Arctic Star Discovers New Kimberlites at the Timantti Project in Finland, the Vasa Swarm
Momentum Public Relations
Press Release: March 15 2018
Arctic Star Exploration Corp (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (WKN: A2DFY5) (“Arctic” or the “Company”) is pleased to announce that another new kimberlite grouping has been discovered on its 100% owned Timantti Diamond Project in Finland (the “Project”). This discovery was made when the excavator, pit-sampling the basal till in the northern part of the 243 Ha Exploration Permit, exposed two bifurcating kimberlite dykes approximately 2.2 kilometres north of the Wolf kimberlites.
The discovery, being referred to as the Vasa kimberlite dyke swarm, was made in two pits 10 metres apart. The first pit revealed a single 1.2 metre wide kimberlite dyke, while the second pit exposed two bifurcating dykes, of similar width. These dykes, with one striking almost east-west and the second striking approximately north-south appear to merge into one another in the pits. The kimberlites look very similar to the mica-rich and olivine-bearing variety present at the Wolf kimberlite discoveries 2.2 kilometres to the South.
The kimberlite in the Vasa pits is the intensively weathered variety known as yellow ground, similar to the Wolves. The presence of a full suite of kimberlitic indicator minerals, demonstrating deep lithosphere sampling, has been confirmed by the GTK (Finnish Geological Survey) although these minerals have not yet been chemically analyzed.
Buddy Doyle, VP Exploration stated, “This is the first kimberlite discovery away from the Wolf area and as such represents a totally new system and provides further proof that here at Timantti, we are dealing with a kimberlite field. We suspect that, based on public information, the field is measured in tens of kilometers in extent. It is known that an extensive kimberlite indicator mineral plume occurs in the till along the Russian border, 30 kilometers to the East. The kimberlites discovered thus far in the area, cannot explain the extent of this plume.”
The drill rig was dispatched to this area and has completed four angled reconnaissance holes on a 40-metre-long north-south traverse for a total of 160 metres of drilling. The holes were inclined at 45 degrees. Two separate kimberlite dykes were intercepted by the drilling, varying in width from 0.9 to 1.6 metres. Again, kimberlitic Indicator minerals from the deep lithosphere, were present in the drill core.
The following table summarizes the essential data on drill holes for this release:
Hole No. | Easting (m) |
Northing (m) |
Bearing/Dip (degrees) |
Total Depth |
From (m) |
To (m) |
Width (m) |
Description |
VS-002 | 4472300 | 7337440 | 180/45 | 60.4 | 31.1 | 32.0 | 0.9 | Kimberlite |
VS-003 | 4472298 | 7337421 | 150/45 | 41.3 | 18.9 | 20.1 | 1.2 | Kimberlite |
VS-004 | 4472298 | 7337421 | 165/45 | 40.1 | 17.0 | 18.9 | 1.9 | Kimberlite |
Notes: Co-ordinates use the KKJ system. Core diameter: 36mm, maximum true widths will be approximately 70% of the drill intercepts reported if the dykes are vertical. The Country Rock consisted of quartzites, schists and greenstones, the till cover was 4-5m thick downhole in each hole. Drill hole VS-001 did not intersect kimberlite.
The intercept in drill hole VS-002 appears to be a separate dyke to those exposed in the pits, the intercepts in VS-003 and VS-004, are thought to be the same east-west dyke as in the pits. Therefore, with the merging dyke exposed in the second pit there have been three separate dykes identified thus far, in this swarm.
Approximately 32 kg of kimberlite material from the pits is being sent for caustic fusion and indicator mineral analysis. Similarly, the kimberlite core will be split and sent for the same analyses. Detailed petrology and age dating will also be conducted on all relevant discoveries to gain a deeper understanding of this newly recognized kimberlite group.
The current focus is on the 243 Ha Exploration Permit area however this will expand to cover the adjacent and surrounding 95,700 Ha Exploration Reservation in the near future. Here the Company anticipates using airborne geophysics and more regional till sampling to potentially discover more kimberlites over the larger land package. This regional work will be followed up by drill testing of priority rated anomalies.
The drill rig is now testing the Grey Wolf discovery (see news release February 20, 2018) and the details of the kimberlite intercepts here will be the subject of a future news release. After testing the Grey Wolf kimberlite, the drill will move to the White and Black Wolves to collect a large caustic fusion sample to better understand the grade and size of these diamondiferous bodies.
The Qualified Person for this news release is Roy Spencer, Fellow AUSIMM, a Geologist of over thirty years’ experience in diamonds.
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
scott@arcticstar.ca
Patrick Power, Executive Chairman
+1 (604) 218-8772
- Published in Arctic Star Exploration
Arctic Star Announces New Kimberlite Discovery in Finland
Momentum Public Relations
Press Release: February 20, 2018
Arctic Star Exploration Corp. (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (WKN: A2DFY5) (“Arctic” or the “Company”) is pleased to announce a new kimberlite discovery as part of its ongoing diamond exploration program on its 100% owned Timantti Diamond Project in Finland (the “Project”). The kimberlite is near surface under very thin glacial overburden which was discovered in four separate 1 metre deep excavator pits all containing kimberlite. Roy Spencer, Country Manager, has named this new kimberlite discovery “Grey Wolf”. The new discovery is immediately being followed up with diamond drilling.
Arctic Star has collected a sample of approximately 150kg with an excavator for analysis, to establish whether this kimberlite body is diamondiferous. The Company is conducting two separate tests, one for diamonds using caustic fusion and a second separate test for kimberlite indicator minerals and mineral chemistry. The discovery is the result of a series of excavator pits in the same area of the Wolf kimberlites following up on the results of the on-going ground geophysical surveys.
Geophysical surveys on the Project are on-going and have located multiple new kimberlite drill targets which will be followed up with the excavator and or diamond drilling. The current drill program has just commenced, and the Company will continue to release material findings as the ongoing campaign progresses. A drill is immediately being mobilized to the new Grey Wolf discovery.
The Qualified Person for this news release is Roy Spencer, Fellow AUSIMM, a Geologist of over thirty years’ experience in diamonds.
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 450km SW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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
scott@arcticstar.ca
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 transaction is a pre-eminent opportunity.
- Published in Arctic Star Exploration
Arctic Star Discovers New Kimberlite
Momentum Public Relations
Press Release: February 6 2018
Arctic Star Exploration Corp (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (WKN: A2DFY5) (the “Company” or “Arctic Star”) is pleased to announce the discovery of a new kimberlite on its 100% owned Timantti Diamond Project in Finland. Further investigation of a drill core sample from a previous explorer held in the core archive of the GTK (the Finnish Geological Survey) at Loppi, Finland, has confirmed the kimberlite discovery.
Finnish kimberlite expert Dr Hugh O’Brien of the GTK has undertaken petrographic and mineralogical examinations to confirm the new discovery. The new kimberlite is located approximately 230m west of the diamond bearing Black Wolf Kimberlite. There’s no record of this drill core being announced to the public.
In June 2005, previous explorer Karhu Mining Oy, drilled a geophysical magnetic target. Hole D476 intersected a meter of kimberlite in an inclined (-45°) hole located within a zone of extensive alteration and brecciation. Dr O’Brien has conducted a detailed petrographic and mineralogical examination of the core from hole D476 and has confirmed that the kimberlite is “A micaceous Group II kimberlite importantly containing abundant indicator minerals including olivine macrocrysts 5mm in diameter.”
Dr O’Brien further stated “This kimberlite is very similar in texture and mineralogy to the rocks that form the diamond-bearing Wolf kimberlites. The existence of this kimberlite close to the Wolf kimberlites strongly indicates that the area is part of a kimberlite field and that the prognosis for additional discoveries in the area is quite high.“
Roy Spencer stated “As has been previously expressed by myself and supported now by kimberlite expert Dr Hugh O’Brien, kimberlites typically occur in fields or clusters and this exciting discovery 230 metersaway from the Wolves strongly supports the thesis that we are looking at such a field here north of Kuusamo. With only a single intersection we do not yet know what form this kimberlite will take but we suspect that the body has not been investigated any further previously, and are glad to add another kimberlite to the pack.”
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 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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 numerous world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Scott Eldridge”
Scott Eldridge, President & CEO
+1 (604) 722-5381
scott@arcticstar.ca
“Patrick Power”
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 transaction is a pre-eminent opportunity.
- Published in Arctic Star Exploration
Arctic Star 16,929,361-share private placement
Momentum Public Relations
Press Release: December 6, 2018
Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (the “Company” or “Arctic Star”) is pleased to announce that it has appointed Director Roy Spencer to the newly created position of Country Manager for Finland. Mr. Spencer will be managing the Company’s exploration activity on its newly acquired Timantti Diamond Project (“the Project”) that lies within the highly prospective Karelian Craton. Roy’s extensive background working within the Karelian Craton includes leading the discovery of the Grib diamond mine that generated revenue of $340 million USD in 2016, and is the 8th largest diamond mine in the world.
Mr. Spencer brings over 40 years of diamond exploration and discovery success to Arctic Star. Roy is a member of the Geological Society of South Africa (GSSA) and a Fellow of the AusIMM. Roy joined De Beers in 1966 and has been involved with exploration and deposit evaluation for gemstones and other commodities throughout his career. Roy’s tertiary education was at the University of Natal and Rhodes University in South Africa. As Technical Director of Peregrine Diamonds, he discovered the first kimberlites on the Pilbara craton in Western Australia in 1989, and as Leader of the Owners Team for Archangel Diamond Corporation he was largely responsible for the discovery of the world class Grib kimberlite in far northern Russia in February 1996. In 1998, Roy created and raised the seed finance for Ilmari Exploration Oy to explore for gold, base metals and diamonds on the Karelian Craton in Finland. Ilmari went public in 2000, and discovered the Lentiira kimberlite cluster in central Finland in 2003.
In 2006, as CEO of London-based diamond explorer European Diamonds, Roy led the Owners Team which brought the Liqhobong kimberlite in Lesotho into commercial production on time and under budget. In mid-2007, Roy left European Diamonds, a company which had evolved into a successful mid-tier diamond producer and marketer after having raised £23 million over a 6-year period. Since that time Roy has continued in gemstone exploration and deposit evaluation in Africa, Finland and western Russia for a variety of junior and senior mining companies.
Mr. Spencer stated, “Having worked extensively in the Karelian Craton throughout my career, I am excited to begin our exploration program at the highly-advanced Timantti project, where we have begun groundgeophysics followed by drilling.“
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 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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 numerous world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
/s/ Patrick Power
Patrick Power, Executive Chairman
+1 (604) 218-8772
/s/ Scott Eldridge
Scott Eldridge, President and CEO
+1 (604) 722-5381
scott@arcticstar.ca
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 transaction is a pre-eminent opportunity.
Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement. Specific risks included that the Timantti Project does not contain as much promise as expected or that despite promise, its minerals cannot be economically mined.
There can be no assurance that a forward-looking statement 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 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.
- Published in Arctic Star Exploration
Arctic Star Announces LEI Number
Momentum Public Relations
Press Release: November 30, 2017
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“Arctic Star” or the “Company”) is pleased to report that the Company has been assigned the Legal Entity Identifier (“LEI”) number 529900OSM9TE7UUX2X19. The European Union has adopted regulations that require use of the LEI as a barcode equivalent aimed at pinpointing systemic risks.
About the Legal Entity Identifier (LEI)
The Legal Entity Identifier (LEI) number is a 20-digit alphanumeric code. It is an internationally standardized and globally valid identifier for financial market participants. Its purpose is to clearly and unequivocally identify contracting parties (e.g., companies, banks, and investment funds). It is used to comply with a variety of financial reporting requirements. The Deutsche Borse Group has stated that “the LEI will clearly assist the regulatory authorities in monitoring and analysing threats to the stability of the financial markets, (but) it can also be utilised by counterparties internally for risk management purposes.”
Arctic meets the requirement for all companies listed on German Stock Exchanges (ie. Frankfurt Stock Exchange) to have an LEI number by January 3, 2018.
According to the website of the Deutsche Bӧrse Group, the LEI number will affect most aspects of the securities markets in Europe, including trading, clearing, settlement, custody, collateral and liquidity management, market data and indices. (See http://deutsche-boerse.com/dbg-en/regulation/regulatorytopics/legal-entity-identifier).
ABOUT ARCTIC STAR: The Company owns 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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 numerous world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
/s/ Patrick Power
Patrick Power, Executive Chairman
+1 (604) 218-8772
/s/ Scott Eldridge
Scott Eldridge, President and CEO
+1 (604) 722-5381
scott@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Announces Closing of Final Tranche of Oversubscribed Private Placement
Momentum Public Relations
Press Release: November 24, 2017
Vancouver, British Columbia–(Newsfile Corp. – November 24, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (the “Company” or “Arctic Star”) announces that it has completed the second and final tranche of its previously announced non-brokered private placement (the “Private Placement”), as described in its News Release dated October 26, 2017. Tranches one and two of the Private Placement raised a total of $1,692,936.10.
Pursuant to tranche two the Company has issued an aggregate of 7,279,361 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of $727,936.10. Each Unit consists of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $0.15 per Share for a period of 24 months from the closing date. This Private Placement was oversubscribed and replaces the Private Placement previously announced on July 26, 2017.
The Company plans to use the proceeds from the Private Placement for exploration on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Timantti Diamond Project (the “Project”), in Finland, and for general working capital. The project lies within the Karelian Craton, which hosts the Grib and Lomonosov diamond mines. As described in the News Release November 23, 2017, exploration activity including: ground geophysics, till sampling and drilling has commenced on the 243 Ha Exploration Permit. The project also includes a district scale 95,700 Ha Exploration Reservation. Exploration activity can be conducted 12 months of the year.
President and CEO, Scott Eldridge stated “Having closed our oversubscribed financing, we now look forward to exploration results being generated from Timantti, which is one of the last known district-scale diamond fields in the world, that’s near infrastructure. Previous activity has already identified diamonds at surface and diamond-bearing kimberlites on only a small portion of our extensive land package.“
The securities issued under the Private Placement, and the shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on March 24, 2018.
The Company paid cash finder’s fees of $4,800 to a certain finder and issued 48,000 share purchase warrants (the “Finder’s Warrants”) to one finder in connection with the second tranche of the Private Placement. Each Finder’s Warrant is exercisable into one Share at a price of $0.10 per Share for a period of 24 months from the date of issuance.
ABOUT ARCTIC STAR: The Company owns 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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 numerous world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
/s/ Patrick Power
Patrick Power, Executive Chairman
+1 (604) 218-8772
/s/ Scott Eldridge
Scott Eldridge, President and CEO
+1 (604) 722-5381
scott@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Commences Exploration at the Timantti Diamond Project, Finland
Momentum Public Relations
Press Release: November 23, 2017
Vancouver, British Columbia–(Newsfile Corp. – November 23, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“Arctic Star” or the “Company”) is pleased to announce that the Company has commenced its diamond exploration program on its 100 owned Timantti Diamond Project in Finland (“the Project”). The land package includes a 243 Ha Exploration Permit and has a district scale 95,700 Ha Exploration Reservation near the township of Kuusamo. The Project benefits from excellent infrastructure and exploration activity can be conducted all year-round.
Highlights of the Proposed Program:
- Ground Geophysics – Will be conducted over the area of the Exploration Permit which contains the diamondiferous Black and White Wolf kimberlites (together the “Wolf kimberlites”). The ground-based, magnetic, gravity and electro-magnetic surveys are designed to help define the shape and size of the Wolf kimberlites, as well as to detect possible new kimberlite-like anomalies within the area for drill testing.
- 20 Backhoe Till Samples – Will be undertaken in the near vicinity of the Wolf kimberlites to identify potential drill targets based on diamond indicator mineral results.
- Drill Program – Consisting of approximately 8 drill holes (1,500m) including the 2 Wolf Kimberlites. A 500kg drill core sample will be taken from each of the Wolf bodies for caustic fusion analysis. Any additional kimberlite-like targets identified from the ground geophysics will be drilled at this time where appropriate. Table 1 below summarizes the micro-diamond results to date. If new kimberlites are found these will also be further tested to give caustic fusion diamond results.
Table 1: Total Micro-Diamond Assay Results for the White Wolf Kimberlite to Date
Kimberlite | Sample Weight Kg |
+0.106 mm |
+0.15 mm |
+0.212 mm |
+0.3 mm |
+0.425 mm |
+.60 mm |
+.85 mm |
+1.18 mm |
Total Stones |
White Wolf | 67.55 | 70 | 61 | 24 | 15 | 3 | 5 | 0 | 1 | 169 |
*Sample includes both surface samples and 52.7m of drill core.
Buddy Doyle, VP Exploration stated, “The assay results demonstrate that the Wolf Kimberlites have significant micro-diamond counts comparable in number to those found in economic kimberlites. The current drill program is designed to significantly boost the size of the sample, at which stage the company should have an estimate on the size and the grade of the diamonds, and allow us to make a decision to proceed to bulk sampling.“
Micro-diamonds can be used as a predictive guide to diamond grade by constructing graphs of size (Carats or mm) versus frequency (number of stones). The majority of diamondiferous kimberlites around the world show an exponential relationship between the number of small diamonds and large diamonds.
- Samples were sent to Microlithics Laboratories Inc., of Thunder Bay, ON. Microlithics is independent of the issuer, and is not ISO accredited. Kevin Kivi, P.Geo. has audited Microlithics to verify sample preparation and analytical methods for diamond recovery were appropriate.
- Core was sent to SRC of Saskatoon, SK is independent of the Issuer and is ISO accredited.
- There was a chain of custody in use for these samples, supervised by GTK. (Geological Survey of Finland).
- Diamond results reported using CIM guidelines.
Qualified Person: The content of this news release has been read and approved by Roy Spencer, FAusIMM, a Director of the Company who is the qualified person for this news release.
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 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites 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 numerous world class diamond discoveries.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Scott Eldridge”
Scott Eldridge, President & CEO
+1 (604) 722-5381
scott@arcticstar.ca
Patrick Power, Executive Chairman
+1 (604) 218-8772
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Announces Management and Board Changes
Momentum Public Relations
Press Release: November 21, 2017
Vancouver, British Columbia–(Newsfile Corp. – November 21, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“Arctic Star” or the “Company”) is pleased to announce the appointment of Director Scott Eldridge to the position of President and Chief Executive Officer, Patrick Power to the position of Executive Chairman, and Jared Lazerson as a Director.
Patrick Power, Arctic Executive Chairman stated, “We are pleased to appoint Scott Eldridge as President and CEO. His financial acumen and extensive network of European investors fit well with the European based and newly acquired Timantti Diamond Project in Finland.” Mr. Power added, “As well we are excited with the addition of Jared Lazerson to Arctic’s Board of Directors, his market, technology and industrial mineral mining experience are a welcome addition to the Board. The momentum he has created with the recent development of MGX Minerals is particularly relevant as we advance Arctic’s newest diamond exploration property.”
Mr. Eldridge has over 10 years of experience in finance and general management in the mining sector. He has a B.B.A. from Capilano University, and an M.B.A. from Central European University. He co-founded Euroscandic International Group Inc., a private company offering investment banking and advisory services to natural resource companies where he served as President and CEO from 2008 to 2016. During his time in the industry he has been responsible for raising in excess of $500 million CAD in combined equity and debt financing for mining projects varying from exploration to construction financing around the globe. He has held several directorships and executive roles with both private and public companies.
Mr. Lazerson is CEO and Director of lithium and magnesium miner MGX Minerals (CSE:XMG). For the past 5 years, Mr. Lazerson, has seen the market capitalization grow from $2 million CAD to a current value of $100 million CAD and a 2017 high of over $200 million CAD. Mr. Lazerson has been responsible for all aspects of growth of MGX including acquisitions, financing, operations and technology development. MGX Minerals has developed some of the most advanced and low-cost technology in the world for lithium extraction from brine by eliminating the solar evaporation step, thus reducing processing time from 2 years to 1 day. Mr. Lazerson holds a B.A. in International Relations from the University of Pennsylvania.
The Company has granted an aggregate of 5,275,000 stock options to its directors, officers, employees and consultants for the purchase of up to 5,27500,000 common shares of the Company pursuant to its Stock Option Plan. Each option is exercisable for a period of 5 years at a price of $0.175 per common share.
About Arctic Star: The Company owns 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the recently acquired Timantti Diamond Project including a 243Ha Exploration Permit and a 95,700 Ha Exploration Reservation near the township of Kuusamo, in Finland. The project is located approximately 450km NW of the operating Grib Diamond Mine in Russia. Arctic is commencing its exploration in Finland on the Timantti Project, where two diamondiferous kimberlites may represent the first finds in a large 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 numerous world class diamond discoveries.
For further information: please visit www.arcticstar.ca
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, Executive Chairman
+1 (604) 689-1799
Scott Eldridge, President & CEO
+1 (604) 722-5381
scott@arcticstar.ca
- Published in Arctic Star Exploration, News Home
Arctic Star closes property acquisition in Finland
Momentum Public Relations
Press Release: November 16, 2017
ARCTIC STAR CLOSES PURCHASE OF KIMBERLITE FIELD, FINLAND
Arctic Star Exploration Corp. has closed its agreement to acquire a 100-per-cent interest in a 243-hectare exploration permit over the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond-bearing kimberlites in northern Finland, through the purchase of Finland company Foriet Oy. The combined regional exploration and diamondiferous kimberlite property has been named the Timantti project (Timantti is Finnish for diamond).
Arctic Star is in the process of issuing 14,500,000 common shares at a deemed price of $0.20 per share for all the right, title and interest to Foriet Oy, a Finnish company that has the 243Ha exploration permit over the Wolf kimberlites in North-Eastern Finland. 10,000,000 of the Arctic Star shares are being issued to Dragon Equities Ltd., a UK company, which indirectly owns Foriet Oy, and 4,500,000 shares are being issued to the beneficial owners of a joint venture partner of Foriet Oy. Foriet Oy has become a wholly owned subsidiary of Arctic Star.
Of the 14,500,000 shares issued, 1,767,858 or 12.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} are being issued to 3 directors of the Company, Patrick Power, Buddy Doyle and Thomas Yingling, for their interest as beneficial owners of a joint venture interest in the Timantti Project granted by Foriet Oy to a private company in 2015. Until May 2017, it was not known whether the exploration permit granted by the Finnish government on the Timantti Project would remain valid, as the permit was challenged in court by certain Finnish parties. During the period of uncertainty, Foriet Oy received funding and strategic and exploration advice from a company partially owned by 3 directors of the Company, in exchange for a joint venture interest in the project. In May, 2017, the Finnish court upheld its prior decision and the exploration permit was made final. The Company has acquired the Timantti Project from Foriet Oy and the joint venture holders in its entirety, not subject to the rights of any joint venture party.
About Arctic Star: Arctic Star is an experienced diamond and mineral exploration company, with diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and in the Athabasca Basin of SK. The Company has been planning and de-risking its entry to Finland over the last year, and is pleased to present what it believes is the pre-eminent new field opportunity to shareholders in the Timantti Project.
We seek Safe Harbor
- Published in Arctic Star Exploration, News Home
Arctic Star closes $965,000 first tranche of financing
Momentum Public Relations
Press Release: November 1, 2017
Arctic Star Exploration Corp. has completed the first tranche of its previously announced non-brokered private placement, as described in its news release dated Oct. 26, 2017, pursuant to which it has issued an aggregate of 9.65 million units at a price of 10 cents per unit for gross proceeds of $965,000. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one additional share at a price of 15 cents per share for a period of 24 months from the closing date. The company intends on completing additional tranches of the private placement.
The securities issued under the financing and the shares that may be issuable on exercise of the warrants are subject to a statutory hold period expiring on March 1, 2018.
The company paid a cash finder’s fee of $40,800 to a certain finder and issued 408,000 share purchase warrants to one finder in connection with the first tranche of the financing. Each finder’s warrant is exercisable into one share at a price of 10 cents per share for a period of two years from the date of issuance.
The company plans to use the proceeds from the private placement for exploration of the Foriet diamond property and for general working capital.
An insider of the company subscribed for a total of 350,000 units under the financing. The company did not file a material change report more than 21 days before completion of this tranche of the private placement because management believed that it was in the company’s best interest to close promptly and that the filing of a material change report in less than 21 days was reasonable under the circumstances.
We seek Safe Harbor.
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