Both projects were acquired to cover unexplained kimberlite indicator mineral trains found from public datasets.
As per the terms of each Purchase and Sale agreement, North Arrow has acquired a 100% stake in each property in consideration of a 1% gross overriding royalty, and also retains the right to buy back half of each royalty (0.5%) for $1m at any time.
The transaction is subject to separate purchase and sale agreements with private company Anglo Celtic Exploration.
Luxx project comprises about 100,000 acres on tidewater of Chesterfield Inlet, nearly 60km from the community of Chesterfield Inlet and 100 km north of the community of Rankin Inlet.
Mel project consists of nearly 183,000 acres on the Melville Peninsula, about 140km south of the community of Hall Beach and 210 km northeast of the community of Repulse Bay.
