Arrowstar begins Snettisham Ground Magnetic Survey
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
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
“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.