EXPLORATION FIELDWORK UNDERWAY

North Arrow Minerals Inc. (TSX-V: NAR) is pleased to report initial lithium assays from spodumene pegmatites discovered in July at the company’s 100% owned LDG Property, Northwest Territories, and that mobilization is underway for a fall exploration program at the property. Highlights of today’s news include:

• Five of seven representative grab samples from the SD4 spodumene pegmatite have returned from 1.10% Li₂O to 2.17% Li₂O.
• Seven of eight rock sawn channel samples from the SD2 spodumene pegmatite have returned from 0.40% Li₂O to 1.70% Li₂O.
• Based on mapping of low-relief outcrop exposures, SD2 and SD4 are interpreted as steeply dipping (75-80 degrees) feldspar-quartz-muscovite-spodumene pegmatites, estimated at 10-20 m wide and over 400 m in strike length. The pegmatites are located approximately 2 km apart and remain open below overburden along strike.
• Spodumene is coarse grained and locally abundant in both pegmatites, reaching 15-20% in some outcrops.
• Follow up exploration field work is underway with planned work to include mapping, prospecting and ground magnetic surveys as well as spotting initial proposed drill holes ahead of a spring 2024 exploration drill program.

Ken Armstrong, President and CEO of North Arrow commented “We are pleased to confirm significant lithium assays from the SD2 and SD4 spodumene pegmatites discovered this summer at North Arrow’s LDG lithium property. Unfortunately, plans for drilling the property in September were suspended as a result of the wildfires impacting residents of the NWT. However, with thanks to the tremendous work of fire fighters, numerous volunteers and governments, NWT residents are safely returning to their communities, and we are able to renew field work focused on understanding the size potential of these pegmatites, as well as prospecting for new discoveries within this highly prospective area.”

The LDG property covers an 18 km corridor of underexplored metasedimentary rocks located adjacent to a fertile, two-mica granite, very similar in age and setting to the host rocks of the spodumene pegmatites of the Yellowknife Pegmatite Province. At LDG, less than seven kilometres of this prospective trend have been prospected to date and, in addition to SD2 and SD4, at least five other pegmatites, up to 50 m wide, have been identified and require further mapping and sampling to understand their potential to host significant lithium mineralization. Located within 5 km of the winter road infrastructure connecting Yellowknife with the Lac de Gras region, the size potential and lithium mineralization of the SD2 and SD4 pegmatites highlight the potential of the LDG property to host a significant spodumene lithium discovery on par with the Yellowknife Pegmatite Province. Current field work is expected to include prospecting for additional spodumene pegmatites, bedrock mapping, rock and soil sampling and ground magnetic surveys.

Sample Collection, Laboratory Procedures and QA/QC

Samples were collected in the field from rock sawn channels or as representative grab samples using a rock hammer. Channel samples were cut using a portable rock saw, with sampled material collected at 1 m intervals, chipped from between parallel incisions cut nominally 3-4 cm apart and 3-4 cm deep. Individual channel and grab samples were collected into plastic polymer bags, sealed and transported to ALS Global, where sample preparation and analytical work was conducted. Samples were prepared using ALS method CRU-31 (crushing to 70% passing through a 2 mm screen), SPL-21 (split sample – riffle split), and PUL-31 (pulverize up to 250 g to 85% passing through a 75-micron screen). A 0.2 g subsample of the pulverized material was analyzed for 52 elements using a sodium peroxide fusion by ICP-MS (ALS method ME-MS89L). Samples returning >500ppm Li were also assayed using a 0.2 g subsample dissolved in a sodium peroxide solution and analyzed for lithium according to ALS method Li-ICP81. Lithium results are reported by the lab as % Li and have been multiplied by 2.153 to convert to % Li₂O. Results passed QA/QC screening at ALS.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identification and evaluation of lithium and other exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow is evaluating spodumene pegmatites at its 100% owned LDG, MacKay, and DeStaffany Lithium Projects (NWT) and is also exploring for lithium in Nunavut at the Bathurst Inlet pegmatite field and continues work to identify additional lithium exploration opportunities in northern Canada. North Arrow also owns interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Diamond Projects and maintains a 100% interest in the Hope Bay Oro Gold Project, located approximately 3 km north of Agnico Eagle’s Doris Gold Mine, Nunavut. North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101.  Mr. Armstrong has reviewed and approved the technical contents of this press release.

Inferred extent of the SD4 Pegmatite based on Lidar image, LDG Project, NWT (CNW Group/North Arrow Minerals Inc.)

Inferred extent of the SD2 Pegmatite based on Lidar image, LDG Project, NWT (CNW Group/North Arrow Minerals Inc.)

Spodumene Megacryst from the SD2 Pegmatite, LDG Project, NWT (CNW Group/North Arrow Minerals Inc.)