Each Charity FT Unit will consist of one share that will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a 'Warrant Share') at a price of $0.18 at any time on or before that date which is 24 months after the closing date of the Offering. The Company intends to use the net proceeds from the sale of the Units for working capital and general corporate purposes. The gross proceeds from the issuance of the Charity FT Units will be used for Canadian exploration expenses on the Company's projects in British Columbia and will qualify as 'flow-through mining expenditures', as defined in subsection 127(9) of the Income Tax Act (Canada) (the 'Qualifying Expenditures'), which will be incurred on or before December 31, 2026 and renounced to the subscribers with an effective date no later than December 31, 2025 in an aggregate amount not less than the gross proceeds raised from the issue of the Charity FT Units. The private placement is expected to close on or around July 3, 2025, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issuable in connection with the Offering will be subject to applicable resale restrictions in accordance with Canadian securities legislation and the policies of the TSX Venture Exchange. A finder's fee, consisting of a cash payment of $66,823 and 250,000 non-transferable broker warrants will be paid to Red Cloud Securities Inc. in respect of the private placement. Each broker warrant can be exercised to acquire one common share at a price of $0.12 for a period of 24 months post-closing. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. On behalf of the Board of Directors WESTHAVEN GOLD CORP. 'Ken Armstrong' Ken Armstrong, President and CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Westhaven Gold Corp. Westhaven is a gold-focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~61,512 hectares (~615 square kilometres) within four gold properties spread along this underexplored belt. The Shovelnose Gold project is the most advance property, with a recently updated 2025 Preliminary Economic Assessment that validates the Project's potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine gold production of 56,000 ounces and having a Cdn$454 million after-tax NPV6% and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of $0.72). Initial capital costs are projected to be Cdn$184 million with a payback period of 2.1 years. Please see Westhaven's news release dated March 3, 2025 for details of the updated PEA. Shovelnose is situated off a major highway, near power, rail, large producing mines, pipelines and within commuting distance from the city of Merritt, which result in lower cost exploration and development. Qualified Person: The technical and scientific information in this news release has been reviewed and approved by Peter Fischl, who is a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven's website at Forward Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company's expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: that the Offering may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the Company for a number of reasons including, without limitation, as a result of the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company's plans may be adversely affected by the Company's reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company's exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company's operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company's operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company's operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company's business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company's future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company's securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company's business; the Company's projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company's other public filings available at Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company's expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this offering document is expressly qualified by this cautionary in to access your portfolio
The Market Online
11 hours ago
- Business
- The Market Online
Eric Sprott to invest in Westhaven Gold
Westhaven Gold (TSXV:WHN) intends to raise C$3.16 million through a non-brokered private placement, including expected investments from Eric Sprott and Earthlabs (TSXV:SPOT) Westhaven Gold is a mineral explorer and developer in search of high-grade gold across its ~61,512-hectare portfolio in British Columbia Westhaven Gold stock has given back 11.76 per cent year-over-year and 79.73 per cent since 2020 Westhaven Gold (TSXV:WHN) intends to raise C$3.16 million through a non-brokered private placement, including expected investments from Eric Sprott and Earthlabs (TSXV:SPOT). The company will issue up to 8,333,333 units priced at C$0.12, as well as 12.5 million flow-through units priced at C$0.1728. Unit proceeds will go towards working capital and general corporate purposes, while charity unit proceeds will be used for flow-through exploration expenses on the company's properties in British Columbia, including its flagship Shovelnose gold project. Shovelnose's recently updated preliminary economic assessment affords the project an after-tax net present value of C$454 million, more than 16 times the company's current market capitalization of C$28.25 million. According to Monday's news release, the financing is expected to close by July 3, 2025. Leadership insights 'We are pleased to welcome Eric Sprott as a new shareholder of Westhaven, as well as the continued support of Earthlabs,' Ken Armstrong, Westhaven Gold's president and chief executive officer, said in a statement. 'This financing represents a strong endorsement of Westhaven's approach to advance the company's Spences Bridge Gold Belt properties, particularly the Shovelnose gold project located adjacent to well-established transportation and power infrastructure, less than 2.5 hours by car from Vancouver in southern British Columbia. Proceeds of this private placement will allow the company to expand our summer exploration drilling program to at least 5,000 metres and advance work towards realizing the potential outlined in a recently completed preliminary economic assessment of a high-grade, high-margin underground gold mining opportunity at the South Zone, FMN and Franz gold deposits at Shovelnose.' About Westhaven Gold Westhaven Gold is a mineral explorer and developer in search of high-grade gold across its ~61,512-hectare portfolio in British Columbia. Westhaven Gold stock (TSXV:WHN) is unchanged trading at C$0.15 as of 9:46 am ET. The stock has given back 11.76 per cent year-over-year and 79.73 per cent since 2020. Join the discussion: Find out what everybody's saying about this Canadian junior gold stock on the Westhaven Gold Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
31-03-2025
- Business
- Yahoo
NORTH ARROW ANNOUNCES MANAGEMENT CHANGES
EIRA THOMAS APPOINTED PRESIDENT AND CEO KEN ARMSTRONG APPOINTED CHAIRMAN Trading Symbol - TSXV: NAR VANCOUVER, BC, March 31, 2025 /CNW/ - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow" or the "Company") is pleased to announce changes in the executive management of the Company, effective May 1, 2025, with Eira Thomas appointed President and CEO of the Company, and current President and CEO Ken Armstrong transitioning to Chair of the Board of Directors. Ms. Thomas has served as the non-executive Chair of North Arrow since February 2024. This change is intended to recognize Ms. Thomas' expanded, more direct role in managing the Company's exploration activities in southern Africa, including the Kraaipan Gold Project in Botswana. Ken Armstrong commented, "This change in North Arrow's management structure will allow the Company to take full advantage of Eira's existing relationships and operational experience in southern Africa, and Botswana in particular, as the Company advances the Kraaipan Gold Project and pursues additional exploration opportunities in this area. I look forward to continuing to support Eira, North Arrow and our partner and operator of the Kraaipan Project, Rockman Resources, as we pursue new gold discoveries in southern Botswana." Ms. Thomas has more than 30 years of experience in the mining industry, particularly in the diamond, gold and energy spaces. She has held executive and board positions with several companies over that period, including Kaminak Gold Corp. and Lucara Diamond Corp. In addition, she served as a director of Suncor Energy for 17 years. Eira Thomas commented, "I am pleased to be taking on increased responsibilities as North Arrow works to expand its portfolio of gold projects focused on southern Africa, and Botswana in particular, following a change in the Company's focus in 2024. Importantly, North Arrow will also continue to benefit from Ken Armstrong's history and experience with the Company as he steps into the role of Chairman of the Board of Directors. The Board would like to acknowledge Ken's long and successful service to the Company as President and CEO and looks forward to continuing to work with Ken as the new Chair." Rockman's highly experienced in-country team continues to capably implement ongoing exploration programs at the Kraaipan Project with Remote Mapper high resolution magnetic surveys and structural mapping surveys currently underway. Both surveys are expected to be completed in early April. As part of the mapping program, approximately 80 prospecting rock samples have been collected to date for the purpose of providing a geochemical profile of outcropping altered and unaltered iron formation and associated rock types. The geochemistry of these samples, including gold assays, will aid in the characterisation of bedrock samples collected as part of a planned three-month RC drill sampling program scheduled to start in May. This drill program is intended to test priority targets located beneath Kalahari overburden cover. For additional details on planned exploration work at Kraaipan, please see the Company's news release dated February 27, 2025). About the Kraaipan Gold Project, Botswana The Kraaipan Gold Project is comprised of three mineral concessions covering the 60 km strike extent of the Kraaipan Greenstone Belt (the "KGB") in Botswana. The KGB is a highly prospective Archean greenstone belt that straddles the Botswana - South Africa border, with proven mineral endowment including Harmony Gold's multi-million-ounce Kalgold mine in South Africa, approximately 40 km south of the Project. Past exploration of the northern extent of the KGB has been challenged by the presence of Kalahari overburden, impacting approximately 80% of the KGB within Botswana. The Kalahari overburden comprises unconsolidated sand as well as gravel, silcrete, calcrete and minor clay-rich horizons. While laterally extensive, this cover material is typically less than 20m over much of the Project but can locally reach depths of up to 70m. Limited past exploration of the KGB in Botswana has identified local gold mineralization in shallow drilling of exposed banded iron formation ("BIF") targets. An area of focus for new exploration is to identify BIF-related gold mineralisation beneath the sand cover. To do this, North Arrow is working with Rockman Resources Limited's highly experienced Botswana-based exploration team, who are deploying cost-effective, proprietary exploration solutions including unmanned aerial vehicle geophysics, truck-mounted drilling and, potentially, deep machine learning technologies to rapidly advance the Project. North Arrow can earn a 60% interest in the Project from Rockman by investing US$5 million by June 30, 2027, including a firm commitment to invest US$1 million by June 30, 2025. To date, the Company has invested approximately US$500,000. About North Arrow Minerals North Arrow is a Vancouver, BC-based exploration company focused on the evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow continues to maintain its Canadian diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Projects. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. North Arrow Minerals Inc. /s/ "Kenneth A. Armstrong"Kenneth ArmstrongPresident and CEO Website: Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law. SOURCE North Arrow Minerals Inc. View original content to download multimedia: Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
NORTH ARROW UPDATES EXPLORATION OF KRAAIPAN GOLD PROJECT, BOTSWANA
DETAILED MAGNETIC SURVEYS 80% COMPLETE; STRUCTURAL & BEDROCK MAPPING UNDERWAY Trading Symbol - TSXV: NAR VANCOUVER, BC, Feb. 27, 2025 /CNW/ - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow" or the "Company") is pleased to provide an update on its ongoing exploration activities at the Kraaipan Gold Project, Botswana. The Kraaipan Project comprises a large land package covering 724 km2 of mostly underexplored, Archean greenstone terrain, referred to as the Kraaipan Greenstone Belt ("KGB"). The KGB straddles the Botswana – South Africa border and is prospective for the discovery of both gold and base metal deposits, however, in Botswana, it has undergone limited historical exploration owing to a generally thin (<40m) overburden cover of Kalahari sands and gravels that hinder the effectiveness of traditional exploration approaches using geological mapping, prospecting and geochemical sampling. The South African portion of the KGB is better exposed and explored and is host to numerous mineral occurrences including Harmony Gold's multi-million-ounce Kalgold mine, which has operated continuously since the mid-1990's and is located approximately 40km south of the Kraaipan Project. Ken Armstrong, President and CEO of North Arrow, stated, "A key part of North Arrow's approach to evaluating the gold potential of the Kraaipan Project beneath the Kalahari sand cover is to rapidly identify and test priority targets utilizing very high-resolution Remote Mapper UAV magnetic surveys and a newly optimized reverse-circulation (RC) drilling platform. To date, approximately 80% of the project area has been surveyed using Remote Mapper and detailed structural mapping of exposed banded iron formation (BIF) outcrops is underway. The magnetic surveys are expected to be completed in April and will be used along with the structural analysis to identify important bedrock and structural features beneath the Kalahari overburden. In conjunction with geochemical data from previous soil surveys and limited drilling, priority targets will be identified and tested as part of a three-month RC drilling program anticipated to start in May. RC drilling will focus on collection of geochemical samples from the base of the overburden and the underlying bedrock to enable a rapid, cost-effective regional assessment of the land package in support of developing hard rock drilling targets. North Arrow is fully funded to complete this work program and, in collaboration with our partner Rockman Resources, continues to evaluate additional opportunities and exploration techniques to systematically explore beneath Kalahari cover within the project area, and elsewhere in Botswana." Remote Mapper magnetic surveys – The Remote Mapper UAV system has collected over 21,000 line kilometres of high quality magnetic data within the Kraaipan Project area. Surveys are being conducted at 25m line spacing and 30m height above surface. Surveys of the remaining 20% of the KGB within the project area are expected to be completed in April. For more background on Remote Mapper, see Ken Armstrong's recent conversation with Bruce Johnson, one of the designers of the platform. Structural and bedrock mapping – A series of BIF outcrops in the southern part of the project area were the focus of limited past exploration of the KGB in Botswana, including rotary air blast drilling in the 1990's that identified sporadic, near surface gold mineralisation including 21m grading 1g/t Au, 9m grading 1.6 g/t Au and 3m grading 5.1 g/t Au. These iron formation outcrops are currently being mapped to help correlate areas of structural and stratigraphic complexity and alteration with the new Remote Mapper data. These correlations will increase confidence in Remote Mapper targets generated in areas beneath Kalahari cover and lacking outcrop exposures. RC Drilling program – A three-month RC drilling program is expected to start in May, testing targets identified from the Remote Mapper surveys and the structural and bedrock mapping interpretations. Drilling will focus on collection of geochemical samples from the base of the Kalahari overburden and underlying bedrock in order to identify new zones of gold mineralisation and associated alteration. An optimized RC drilling platform, designed to minimize the time spent handling materials and moving between holes, will be used and, depending on depth of sand and the distance between drill holes and target areas, is expected to allow for drilling of 3 to 5 holes per day. The goal of the RC sampling program is to identify gold showings for follow up bedrock RC and diamond (core) drilling in the second half of 2025 and in 2026. About the Kraaipan Gold Project, Botswana The Kraaipan Gold Project is comprised of three mineral concessions covering the 60 km strike extent of the Kraaipan Greenstone Belt in Botswana. The KGB is a highly prospective Archean greenstone belt that straddles the Botswana - South Africa border, with proven mineral endowment including Harmony Gold's multi-million-ounce Kalgold mine in South Africa, approximately 40 km south of the Project. Past exploration of the northern extent of the KGB has been challenged by the presence of Kalahari overburden, impacting approximately 80% of the KGB within Botswana. The Kalahari overburden comprises unconsolidated sand as well as gravel, silcrete, calcrete and minor clay-rich horizons. While laterally extensive, this cover material is typically less than 20m over much of the Project but can locally reach depths of up to 70m. Limited past exploration of the KGB in Botswana has identified local gold mineralisation in shallow drilling of exposed banded iron formation (BIF) targets. A focus of new exploration is to identify BIF-related gold mineralisation beneath the sand cover. To do this, North Arrow is working with Rockman Resources Limited's highly experienced Botswana-based exploration team, who are capable of deploying cost-effective proprietary exploration solutions including UAV geophysics, truck-mounted drilling and, potentially deep machine learning technologies to rapidly advance the Project. North Arrow is currently working to earn a 60% interest in the Project by investing US$5 million by June 30, 2027, including a firm commitment to invest US$1 million by June 30, 2025. About North Arrow Minerals North Arrow is a Vancouver, BC-based exploration company focused on the evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow continues to maintain its Canadian diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Projects. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. North Arrow Minerals Inc. /s/ "Kenneth A. Armstrong"Kenneth ArmstrongPresident and CEO Website: Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law. SOURCE North Arrow Minerals Inc. View original content to download multimedia:
Globe and Mail
27-02-2025
- Business
- Globe and Mail
NORTH ARROW UPDATES EXPLORATION OF KRAAIPAN GOLD PROJECT, BOTSWANA
Trading Symbol - TSXV: NAR VANCOUVER, BC , Feb. 27, 2025 /CNW/ - North Arrow Minerals Inc. (TSXV: NAR) ("North Arrow" or the "Company") is pleased to provide an update on its ongoing exploration activities at the Kraaipan Gold Project, Botswana . The Kraaipan Project comprises a large land package covering 724 km 2 of mostly underexplored, Archean greenstone terrain, referred to as the Kraaipan Greenstone Belt ("KGB"). The KGB straddles the Botswana – South Africa border and is prospective for the discovery of both gold and base metal deposits, however, in Botswana , it has undergone limited historical exploration owing to a generally thin (< 40m ) overburden cover of Kalahari sands and gravels that hinder the effectiveness of traditional exploration approaches using geological mapping, prospecting and geochemical sampling. The South African portion of the KGB is better exposed and explored and is host to numerous mineral occurrences including Harmony Gold's multi-million-ounce Kalgold mine, which has operated continuously since the mid-1990's and is located approximately 40km south of the Kraaipan Project. Ken Armstrong , President and CEO of North Arrow, stated, "A key part of North Arrow's approach to evaluating the gold potential of the Kraaipan Project beneath the Kalahari sand cover is to rapidly identify and test priority targets utilizing very high-resolution Remote Mapper UAV magnetic surveys and a newly optimized reverse-circulation (RC) drilling platform. To date, approximately 80% of the project area has been surveyed using Remote Mapper and detailed structural mapping of exposed banded iron formation (BIF) outcrops is underway. The magnetic surveys are expected to be completed in April and will be used along with the structural analysis to identify important bedrock and structural features beneath the Kalahari overburden. In conjunction with geochemical data from previous soil surveys and limited drilling, priority targets will be identified and tested as part of a three-month RC drilling program anticipated to start in May. RC drilling will focus on collection of geochemical samples from the base of the overburden and the underlying bedrock to enable a rapid, cost-effective regional assessment of the land package in support of developing hard rock drilling targets. North Arrow is fully funded to complete this work program and, in collaboration with our partner Rockman Resources, continues to evaluate additional opportunities and exploration techniques to systematically explore beneath Kalahari cover within the project area, and elsewhere in Botswana ." Remote Mapper magnetic surveys – The Remote Mapper UAV system has collected over 21,000 line kilometres of high quality magnetic data within the Kraaipan Project area. Surveys are being conducted at 25m line spacing and 30m height above surface. Surveys of the remaining 20% of the KGB within the project area are expected to be completed in April. For more background on Remote Mapper, see Ken Armstrong's recent conversation with Bruce Johnson, one of the designers of the platform. Structural and bedrock mapping – A series of BIF outcrops in the southern part of the project area were the focus of limited past exploration of the KGB in Botswana , including rotary air blast drilling in the 1990's that identified sporadic, near surface gold mineralisation including 21m grading 1g/t Au, 9m grading 1.6 g/t Au and 3m grading 5.1 g/t Au. These iron formation outcrops are currently being mapped to help correlate areas of structural and stratigraphic complexity and alteration with the new Remote Mapper data. These correlations will increase confidence in Remote Mapper targets generated in areas beneath Kalahari cover and lacking outcrop exposures. RC Drilling program – A three-month RC drilling program is expected to start in May, testing targets identified from the Remote Mapper surveys and the structural and bedrock mapping interpretations. Drilling will focus on collection of geochemical samples from the base of the Kalahari overburden and underlying bedrock in order to identify new zones of gold mineralisation and associated alteration. An optimized RC drilling platform, designed to minimize the time spent handling materials and moving between holes, will be used and, depending on depth of sand and the distance between drill holes and target areas, is expected to allow for drilling of 3 to 5 holes per day. The goal of the RC sampling program is to identify gold showings for follow up bedrock RC and diamond (core) drilling in the second half of 2025 and in 2026. About the Kraaipan Gold Project, Botswana The Kraaipan Gold Project is comprised of three mineral concessions covering the 60 km strike extent of the Kraaipan Greenstone Belt in Botswana . The KGB is a highly prospective Archean greenstone belt that straddles the Botswana - South Africa border, with proven mineral endowment including Harmony Gold's multi-million-ounce Kalgold mine in South Africa , approximately 40 km south of the Project. Past exploration of the northern extent of the KGB has been challenged by the presence of Kalahari overburden, impacting approximately 80% of the KGB within Botswana . The Kalahari overburden comprises unconsolidated sand as well as gravel, silcrete, calcrete and minor clay-rich horizons. While laterally extensive, this cover material is typically less than 20m over much of the Project but can locally reach depths of up to 70m . Limited past exploration of the KGB in Botswana has identified local gold mineralisation in shallow drilling of exposed banded iron formation (BIF) targets. A focus of new exploration is to identify BIF-related gold mineralisation beneath the sand cover. To do this, North Arrow is working with Rockman Resources Limited's highly experienced Botswana -based exploration team, who are capable of deploying cost-effective proprietary exploration solutions including UAV geophysics, truck-mounted drilling and, potentially deep machine learning technologies to rapidly advance the Project. North Arrow is currently working to earn a 60% interest in the Project by investing US$5 million by June 30, 2027 , including a firm commitment to invest US$1 million by June 30, 2025 . About North Arrow Minerals North Arrow is a Vancouver, BC -based exploration company focused on the evaluation of the Kraaipan Gold Project in Botswana . North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow continues to maintain its Canadian diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Projects. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong , (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. North Arrow Minerals Inc. /s/ "Kenneth A. Armstrong" Kenneth Armstrong President and CEO Website: Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
