08/27/2019 | Press release | Distributed by Public on 08/27/2019 07:26
August 27th, 2019 - Vancouver, British Columbia - Arctic Star Exploration Corp.('Arctic Star' or the 'Company') is pleased to announce it has completed the ground geophysical survey program on the Stein diamond project, Nunavut. GGL Resources Corp. has the Option to earn a 60% undivided interest in Arctic Star Exploration Corp.'s ('Arctic Star') wholly-owned Stein diamond project by discovering in-situ kimberlite. The Stein diamond property ('Stein') consists of 4 contiguous prospecting permits covering an area of 1,065 square kilometers on the Southern Boothia Peninsula, 45 kilometers from tide water. It is located 85 kilometers northwest of the community of Taloyoak, Nunavut which is serviced daily by commercial flights and seasonally by barge.
The Company's detailed ground magnetic survey program has delineated a number of very compelling targets that are consistent with magnetic signatures over known kimberlites which have intruded through Cambrian-Devonian age Arctic Platform carbonate rocks at parallel latitudes elsewhere in Canada's north. Similar geology is found on the Stein project.
A broad range of kimberlite like signatures were defined during the surveys which further bolsters the possibility of Stein delivering a new kimberlite field. Many known kimberlite fields exhibit a variety of magnetic responses which represent kimberlites intruding under varied circumstances and conditions. These signatures range from isolated magnetic highs to strong dipolar features to elongate dyke-like responses. The Stein project has delivered all three of these emplacement style signatures including a large isolated magnetic high approximately 200 meters in diameter, multiple strong, discrete dipolar signatures as well as an elongate dyke-like signature over 800 meters in length. Maps showing several examples of priority targets at Stein along with magnetic signatures from known kimberlites in comparable host rocks at parallel latitudes are available at www.gglresourcescorp.com/projects/stein.
The high priority geophysical targets are interpreted to be intrusive in nature, occurring at the surface and covered by a sequence of glacial till. Although magnetic signatures of known kimberlites are not indicative of diamond content, the potential of the Stein cluster of high interest targets is further reinforced by heavy mineral samples collected down ice which contain indicator mineral grains that are indicative of diamond inclusion chemistry showing high chrome, low calcium G10D pyrope garnets.
Stein is a permitted, advanced diamond exploration project having the benefit of numerous successive exploration campaigns and over $1.5 million in previous expenditures. Drill testing has not been conducted on the project to date. The nearest known kimberlite discovery to Stein is over 230 kilometers to the southeast and perpendicular to the regional ice flow direction. The distance and direction greatly reduce the potential of the Stein mineral grains being an overprint from this field.
GGL will continue with further modeling and target prioritization in preparation for future drilling as the Stein project has now been further de-risked and brought to the drill ready stage.
The technical data in this news release has been reviewed and approved by Buddy Doyle, a diamond geologist with over 30 years of experience, a Qualified Person under the provisions of National Instrument 43-101.
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 township 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 discoveries 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.
Patrick Power, CEO, President +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.