May 10, 2018 – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) is pleased to announce that it has increased its land position by 100% on the Timantti Diamond Project in Finland (the “Project”). The Project now comprises a total of 193,700 Ha under an Exploration Reservation, representing a district scale land package that is 100% owned with no underlying royalties.
- The Timantti Diamond Project has increased by 98,000 Ha, for a total land package of 193,700 Ha.
- The new Exploration Reservation package extends the pre-existing land package to the south where previous work has discovered at least one kimberlite body.
- The new Exploration Reservation was acquired directly from the Finish Mining Authority at an approximate acquisition cost of $3,750 CDN plus associated legal costs.
- The Company has applied for and anticipates it will receive an Exploration Permit in short order for the new ground to thus begin exploration activity this summer.
To date the Company has been focussed on the 243 Ha Exploration Permit within the initial 95,700 Ha Exploration Reservation, representing only a small portion of the Project. The newly acquired ground has significant exploration potential highlighted by the historic work conducted on the property by previous owners.
Buddy Doyle, VP of Exploration stated, “We are extremely pleased to have doubled our land package on the Timantti Project, rarely do you see one company consolidate such a large land package in a potential kimberlite field. We experienced a staking rush in Northwest Territories Canada during the discovery days of Diavik, given that experience we thought we’d tie up as much land as possible now”.
About Arctic Star
The Company owns 100% of the recently acquired Timantti Diamond Project including a 243 Ha Exploration Permit and a 193,700 Ha Exploration Reservation near the township of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. Arctic has commenced its exploration in Finland on the Timantti Project, where four diamondiferous kimberlite bodies may represent the first discoveries in a large kimberlite field. The Company also controls diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and a rare metals project in BC (Cap).
Arctic Star has a highly experienced diamond exploration team previously responsible for several world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Scott Eldridge, President & CEO
+1 (604) 722-5381
Patrick Power, Executive Chairman
+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.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s strategic plans, future operations, future work programs and objectives. Forward looking statements in this news release include that the newly acquired ground has significant exploration potential; that four diamondiferous kimberlite bodies may represent the first discoveries in a large kimberlite field; and that we will receive an Exploration Permit in short order for the new ground to begin exploration activity this summer. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results to differ materially from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The diamond results reported here are first pass exploration results and although they encourage further study they do not constitute an “economic” discovery at this time. We may not receive permits as quickly as expected or at all. There may be no further kimberlite discoveries at our properties, and even if there are, there may not be any commercially exploitable diamonds or minerals. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.