August 18th, 2014 Arctic Star Exploration Corp. (TSXV-ADD) has received the following report from the operator of the Redemption Project, North Arrow Minerals Inc. (TSXV-NAR). North Arrow reports that it has completed an exploration drilling program at the Redemption Diamond Project in the Northwest Territories. The property is located in the Lac de Gras region, approximately 32 km southwest of, and 47 km west of the Ekati and Diavik Diamond Mines, respectively.
A total of 799.8 m of drilling tested seven targets located in the central part of the property near the up ice termination of the South Coppermine kimberlite indicator mineral (KIM) train. The targets included various combinations of gravity, magnetic and electromagnetic geophysical responses that were identified based on results of a detailed data compilation and new airborne and ground geophysical surveys. None of the drill holes definitively encountered a bedrock kimberlite source for the South Coppermine KIM train. Drill hole 14-RED23-08 (Az. 180 degrees; dip -60 degrees) tested a linear gravity low and encountered predominantly fresh to weakly altered granite that included a moderately to strongly fractured fault zone from 89.9 m to 99.7 m downhole. This fault zone contained intervals of dull green clay gouge which have been collected for kimberlite indicator mineral analyses.
The property hosts a number of lake based geophysical targets that could not be tested as part of the current drilling program. The Company will also continue to evaluate the comprehensive project exploration database, including information on surficial geology and an evaluation of the geophysical data sets for the identification of more subtle, and perhaps linear structural kimberlite targets.
North Arrow is exploring the Redemption property under an option agreement with Arctic Star, under which the Company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.”
Neither the 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.
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Unless otherwise required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.