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 Alaska.
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 regulators.
SOURCE Arrowstar Resources Ltd.