(MENAFN- ProactiveInvestors - N.America) Arrowstar Resources (CVE:AWS) said Friday it has launched a ground magnetic survey on its Roberts Lake iron ore property in Quebec.
Shares gained 28.57 per cent to reach nine cents each on the TSX Venture Exchange Friday afternoon.
The company owns 128 claims on Roberts Lake, which is found in Northern Quebec along the Ungava Bay iron formation.
The Vancouver-based metals and mining company hired Geotronics Consulting, as both crew and equipment are being moved to the property. Work is expected to start this coming week.
Arrowstar said the survey will comprise of 35 lines at 100 metre spacing, with additional 50 metre spacing around the historically surveyed high anomalies for another 35 km to make a total of 175 kilometres.
The survey is meant to highlight areas of concentrated magnetite and magnetic iron silicates and will help in choosing the best drill sites for a proposed diamond drill program, the company said.
It is a follow-up to a previous sampling program announced earlier this year, where the company discovered values of up to 63.8 per cent iron in 24 samples.
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