TSX-V: AWS
Highlights:
- Magnometry, geochemistry sampling and reconnaissance
exploration program to cover key magnetic anomalies identified in
the centre of the tenements located about 40km northwest of
Kangirsuk and 1,647 km north of
Montreal, Quebec.
- The Roberts Lake property is composed of 128 claims in the
Ungava Bay iron formation. Property in the area has been drilled in
1970 and again in 2011 with good results.
- Outcome will be assessed for further work required prior to
identification of drilling targets for core drilling program
planned for summer, 2013.
VANCOUVER, May 31, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources
Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to
report on the Company's proposed exploration program and field work
on the magnetic anomaly target to commence in late June.
The Arrowstar exploration team has planned a
program of measuring the magnetic susceptibility of surface and
trenched samples and with geochemistry analysis to correlate the Fe
magnetic and total values with the magnetic susceptibility values.
This will provide a good indicator of iron ore grades across the
abundant outcrop if a strong correlation exists.
The Company also plans a combined ground-based
IP and a gravity anomaly survey implemented on a cut grid, once
this initial work is completed. After this work is completed,
Arrowstar expects to have sufficient data for a diamond drill
program to determine an inferred or indicated 43-101 resource
estimate.
The company has determined that Quebec is strategically important for a number
of reasons. Implementation of the government's "Plan Nord" is
underway: $2.1 billion of government
investment is earmarked over the next 5 years. Overall, the 25-year
plan is expected to lead to over $80
billion in investment. Proximity to nearby Payne Bay provides the property with close
access to a potential deep-water port.
Arrowstar's option to purchase 128 claims along
the extensive Ungava Bay Iron Formation is part of Arrowstar's
strategic plan to become one of a number of iron ore producers in
the area. The claim is in close proximity to Oceanic Iron Ore
Corp's (TSX-V: FEO) large Roberts Lake iron ore claims. On
January 23, 2012, Oceanic announced
better than expected assay results from the Kayak Bay deposit in
the Roberts Lake project area as part of their 2011 drilling
program consisting of approximately 11,500 meters of drilling in
the Hopes Advance project area, and 1,089 meters of drilling in the
Roberts Lake project area. Oceanic has indicated that the Roberts
Lake project area is expected to be the next area of focus for
their resource verification program. Arrowstar believes its
property's value is enhanced by its strategic location because, if
sold or optioned to them, it could consolidate Oceanic's land
holding at their Ungava Bay properties, and could provide an
addition to their stated iron ore reserves (currently, a NI 43-101
compliant 193 million tonne indicated resource, and a 547 million
inferred resource at Hopes Advance, as per Oceanic's May 17, 2012 press release).
Work Program Timeline - Two Phase
Program
In summary, Arrowstar has prepared an
exploration plan that will include:
Summer, 2012
- Reconnaissance of the historical data and grid soil and rock
chip sampling with an XRF gun and magnetic susceptibility meter.
This will allow us to correlate Fe Total and Fe mag. values with
magnetic susceptibility, to indicate the possibility of dry
magnetic beneficiation.
- Mineralogy and petrology studies will also be conducted to
analyze the presence of the titanium and vanadium mineralization in
the magnetite and the extent of silica, sulphur, phosphorous and
alkalis.
- A ground based IP magnetic and gravity study to identify key
changes in mineralogy and the extent of mineralization. No
gravity surveys have been completed to date and this will be
completed prior to a drilling phase.
Summer, 2013
- In phase two, a diamond drilling program directed by the
results of the above studies will be commissioned on suitable
targets so that a Resource Estimate can be produced followed by a
Feasibility Study.
- A beneficiation study using samples to ensure the results are
statistically significant and the proposed beneficiation process
design is proven at pilot plant size. This stage is particularly
important to the success of the project given the relatively high
cost of crushing to 100 mesh.
A two-phase, exploration program is proposed to
complete the drilling necessary to confirm a CIM and NI 43-101
compliant inferred (and possibly indicated) mineral resource in the
Roberts Lake area. If chemical analysis results are favourable,
then further drilling at closer spacing will be required to
identify a measured or indicated resource.
Phillip Thomas,
BSc, MBusM, MAIG, a Qualified Person under NI 43-101, has
reviewed the content of this release.
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L.
Card
President
"Neither 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."
Forward-Looking Statements: This document
includes forward-looking statements. Forward-looking statements
include, but are not limited to, statements concerning AWS's
planned exploration programs and other statements that are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although AWS believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.