Arctic Star provides update on NWT Diamond Project: Redemption
April 24th, 2013 – Arctic Star Exploration Corp. (TSXv:ADD) (the “Company” or “Arctic Star”) reports that it has tested two targets to date on the Redemption Property near Lac de Gras in the NT. Kimberlite was not intersected.
The first target, a 180m wide conductor that was positioned 800m up ice, (to the east) of the known termination South Coppermine diamond indicator mineral train. Although not fully explained by drilling, it is most likely that EM anomaly is due to sulphide. A 30m section of disseminated sulphide (pyrrhotite, or iron sulphide), was intersected in one of the three holes, which does not explain the EM conductor, however it is likely the area has some massive sulphide veins that would. The other two holes intersected biotite schist.
The second target drilled is a 280m wide conductor located on the “Shoe” property. Two holes were drilled at this target: the first drill hole encountered casing difficulties and failed in 40m of overburden. The second hole was set up to drill a vertical hole over the centre of the target, and after 30m of overburden intersected slightly altered granodiorite. There is no clear explanation for the airborne EM response.
The environmental and mining regulations of the NT allow the use of an ultra light drill rig (<500kg) without a permit. The company decided to utilize this lighter style of rig to capture the current winter conditions that allow ice drilling (on frozen lakes). The company mobilised the rig two weeks ago, but due to various delays, including lost days due to weather, rig break down and lost holes, only two of the eight planned targets have been tested to date. The company has applied for a drill permit that allows use of larger more powerful drill rigs and we expect this to be approved in the near future.
Mr. Buddy Doyle VP Exploration of Arctic Star said, “Clearly the best outcome would have been immediate success, however the first two targets did not deliver. Due to the slow progress in target testing so far, we have made a judgement to cease the current drill program. We do plan to return! The area is geophysical target rich and the fact that our property lies at the termination of 2-3 unexplained diamond indicator mineral trains in one of the worlds best Diamond fields, remains. Our challenge is to ensure discovery of the sources of these trains using the most appropriate and best tools at our disposal.”
Currently the company is still conducting ground geophysical surveys in the area and has commissioned Furgo to conduct a Falcon heli-borne gravity survey. Airborne gravity gradiometry has proven to be an exceptional tool for locating kimberlites in the Lac de Gras area, and these data will complement the extensive airborne electromagnetic and magnetic results that Arctic Star already has for all of it’s Lac de Gras Diamond properties.
Once the results of these surveys are in hand, and once we have a drill permit, the company will re-prioritise the drill targets and deploy a larger drill rig to test them.
The author of this new release is Buddy Doyle MAusIMM a Geologist of 30 years with over 20 years of diamond exploration, the qualified person is Kevin Kivi PGeol a Geologist with 20 years experience in diamond exploration.
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 of the option amendment; and (b) the likelihood that the property has gold or other commercial mineralization. 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. Factors which can materially change the results of the forward looking statements include factors such as the approval of the transaction by the Exchange, our ability to raise financing to pay our obligations, 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. 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.