| | Published : August 07th, 2012 | Options Snowbird Nickel Project to North Arrow Minerals |
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Suite 860 - 625 Howe Street, Vancouver, BC, Canada V6C 2T6 Tel: 604 668 8355 Fax: 604 668 8366 |
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August 07, 2012
Strongbow Options Snowbird Nickel Project to North Arrow Minerals
Strongbow Exploration Inc. (SBW: TSXV) announces it has entered into an option agreement with North Arrow Minerals Inc. whereby North Arrow can earn a 50% interest in Strongbow's Snowbird nickel project. Kenneth A. Armstrong, Strongbow's President, CEO and a director, is also a director of North Arrow, and D. Grenville Thomas, Strongbow's Chairman and a director, is the President, CEO and a director of North Arrow.
The Snowbird project covers approximately 16,000 hectares (40,000 acres) along the southern extent of the Snowbird Tectonic Zone in northern Saskatchewan and southern Northwest Territories. The Snowbird Tectonic Zone is a geologic feature that is considered to be highly prospective for magmatic nickel copper sulphide mineralization and is known to host several deposits including Strongbow's Nickel King Ni-Cu-Co deposit in the Northwest Territories immediately to the north of the Snowbird project.
Exploration work completed by Strongbow has included airborne geophysical surveys, geochemical surveys, bedrock mapping and limited drilling. This work has identified a number of target areas where previously unknown mafic and ultramafic intrusions are coincident with electromagnetic and magnetic geophysical anomalies, geochemical anomalies and nickel-copper mineralization. The highest priority targets are located in the Opescal Lake area along the Saskatchewan -- Northwest Territories border where a five kilometre long linear magnetic anomaly coincides with several electromagnetic conductors. These geophysical targets lie beneath glacial cover, however they are within a broad area of mapped mafic and ultramafic rocks where prospecting has identified local occurrences of nickel-copper sulphide mineralization associated with norite and pyroxenite intrusions. Rocks collected in the area have returned values ranging from detection up to 1.17% Ni and 0.40% Cu. The Opescal Lake targets have never been previously drilled and will be a priority for ground geophysical surveys and Diamond drilling during the winter of 2013.
Under the terms of the option agreement and subject to North Arrow completing an equity financing by December 31, 2012, North Arrow can earn a 50% interest in the Snowbird project by incurring $4 million in exploration expenditures prior to December 31, 2016, including a firm commitment to spend $30,000 prior to December 31, 2012.
Ridgeway gold project, South Carolina
Strongbow also announces that it has completed a program of bedrock mapping and geochemical sampling at its Ridgeway gold project in South Carolina. A total of 167 geochemical and prospecting samples were collected and results from this work are expected by the middle of August.
Strongbow's exploration programs are conducted under the supervision of David Gale, P.Geo. (BC), Vice-President of Exploration for Strongbow and a qualified person under NI 43-101.
STRONGBOW EXPLORATION INC.
/s/"Kenneth A. Armstrong" Kenneth A. Armstrong President and CEO
For further information, please contact: Ken Armstrong President and CEO Tel: 604 668 8355 Email: info@strongbowexploration.com Website: www.strongbowexploration.com
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 | |
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Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
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Strongbow Exploration Inc.
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EXPLORATION STAGE |
CODE : SBW.V |
ISIN : CA8633631079 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Strongbow is a nickel and copper exploration company based in Canada. Strongbow holds various exploration projects in Canada. Its main exploration properties are COMMITEE BAY, KAT, INZA, SNOWBIRD, SPENCES BRIDGE GOLD BELT, SHOVELNOSE, NAPAKTULIK, FURY, SARCPA, SKOONKA CREEK, SOUTH THELON, STARFISH, WALES ISLAND, BEAR, DARING LAKE, HOPE BAY (ORO), TREE RIVER, ANIALIK, CANOE LAKE, KINGORA, LDG, TENACITY SOUTH, NORTH THELON, JEWEL, MUSK, NOWYAK LAKE, GEM, ULU SOUTH, MIDWAY GOLD PROJECT, BLUE LAKE, REGAN LAKE, NICKEL KING, MELVILLE - FURY/ SARCPA/ GEM, MELVILLE PENINSULA AVIAT 2 and WEST KITIKMEOT (NTI PROPERTIES) in Canada and AVOCA and PARKER (NORTH CAROLINA) in Ireland. Strongbow is listed in Canada and in United States of America. Its market capitalisation is CA$ 5.5 millions as of today (US$ 4.1 millions, € 3.5 millions). Its stock quote reached its lowest recent point on November 21, 2008 at CA$ 0.02, and its highest recent level on February 18, 2011 at CA$ 8.00. Strongbow has 60 570 000 shares outstanding. |
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