TSX-V: AWS
VANCOUVER, Aug. 20, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources
Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to
report that the Company has initiated the next step in our
exploration program, the ground magnetics survey on its Snettisham
Iron Ore property in Alaska. The
Company has engaged Geotronics Consulting Inc., of Surrey, BC, Canada, under the direction of David G. Mark, P.Geo. The crew and
equipment are scheduled to begin work this week.
The size of the survey is estimated 28 lines at
100 metre spacing by 1 km which is 28 km with additional 50m
spacing around the historically surveyed high anomalies for another
7 km to total of 35 kms. The Magnetics survey is designed to
highlight areas of concentrated magnetite and magnetic iron
silicates. This will assist in the selection of the best
drill sites for the proposed diamond drill program. The
Company plans to drill at least 10 holes to twin or check the
results of the previous 49 holes drilled on the property. If
good correlation can be obtained, the historic information from the
previous estimated 20,000 feet of drilling may then be used to
include in a new NI 43-101 report. The Company plans to
drill the additional holes this fall once a drilling permit has
been received from the State of
Alaska.
Previous work on the property under the
direction of Phillip Thomas, the
Company's Director and Vice-President of Exploration, has
encountered excellent showings of magnetite. Further tests
have confirmed that the magnetite bearing material is amenable to a
dry benefication process to yield a shipable concentrate acceptable
to users. This property was originally proposed for
production in 1970 by Marubeni Corp of Japan. At that time iron ore was
proposed to be shipped to Korea and Japan. A decline in metal prices caused
the program to be halted. Since then, China and Europe have become the major buyers of iron
ore. Iron ore prices have risen more than 10 fold since the
1970's.
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.