North Arrow Minerals, Harry Winston Diamonds Part of New JV in NWT
North Arrow Minerals Inc. (NAR.V), together with Springbok Holdings Inc., has formed a joint venture with Harry Winston Diamond Corp (HW.TO,HWD) on a massive swath of property adjacent to Diavik diamond mine in the Northwest Territories.
North Arrow and Springbok together own nearly 300,000 acres forming the Lac de Gras joint venture property while Harry Winston is a 40% owner of the Diavik mine. In order for the option to vest and the company to earn a 55-percent stake in Lac de Gras, Harry Winston will need to spend at least $5 million for exploration over the next five years.
North Arrow and Springbok will own equal shares of the remaining 45 percent stake. The companies also said a systematic basal till sampling program is slated to begin in early 2012.
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