VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/05/15 -- Arctic Star Exploration Corp. ("Arctic Star" or the "Company") (TSX VENTURE: ADD) is pleased to announce the acquisition of the "Stein Diamond Property," Nunavut, Canada. The 100 % owned property is located 85 km NW of Taloyoak, Nunavut and consists of 4 contiguous prospecting permits covering an area of 105,637 hectares on the Boothia Peninsula.
The Stein property is an advanced diamond exploration project, with diamond indicator minerals hosting excellent chemistry. The property is complemented by the discovery of distinct geophysical targets immediately up-ice of these mineral grains.
Arctic Star looks forward to commencing exploration on the property this year in the spring/summer season with work culminating towards a drill program.
The property was acquired as part of Arctic Star's ongoing strategic analysis of exploration data in the public domain. The diamond rush that was triggered by the discovery of the Ekati and Diavik mines in Northern Canada was curtailed by the Global financial crisis in 2008 and basically completed by 2011 with the rush of capital out of the resource sector. Many highly prospective diamond exploration programs were halted at that time and received little to no advancement afterwards. This is exactly what happened to The Stein property.
Starting in 2004 past diamond explorers conducted extensive regional heavy mineral sampling. This work revealed diamond indicator minerals on the peninsula proving direct evidence that there was a possible kimberlite field in the area. Furthermore electron microprobing of these indicator mineral grains demonstrated the existence of high chrome, low calcium G10 pyrope garnets that are indicative of the presence of diamonds.
Several iterations of sampling narrowed down the region to a small area believed to be the source of the diamond indicator minerals, at which point airborne magnetic surveys were conducted. The surveys successfully identified discrete circular magnetic anomalies up to 200m in diameter at the up ice terminus of the diamond indicator minerals. This is good evidence that they were on the cusp of discovering a new kimberlite field. The nearest known kimberlite field is some 250 km away and not believed to be the source of these mineral grains. The company has acquired the existing digital exploration database. Arctic Star has posted a presentation on our website illustrating some of these aspects of the property at the link below:
Several years later Arctic Star, by acquiring this ground, is now poised to continue advancing the project area in anticipation of drill testing these magnetic anomalies to determine firstly if they are kimberlites and the source of the diamond indicator mineral trains, and secondly, to take enough sample to get a view of the diamond content.
The Company has given the Stein project its highest priority as there is good evidence it has the potential to deliver a new, untested diamondiferous kimberlite field to Canada's north.
Arctic Star's VP of exploration Buddy Doyle states, "We are very pleased to be working in Nunavut on this exciting opportunity. It is a very unique and rare opportunity to have a new diamond exploration project this compelling, with G10 garnets identified and distinct geophysical targets up-ice and proximal to these grains. We look forward to planning our spring/summer exploration campaign and working with the government and communities to obtain the necessary permits to conduct this work. Arctic Star would also like to welcome David Kelsch to our team. He will be consulting to Arctic Star as the project geologist/manager. David and I worked on the Diavik discoveries in the 90's and it will be a pleasure to work together again. David is familiar with the project and the logistics of the area."
David Kelsch, P.Geo., a geologist with 25 years experience is the Qualified Person and has approved the technical content of this press release.
Arctic Star is one of Canada's premier diamond explorers with over 300,000 hectares of 100% owned prospective lands and a team with over 100 years collective expertise of diamond exploration and discovery in Canada's north.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although Arctic Star has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, 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.
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