February 20, 2018 — Arctic Star Exploration Corp (“Arctic” or the “Company”) is pleased to announce a new kimberlite discovery as part of its ongoing diamond exploration program on its 100% owned Timantti Diamond Project in Finland (the “Project”). The kimberlite is near surface under very thin glacial overburden which was discovered in four separate 1 metre deep excavator pits all containing kimberlite. Roy Spencer, Country Manager, has named this new kimberlite discovery “Grey Wolf”. The new discovery is immediately being followed up with diamond drilling.
Arctic Star has collected a sample of approximately 150kg with an excavator for analysis, to establish whether this kimberlite body is diamondiferous. The Company is conducting two separate tests, one for diamonds using caustic fusion and a second separate test for kimberlite indicator minerals and mineral chemistry. The discovery is the result of a series of excavator pits in the same area of the Wolf kimberlites following up on the results of the on-going ground geophysical surveys.
Geophysical surveys on the Project are on-going and have located multiple new kimberlite drill targets which will be followed up with the excavator and or diamond drilling. The current drill program has just commenced, and the Company will continue to release material findings as the ongoing campaign progresses. A drill is immediately being mobilized to the new Grey Wolf discovery.
The Qualified Person for this news release is Roy Spencer, Fellow AUSIMM, a Geologist of over thirty years’ experience in diamonds.
About Arctic Star
The Company owns 100% of the recently acquired Timantti Diamond Project including a 243 Ha Exploration Permit and a 95,700 Ha Exploration Reservation near the township of Kuusamo, in Finland. The project is located approximately 450km SW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites may represent the first finds 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 Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that the Timantti Project transaction is a pre-eminent opportunity.