Arrowstar Proposed Ground Geophysics Program on Rannie Lake, Labrador Iron Ore Property
VANCOUVER, June 28, 2012 /PRNewswire/ – Arrowstar Resources Ltd. (“Arrowstar”
or the “Company”) (TSXV: AWS), is preparing its exploration program on
the Company’s Rannie Lake project in Labrador, Canada. Desk top
research of the available data has been concluded.
The property covers some 4,300 hectares and it is noted that outcrop is
sparse and undergrowth is prolific. A detailed ground based geophysics
and sampling study is being considered in July 2012 subject to
environmental approvals, weather, ground condition and resource
availability. Rannie Lake is an important iron ore property,
consisting of 172 claims in a major magnetite-rich zone, in the Sokomon
Iron Formation, in the Labrador Trough. Rannie Lake has strategic
importance similar to Arrowstar’s Roberts Lake project. It is
surrounded by large properties owned by Altius Minerals Corp. (TSXV:
ALS) in partnership with Rio Tinto.
An aeromagnetic survey was completed in 2001 by Terraquest on behalf of
the Iron Ore Company of Canada. Its purpose was to further define the
extension of the Sokoman Formation containing the only magnetic rocks
in the area between Fermont and Rannie Lake utilizing high-resolution
magnetic data. The Arrowstar exploration team will conduct a ground
survey and take grab samples where possible for geochemical analysis
and also structural geological observations.
Typical of the Knob Lake Range, Schefferville area, there are soft iron
ores (direct shipping ore) composed of friable fine-grained secondary
iron oxides – hematite, goethite, limonite – formed by supergene
leaching and enrichment of the weakly metamorphosed cherty iron
formation. Magnetite iron formation or taconite, fine grained, weakly
metamorphosed iron formations comprised of magnetite-specularite with
above average magnetite content are also evident.
Metataconite, characteristic of the south section, Labrador West and
eastern Quebec, is intensely metamorphosed iron formation containing
recrystallized coarse-grained magnetite and hematite. Refolded iron
formations attain several hundreds of metres in structural thickness
and iron oxides tend to concentrate in fold hinges; deposits reach
hundreds of millions tonnes grading 25 to 45% iron. The iron ore is
easy to separate from its gangue minerals and produces, by gravity or
magnetic separation, a high-grade iron concentrate of 66%Fe and above.
The Company’s objective initially for Rannie Lake is to identify one or
more bona fide iron-oxide targets, either taconite or meta-taconite,
that may exist on the property. Some work on historical structural
interpretation has been completed however parameters such as thickness,
grade, and magnetic susceptibility, alteration of the magnetite and
other factors need to be determined. Geophysical and geological mapping
surveys for target validation and outline are required to provide a
better understand and evaluate the oxide-rich horizon for an ensuing
drilling program. Rannie Lake is an early-stage exploration property
and may host a Lake Superior-type iron formation target.
Phillip Thomas, BSc, MBus, 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
“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
SOURCE Arrowstar Resources Ltd.