Arctic Star Exploration Corp. (TSX-V: ADD.V – News) (the “Company” or “Arctic Star”) is pleased to report that, further to its news releases dated January 30th and February 16, 2012, gold mineralization has been confirmed at its recently optioned El Havila property (the “Property”), located 32 kilometres north west of the town of Frontino, Colombia.
Samples from the Property were collected by geologists during a recent site visit. Six grab samples, ranging in weight from 1.17 kg to 4.68 kg and exhibiting intense alteration and over 10% sulphides, were sent to Acme laboratories in Vancouver for rush assays. Five of the grab samples returned significant gold assays ranging from 3.96 g/t AU to 19.3 g/t AU. The samples were taken from two separate exposures spaced 139 metres apart. Readers are cautioned that, by their nature, grab samples are taken from the best looking, most sulphide rich zones and will tend represent the better values of the mineralization and management advises that the above findings are very preliminary and are not, at this time, indicative of the overall mineralization of, or expected future results from, the Property. Sixty-seven additional grab and channel samples taken over a broader area at the Property have also been submitted for assays, and results are pending. Grab and channel samples are important for understanding the style and signature of the mineralization of the Property.
Arctic Star has an option to earn an 85% interest on the Property by making US$5,000,000 in exploration expenditures over a 3 year period. Its interest in the Property can be increased to 95% by the payment to the Property vendor of 15,246 troy ounces of gold. The Property vendor would retain a 5% free carried interest .The site visit and the assays reported here confirm, at this time, the prospectivity of the Property, and the Company plans to proceed with an aggressive exploration program that will include soil sampling, geophysics trenching, and drilling.
In addition to the assay results obtained from the grab samples, the Company has also received results from an Electron Microprobe study on the nature of the mineralization at El Havila. The work has identified gold, silver and telluride minerals as inclusions in pyrite, sphalerite and chalcopyrite, Hessite (AgTe2), Calavarite (AuTe2), and Sylvanite ((Au,Ag)2Te4 ). Gold Telluride systems are not common, and examples of such systems include the Superpit at Kalgoorlie, Australia, Cripple Creek in Colorado, the Emperor Mine in Fiji and the Mara Rosa deposit in Brazil. The size and extent of the mineralization on the Property is not known at this early stage.
Kevin R. Kivi, P.Geo., supervised the sampling and mapping of the El Havila Property, implemented chain of custody and sample security protocols, and is the Company’s in-house qualified person for the purposes of NI 43-101 guidelines responsible for the technical information provided in this news release. EMP Mineralogy results were provided by R.L. Barnett Geological Consulting Ltd. and Renaud Geological Consulting Ltd. Assays were provided by Acme Analytical Laboratories (Vancouver) Ltd., Vancouver, BC, which is an ISO/IEC 17025:2005 accredited lab by Standards Council of Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
Forward Looking Statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events such as: (a) the closing or exercising of the option to acquire an interest in a gold property; (b) the likelihood that the property has gold or other commercial mineralization; and (c) the work program to be conducted by Arctic. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Arctic such as the willingness of the parties to close the transactions, our ability to raise financing, geological information resulting in changed plans for exploration, our ability to contract equipment and labor, current economic conditions and the state of mineral exploration and mineral prices in general . These risks and uncertainties could cause actual results and Arctic’s plans and objectives to differ materially from those expressed in the forward-looking information. Due to conditions precedent to exercising the option, and the risk that these conditions precedent will not be satisfied, the Arctic can offer no assurance that it will acquire any interest in the property. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, Arctic assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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.
Arctic Star Exploration Corp.