Vancouver, British Columbia – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) (TSXV: ADD) (Frankfurt: 82A2) (WKN: A2DFY5) (OTC: ASDZF) is pleased to announce it has staked and filed 27 new claims on the Diagras project where it is the operator.
The Diagras project is a Joint Venture between Arctic Star and Margaret Lake Diamonds Inc. (“DIA”). Arctic Star took over management of the Diagras project this year and proposed a $2.1 million “spring 2021” budget to drill geophysical targets on the property. At the end of this budget period, July 31st, 2021 the ownership will be approximately 80% Arctic Star, 20% DIA.
Based on the success of the spring program, Arctic Star proceeded to stake 27 new claims covering 25,750.95 hectares. When added to the existing claims, the new total consists of 58 mineral claims covering 48,345.95 hectares.
The new ground includes the previously discovered PL01 kimberlite, making the total of known kimberlites held in the project area to 24, which has now been increased to 29 with this season’s new discoveries.
Buddy Doyle VP Exploration said, “I led the team that discovered the PL01 kimberlite back in the late 1990s when I was with Rio Tinto. The ground was previously held by another explorer and the PL01 kimberlite was obviously missed. This experience added to our confidence that Arctic Star might find more kimberlites in this area and our five new kimberlites this spring have bolstered this confidence.” Mr. Doyle led Rio Tinto’s North American diamond exploration for 13 years, prior to joining Arctic Star.
The company plans to fly EM time domain and magnetic surveys, a method that did not exist back in the 1990’s. New filters and ways of integrating the data can highlight the kimberlites especially in areas with noisy backgrounds. The time domain EM data can be modeled in three dimensions which helps discriminate conductive lake sediments and country rocks from the kimberlites.
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist with over 35 years of experience in diamond exploration, discovery, and evaluation. A Qualified Person under the provisions of the National Instrument 43-101.
About Arctic Star
Arctic Star is predominantly a diamond explorer who has commenced exploration in Lac de Gras NWT on its Diagras Diamond Project next to the producing Diavik & Ekati diamond mines. The Company also owns 100% of the Timantti Diamond Project on which erred several diamondiferous kimberlites have been discovered held under two exploration permits totaling 943 Ha near the town of Kuusamo, in Finland. The Company also optioned drill ready diamond exploration properties in Nunavut (Stein).
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President & CEO
+1 (604) 218-8772
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.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, the estimation of a mineral resource and the success of exploration activities. In this release it is not certain if the kimberlite discovered will be economic or not as this depends on many factors. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event we may require all funds raised, if any, to be used for working capital rather than the intended uses as outlined. Accordingly, readers should not place undue reliance on forward‐looking statements. Arctic Star undertakes no obligation or responsibility to update forward‐looking statements, except as required by law.