May 10, 2016 – Arctic Star Exploration Corp, (“Arctic Star” or the “Company”) (TSXv-ADD) has received the following report on our Redemption property under option agreement with North Arrow Minerals Inc. (TSXv-NAR).
“North Arrow Minerals Inc. (TSXV-NAR) announces it has completed a spring 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 1,577 m of drilling in 28 drill holes tested targets within the central part of the property near the up-ice termination of the South Coppermine kimberlite indicator mineral (KIM) train. Drilling consisted of ten diamond drill holes (951 m) and eighteen reverse circulation (RC) drill holes (626 m). The RC drilling was completed during the latter half of the program, using a lightweight, reverse circulation drill rig that proved effective at rapidly evaluating a higher number of targets.
None of the drill holes definitively encountered a bedrock kimberlite source for the South Coppermine KIM train. The majority of geophysical targets were explained by intersections of granitoid intrusive units, particularly pegmatites, or by variable metasedimentary rocks. Follow-up plans for the property will be determined over the coming months. North Arrow is exploring the Redemption property under an option agreement with Arctic Star Exploration Corp. (TSXV-ADD), under which the Company can earn a 55% interest by incurring $5 million in exploration expenditures prior to July 1, 2017.
During the program North Arrow conducted a number of ground geophysical surveys, including surveys on several 100% owned mineral claims covering targets along trend from the Monument kimberlite cluster located to the east of Redemption. These surveys have confirmed a number of priority targets for future follow up, including exploration drilling. ”
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Forward Looking Statements:
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. 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, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although Arctic Star has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. 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.
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.