Vancouver, British Columbia / June 5, 2018 / Arctic Star Exploration Corp (TSX.V: ADD / FSE: 82A1 / OTCQB: ASDZF) (“Arctic Star” or the “Company”) is pleased to announce it has received the first diamond results from its Spring drill program on its 100% owned Timantti Diamond Project near Kuusamo, Finland (the “Project”). The results are from 79.95kg of split HQ size drill core from the initial drill hole, WW-001 on the White Wolf kimberlite, one of the four known diamondiferous kimberlite bodies on the Project area.
The results are shown below in Table 1 which also gives the caustic fusion results previously received from White Wolf. The analyses are consistently reporting more than 100 stones per 100kg. The Company is also encouraged by these sets of results that have provided more than one 1.18mm stone for every 100kg of sample processed.
The Company expects to now receive a constant stream of results as the laboratories process the core from approximately 18 more kimberlite intercepts on the Project. To expedite this process, the Company is now using two laboratories in Canada, Microlithics in Thunder Bay and SRC in Saskatoon.
Table 1: Micro Diamond Assay Results, White Wolf Kimberlite
|White Wolf |
Notes: New results are from Microlithics Laboratories Inc., of Thunder Bay, ON (“Microlithics”) which is independent of the issuer and is not an ISO lab. Previous results also include those from SRC of Saskatoon. SRC is independent of the Issuer and is ISO accredited. A chain of custody protocol was used. Diamonds results reported using CIM guidelines.
Arctic Star completed first pass delineation drilling on the White Wolf kimberlite in March. Since then the drill holes have been logged, split and dispatched. Table 2 lists the drill holes completed at the White Wolf kimberlite in 2018 along with their kimberlite intercepts. The holes were drilled to obtain sample for caustic fusion and to further delineate the kimberlite. Each hole intercepted kimberlite after passing through the overburden, which is only a few meters deep at this locality. The holes were then completed when they passed out of the kimberlite into the surrounding country rock.
Table 2: Drill Intercepts from White Wolf Kimberlite 2018
Notes: Co-ordinates use the KKJ system. Core diameter is 57mm. Intercepts are not true widths as the holes were collared in kimberlite. The Country Rock consisted of quartzites, and greenstones, with occasional quartzite xenoliths in the kimberlite up to 1m diameter.
The diamond results reported here are from the initial hole WW-001. Arctic now has samples from boulder float at the surface, from resampling historic drill core and from its own drilling and all confirm the kimberlite to be diamondiferous. A total of approximately 360kg of sample from the White Wolf kimberlite has now been sent for analysis from this season’s drilling, including the results reported here. Similar size samples have been taken from the other kimberlites in this cluster, the Black Wolf and Grey Wolf kimberlites. The Company’s goal at present is to accumulate enough diamond data so that predictions of grade using conventional graphical techniques can be made.
Once all the current micro-diamonds sample results are reported, the Company will make decisions on continuing the diamond evaluation process on these kimberlites. This work would include further delineation drilling of the individual kimberlites with caustic fusion analyses, the relationship of these bodies to one another in order to determine available tonnage, followed by three-dimensional bulk sampling to get more precise estimates of the grade and to determine the average value of the diamonds.
Importantly, the Company is also focused on finding more kimberlites in the area, with ongoing exploration including esker and till sampling and focused airborne and ground geophysical surveys, all designed to generate multiple drill targets.
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in diamond exploration, discovery and evaluation.
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 town 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 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 offers high potential for numerous further diamond-bearing kimberlite discoveries; Arctic’s drilling and surveying plans and the expected outcome of those plans; that Arctic can swiftly discover more kimberlite on the property; that the Wolf kimberlites themselves may have the potential to be economic
The Wolf kimberlite assets have not been the subject of any recent resource work, much less a feasibility study and as such there is no certainty that any future resource will be defined or that the assets will be able to produce a commercially marketable product. There is a significant risk that any future efforts at the project will not demonstrate any merit for evaluation work to progress to 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. There can be no assurance that the forward-looking statements or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors described are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law.