August 31, 2017 – Arctic Star Exploration Corp. (TSXV:ADD) (the “Company” or “Arctic Star”) is pleased to report that Company and Joint Venture partner Margaret Lake Diamonds Inc. are pleased to report geophysical results from the Diagras Property.
The Diagras Property is located in the prolific north-northeastern (NNE) part of the Lac de Gras kimberlite field, 22 kilometers NNE of the Diavik Diamond Mine (Rio Tinto plc 60%, Dominion Diamond Corporation 40%) and 36 kilometers east of the Ekati Diamond Mine (Dominion Diamond Corporation) along a corridor of economic diamond deposits that include A21, A418, A154S, A154N, Lynx, Misery, and Jay. All these >1 carat per tonne diamond bearing kimberlites occur along a narrow NNE corridor that is thought to represent a deep structure and/or feeder dyke system along which these economic kimberlite pipes were emplaced. The large Jay Kimberlite is the nearest economic diamond deposit, located 8.9 km from the Diagras Property boundary. The corridor is currently known to be about 20 kilometers long with clusters of mineable kimberlites every 7-8 kilometers.
The Diagras Property is comprised of 23 claims totaling 18,699 hectares and is a Joint Venture between Margaret Lake Diamonds Inc. (60%) and Arctic Star Exploration Corp. (40%).
The Joint Venture implemented a ground geophysical program at Diagras in spring 2017, and field crews completed ground magnetic, ground gravity, and ground electromagnetic (EM) surveys on several target areas (see News Release Aug. 5, 2017). The 11 survey program (Table 1) was designed to further evaluate areas near known kimberlites and explore new targets generated from public domain data.
Table 1. Kimberlite and kimberlite like targets evaluated in the Spring 2017 program.
|Kimberlite or Target||Magnetics (Line Km)||Gravity (Line Km)||EM (Line Km)|
|Kong (East / West)||18.72|
|Total Line Km||129.44||22.83||22.40|
The Diagras Property contains 13 kimberlites discovered in the 1990s by DeBeers, some of which were further evaluated by Majescor Resources Inc. in the early-mid 2000s (see News Release Nov. 14, 2016). The Joint Venture partners have obtained public domain data from this work as made available by news releases and assessment reports filed to maintain title in Northwest Territories.
The Joint Venture’s method to advance the project is to apply detailed, modern ground geophysical techniques in anticipation of defining additional kimberlite(s) or kimberlite phases that may not have been evaluated in the past. This approach has been successful elsewhere, at the Kennady Lake project with the additional discoveries at Kelvin and Faraday, for example.
The Company believes that its approach has worked and the recently completed ground geophysical surveys have been successful at defining new kimberlite exploration drill targets.
At the Jack Pine Kimberlite additional kimberlitic exploration targets are indicated by all three ground geophysical methods. Jack Pine (as previously described by Majescor) has a north-south axis that extends more than 500 meters with surface area between 4 to 5 hectares. The Joint Venture has delineated an additional significant kimberlitic geophysical response to the north of the area drilled in 2005 by Majescor. The new anomaly, named Sequoia, is approximately 500 meters long in a north-south direction, and consists of semi-coincident magnetic, gravity and electromagnetic responses. If the Sequoia Anomaly represents a new kimberlite discovery, the combined surface area of the Jack Pine kimberlite pipe (4-5 Ha) and Sequoia anomaly represents a significantly large target for further exploration. Core drilling is required to verify that Sequoia is kimberlite and if it contains diamonds.
At the Black Spruce kimberlite, the Joint Venture has generated significant geophysical responses which the Company believes are untested. The geophysical response of the Black Spruce Kimberlite is a magnetic low (as previously announced by Majescor), but current work has identified series of gravity lows that extend up to 200 meters both south and east of the magnetic anomaly. To the east, a gravity anomaly coincides with a clear break in a strong linear magnetic anomaly (probably diabase). Kimberlites occur elsewhere in the Lac De Gras kimberlite field along diabase dikes, and they appear as a break in the linear magnetic anomaly of the diabase dike. The co-incident gravity low anomaly and break in the magnetic anomaly is an excellent target for further exploration. Core drilling is required to determine if any of the new gravity anomalies are kimberlite pipes and if they contain diamonds.
Other surveys conducted during the spring program also returned kimberlite-like geophysical signatures in and around known kimberlite bodies. The company has no record or evidence that any of these geophysical drill targets were previously tested by others.
Buddy Doyle Bc App Sc Geol. MAUSIMM, the author of this press release, has 31 years’ experience in geology, with much of this time focused on successful diamond exploration. Kevin Kivi, P.Geo. and Qualified Person approves the technical content of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
/s/ Patrick Power
Patrick Power, President
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Forward looking statements in this news release include that there are excellent targets for further exploration in our joint venture properties. Actual results and future events could differ materially from anticipated in such information. There is a significant risk that any future efforts at the project will not demonstrate any merit for work to evaluate for a defined NI 43-101 compliant resource and economic study. General risks inherent in the project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, possible political instability, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry.
The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change, 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.