North Arrow has the option to earn an 80% interest in the Qilalugaq project by completing an option work program that includes the collection of a 1,000 tonne mini bulk sample from the Q1-4 kimberlite for the purpose of recovering a large enough parcel of diamonds to better determine diamond grade, size distribution, diamond parcel value, and to establish whether or not coloured diamonds persist into the larger diamond sizes. The option work program must be completed within two years of receipt of the required land use permit and, in any event must be completed no later than January 2018.
Pikoo diamond project (Saskatchewan)
The Pikoo diamond project consists of 33,374 hectares of mineral claims located approximately 140 km east of La Ronge, Saskatchewan. An all-season road to the community of Deschambault Lake comes to within 6 km of the project's southern boundary. Stornoway staked the Pikoo claims based on results of regional exploration programs intended to test the diamond potential of the Sask craton in north-central Saskatchewan. Surficial till sampling of the Pikoo Property has identified two distinct kimberlite indicator mineral trains. The mineral trains are well defined and a bedrock source for the indicator minerals is interpreted to be located within the current property outline. Two potential source areas have been identified: the North target area and the South target area. A partially disaggregated boulder identified by Stornoway geologists as altered kimberlite was discovered in the spring of 2012 from the North target area, however a bedrock source has not been identified. These exploration results have been derived from Stornoway's Pikoo diamond project database and North Arrow considers the information to be relevant and reliable. However, there is no certainty that a bedrock source will be discovered within either of the North or South target areas.
North Arrow has the option to earn an 80% interest in the Pikoo diamond project by completing an option work program consisting of a minimum 2,000m diamond drilling program including a minimum of two drill holes at each of the North and South target areas. The work program must, among other requirements, be initiated by January 2015 and completed by January 2016.
Timiskaming diamond project (Ontario/Quebec)
The Timiskaming diamond project consists of 3,865 hectares of non-contiguous mineral claims in the Cobalt-New Liskeard-Elk Lake-Notre Dame du Nord (Ville Marie) region of northeastern Ontario and northwestern Quebec. Between 1995 and 2012, Stornoway and its predecessor companies conducted comprehensive diamond exploration programs within the project area resulting in the discovery of nine kimberlites. Six of these kimberlites (95-1, 96-1, SC-118, KL-01, KL-22, and Baby) are subject to the option agreement with Stornoway. Surficial sediment sampling and geophysical data from the Timiskaming diamond project suggest additional undiscovered kimberlites may be located within the project area. North Arrow considers the information in the Timiskaming diamond project database to be relevant and reliable. However, there is no certainty that diamondiferous kimberlite source bodies will be discovered within the project area.
North Arrow has the option to earn an 80% interest in the Timiskaming diamond project by completing an option work program that includes testing three separate geophysical targets, each with at least one diamond drill hole. The option work program must be commenced by January 2015 and completed by January 2016.
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