Arctic Star arranges $1.3-million private placement
Momentum Public Relations
Press Release: November 19, 2019
Arctic Star Exploration Corp. has arranged for a private placement for gross proceeds of up to $1.3-million, issuing units at five cents per unit on a 1:5 postconsolidated basis (see the company’s news release dated Oct. 30, 2019). Each unit will comprise one common share and one common share purchase warrant, with each whole warrant exercisable into one common share at a price of 15 cents for a period of two years from closing.
All securities will be subject to a four-month hold period from the closing date. Finders’ fees may be paid in accordance with the TSX Venture Exchange policies. The private placement is subject to the approval of the TSX-V.
Proceeds of the private placement will be used for general working capital, to explore existing properties and possibly for potential future acquisitions.
- Published in Arctic Star Exploration, Mining
Arctic Star Receives Compelling Results from Ground Geophysical Surveys at the Stein Diamond Project
Momentum Public Relations
Press Release: August 27, 2019
Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“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
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Receives First Results from 2019 Program in Finland
Momentum Public Relations
Press Release: May 14, 2019
Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1)(“Arctic Star” or the “Company”) is pleased to announce that it has received preliminary results from its regional esker sampling program from its 100% owned Timantti Project in Finland. The Timantti Project consists of two exploration permits surrounded by two exploration reservations totaling 193,700 Hectares near the township of Kuusamo. Last year the company located three diamondiferous kimberlite bodies within the exploration permit, named White, Black and Grey Wolf respectively, and three kimberlite dykes. Fusion from 409.3 kg of kimberlite from these new discoveries yielded 1,032 diamonds. Preliminary results from the esker sampling have highlighted at least three separate areas away from the known kimberlites anomalous in diamond indicator minerals, strong evidence suggests there are many more kimberlites to be found. Kimberlite is the volcanic rock which hosts diamonds and predominantly occurs in groupings averaging a minimum of 30 pipes.
Eskers are the sand gravel remnants of sub glacial melt water river systems dating from the end of the ice age. The company used the publicly available Lidar surveys completed by the Finnish government to map and identify the eskers and plan the sampling program. The company subsequently collected 19 samples that were distributed as evenly as possible within the exploration reservations. The main purpose of the esker sampling was to determine the areal extent of the kimberlite field as efficiently as possible.
Encouragingly the esker samples near the known kimberlites “light” up with diamond indicator minerals. A similar anomaly occurs in an esker system 20km to the North East of the Wolf kimberlites, and two other anomalies occurs 20km and 40km SSE of the Wolf kimberlites respectively.
The eskers samples where processed at CF Minerals in Kelowna, BC using heavy liquids and magnetic separation. The results reported here are from observing and probing 50% of the silicate minerals found in the concentrates. The results for the remaining 50% and the oxide minerals are awaited.
The four esker anomalies consist of Pyrope, Garnet, Fosteritic Olivine, Clinopyroxene and Orthopyroxene with chemistry consistent as being derived from the deep lithosphere.
These new areas will be followed up by closer spaced esker sampling, till sampling and will allow the company to focus planned airborne geophysical surveys.
A program of geophysics and testing magnetic anomalies with an excavator has commenced. Results are expected within 3-4 weeks and will be reported as received.
Kimberlites with significant diamonds will be slated for diamond drill testing to determine size, and promising magnetic anomalies that could not be trenched due to till depth will also be drill tested.
Qualified Person
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 193,700 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).
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”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Exploration Corp. Completes Spring Exploration Program at Diagras Property, Northwest Territories, Canada
Momentum Public Relations
Press Release: May 6, 2019
Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (“Arctic Star” or the “Company”) is pleased to announce that its Spring exploration program has been successfully completed at its 40% owned Diagras Property (“Diagras” or the “Property”) located in the Northwest Territories, Canada. Diagras totals 22,595 Hectares within 31 mineral claims with a total of 23 known kimberlites. The data from this ground geophysical program has been received and interpreted by our technical team and they report the work has generated compelling drill targets.
The exploration program consisted of ground Gravity, Magnetic and Electromagnetic (EM) surveys focused around historically identified kimberlites as well as other airborne geophysical anomalies with kimberlite like signatures.
Margret Lake Diamonds Inc is a contributing Joint Venture (the “Joint Venture”) between the Company, which acts as project operator and holds a 60% interest, and Arctic Star Exploration Corp. (TSX.V: ADD) which holds a 40% interest. Diagras is located in the prolific Lac de Gras diamond field, Northwest Territories, Canada just 35 km from the world-class Diavik diamond mine. The Property lies directly on trend with the Diavik deposits currently being mined by a joint venture between Rio Tinto and Dominion Diamond Diavik.
Detailed, modern ground geophysical techniques are being employed to define possible additional kimberlite(s) or kimberlite phases not identified by previous explorers, who did not utilize all these techniques. This exploration approach has been successful elsewhere with recent examples including the discoveries of additional diamondiferous kimberlite at the Kelvin and Faraday kimberlite complex (Kennady North project adjacent to the Gahcho Kue’ Diamond Mine). Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on Diagras.
The work has been funded in part by significant grants from the Government of the Northwest Territories (GNWT) Mining Incentive Program (MIP). The Company would like to thank the GNWT for their support and recognition of the potential for this quality exploration program, the funding is limited and only granted to those projects judged most likely to bring benefit to the NWT. Our companies are grateful for their consideration.
The Joint Venture has conducted ground geophysical work over three spring seasons and now has enough drill targets to justify drill mobilization, planned for spring 2020. The Diagras project has an active Class ‘A’ Land Use Permit which includes drilling. The permit is good until December 2022 and has the ability for extension.
Table 1 Summary of 2019 Work and Drill Targets
Target
|
Gravity
(stations) |
Ohm Mapper
(line kilometers) |
Magnetics
(line kilometers) |
Drill testing
Planned |
Anne
|
X
|
X
|
X
|
|
Black Spruce
|
236
|
12.8
|
20.2
|
/
|
Dodi
|
X
|
X
|
18
|
|
Don
|
X
|
X
|
X
|
|
Drew
|
X
|
X
|
X
|
|
Emily
|
X
|
X
|
X
|
|
Finlay
|
168
|
X
|
X
|
|
George
|
X
|
X
|
X
|
|
Hanna
|
X
|
X
|
X
|
|
HL01
|
34
|
X
|
X
|
|
HL02
|
104
|
3.1
|
8.66
|
/
|
HL055
|
X
|
X
|
8.3
|
|
Jack Pine/Sequoia
|
253
|
9.94
|
39.02
|
/
|
Kong
|
178
|
5.6
|
18.72
|
/
|
Krista
|
X
|
X
|
12.6
|
|
Lindsey
|
X
|
X
|
11.6
|
|
Nadine
|
40
|
83.2
|
||
Naomi
|
126
|
7.7
|
16.43
|
|
Penelope (aka DG007)
|
169
|
5.8
|
15
|
/
|
Petra
|
72
|
7.8
|
63
|
|
Suzanne
|
199
|
16.1
|
18.55
|
/
|
Tabatha
|
253
|
9.94
|
39.02
|
/
|
Taz
|
X
|
X
|
11.6
|
Below is a review of some of the more promising targets generated from this work:
At the Black Spruce kimberlite, Monopros (a subsidiary of De Beers) discovered this kimberlite by drilling a distinct magnetic low in the early 1990’s. In the early 2000’s the property was optioned to Majescor, which drilled the edge of the magnetic kimberlite testing in part the EM anomaly. Our work in 2017 shows a series of gravity lows occur coincident and adjacent to the south of the known magnetic kimberlite phase. One of these gravity anomalies clearly breaks and disturbs a diabase dyke signature, which is a characteristic similar to many known Lac de Gras kimberlites. Results from this year, 2019, show a strong EM anomaly that is partly separate and partly coincident with the magnetic and gravity anomalies. The simplest explanation is that each geophysical signature, the Magnetic, the gravity and the EM represent different phases of the same kimberlite complex. Each phase can have totally different diamond grades and populations. The gravity and EM anomalies require separate drill testing. Three separate targets exist.
Figure 1. Ohm Mapper results for the Black Spruce Kimberlite. Colour image, EM data Magenta is less resistive. Contours Gravity data. 0.1mgal contours. Dotted blue outlines gravity targets, black outline magnetic signature. Note that they overlap but don’t coincide which may indicate separate kimberlite phases. Dots are previous drill holes targeting the magnetic anomaly. The black dots Majescor holes
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4806/44557_10a1724c14e86a64_002full.jpg
At the Jack Pine kimberlite, which is one of the largest kimberlite complexes in the Lac de Gras diamond field (over 1.5km in its longest dimension), the geophysical methods (ground gravity, EM and magnetics) highlighted obvious magnetic kimberlite phases drilled by previous explorers while also successfully defining a new kimberlite-like geophysical expression believed to have not yet been evaluated by drilling according to available public domain records. Previous drilling in the Jack Pine kimberlite complex has demonstrated it is significantly diamond bearing.
At the Suzanne kimberlite, ground geophysical work has revealed a magnetic low anomaly, a gravity anomaly and a linear EM anomaly interpreted to be over 600 meters in length. Data in the public domain indicates that only one drill hole tested this kimberlite leaving potentially untested kimberlite(s) and/or phases.
At the HL02 Kimberlite DeBeers drilled 2 long inclined holes one intersecting only a few meters of hypabyssal type kimberlite at the end of the hole. See Figure 2. It appears from this work that there is an untested gravity and EM target that breaks a diabase dyke. This is a classic compelling kimberlite drill target.
Figure 2. Top left Ohm Mapper results for the HL-02 Kimberlite. Colour image, EM data Magenta is less resistive. Contours Magnetic data. Dotted outlines depict drill target, Top Right Gravity Image, with Magnetic Contours, and bottom Left Magnetic image with EM Contours.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4806/44557_arctic2.jpg
At the Kong Kimberlite shown in figure three is a double lobe magnetic anomaly drilled by Monopros however our work shows a distinct EM anomaly between the two lobes that has not be tested which could represent a new kimberlite or kimberlite phase.
Figure 3. Ohm Mapper 50m depth slice Resistivity results contours on the magnetic image for Kong East and West Kimberlites.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4806/44557_10a1724c14e86a64_005full.jpg
At the Penelope Kimberlite target Figure 4 shows that there is an untested southern EM anomaly that could be caused by an untested kimberlite phase.
Figure 4. Ohm Mapper resistivity results 50m slice for the Penelope kimberlites suggests there is an untested kimberlite phase in the south. Black lines and dots depict drilling by earlier explorers.
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4806/44557_10a1724c14e86a64_006full.jpg
The company still has kimberlites that have not been covered by gravity and EM surveys, including the known, Anne, Tabatha, Finlay, Don, Drew, George, Emily, Don and Krista kimberlites. Given the high target generation success rate proven by our work to date, these remain a priority. This work can proceed at the same time as the planned drill program. It is important to note that the JV has obtained all the permits to conduct this drill program.
Qualified Person
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 1171 Ha Exploration Permit and a 193,700 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) and the NWT (Diagras and Redemption).
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”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star grants options to buy 1.18 million shares
Momentum Public Relations
Press Release: May 3, 2019
ARCTIC STAR ANNOUNCES AMENDMENT TO GRANT OF STOCK OPTIONS
Arctic Star Exploration Corp., further to its news release dated March 21, 2019, wishes to correct the number of options granted on that date from an aggregate of 3.45 million stock options to an aggregate of 2.9 million options granted at an exercise price of eight cents per share. Today, the company announces that it has granted an additional 1.18 million stock options to its directors, employees and consultants for the purchase of up to 1.18 million common shares of the company pursuant to its stock option plan. Each option is exercisable for a period of five years at a price of nine cents per common share.
- Published in Arctic Star Exploration, Mining, News Home
ARCTIC ACQUIRES SECOND EXPLORATION PERMIT, “VAIMOSOU”, TIMANTTI PROJECT FINLAND
Momentum Public Relations
Press Release: April 16, 2019
Arctic Star Exploration Corp. has successfully applied for and received its second exploration permit totalling 882 hectares, named Vaimosou, on its 100-per-cent-owned Timantti project near Kuusamo, Finland. The permit adjoins and partially surrounds the existing 289-hectare exploration permit named Salvarra which contains all of the company’s kimberlite discoveries to date. Vaimosou falls within the company’s exploration reservation totalling 193,700 hectares. A drone/UAV-based (unmanned aerial vehicle) magnetic survey was completed over the new permit last year and revealed three primary high-priority pipe-like targets. The magnetic survey also covered the western portion of the Wolf kimberlite trend which is expressed as a series of magnetic anomalies stretching 1.8 kilometres, of which the most eastern 300 metres are the Wolves themselves. Permission to access these targets from the surface rights owners is now being sought, and exploration will begin with ground geophysical surveys.
Arctic Star now has a total 1,171 hectares of exploration permits and plans to continue to add to this as warranted by the company’s regional exploration work.
Qualified person
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 Exploration Corp.
The company owns 100 per cent of the recently acquired Timantti diamond project, including a 243 ha exploration permit and a 193,700 ha exploration reservation near the town of Kuusamo in Finland. The project is located approximately 550 km southwest 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) and the Northwest Territories (Diagras and Redemption).
We seek Safe Harbor.
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star starts exploration at Timantti
Momentum Public Relations
Press Release: April 3, 2019
Arctic Star Exploration Corp. (TSXV: ADD) (OTC PINK: ASDZF) (“Arctic Star” or the “Company”) is pleased to announce that exploration has commenced at its 100% owned Timantti Project (“Timantti” or the “Property”) located in Northern Finland. The Timantti Project consists of one 289 Hectare Exploration permit surrounded by two exploration reservations totalling 193,700 Hectares near the township of Kuusamo. The company has already located three diamondiferous kimberlite bodies within the Exploration permit, named White, Black and Grey Wolf, respectively, and three kimberlite dykes.
The 2019 exploration program is designed to locate further kimberlite discoveries. Kimberlite is volcanic rock which hosts diamonds and predominantly occurs in groupings averaging a minimum of 30 pipes.
There is considerable evidence that there are further kimberlites within the company’s exploration area as till sampling shows a distribution of diamond indicator minerals pointing to additional sources. Also, over thirty magnetic anomalies that may represent kimberlites have been identified and prioritized within a 3km radius of the Wolf kimberlites.
Initially the exploration work will consist of ground magnetic surveys over the priority targets, followed by trenching over the anomalies using an excavator. Arctic Star was successful in locating kimberlite using these methods in 2018, and there is every reason to expect this success can be continued in 2019. Kimberlite that does occur in the trenches will be sent for caustic fusion to determine micro-diamond content.
Results of the excavation program will be disclosed as information on the testing of targets becomes available.
Kimberlites with significant diamonds will be slated for diamond drill testing to determine size, and promising magnetic anomalies that could not be trenched due to till depth will also be drill tested later in 2019.
Once Arctic Star has determined that most of the kimberlites in this new field have been tested for microdiamond content, the company plans to conduct bulk sampling on the most promising diamondiferous kimberlites, which will better define the grade and give a view of the average price of the commercial size stones.
Qualified Person
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 193,700 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).
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”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
‘Rock stars’ recharge the diamond industry
Exciting discoveries by Arctic Star geologists Buddy Doyle and Roy Spencer
Why haven’t we seen a major diamond discovery since the 1990’s? What does it take for the industry to find diamonds in today’s conditions? Truth is, the sector has been slowly dying since the 2008 global financial crisis, with only a limited number of diamond mines around the world still operating.
Many diamond mines have dropped out or are projected to change course because of funding issues. The Argyle Mine in Western Australia, the largest producer of diamonds by volume, is expected to close in 2020. Similarly, Siberia’s Mir mine, one of mankind’s largest excavated holes recently closed – leaving a nice opportunity in the diamond sector.
This unsteady market has created an influx of junior companies rushing to enter the sector with very little capital and limited experience.
Not a good idea. To find diamonds you need know-how coupled with funds. In the diamond industry, that’s almost as rare as finding a diamond in the rough.
The sad reality is that most juniors jump in with high hopes of finding something valuable, convince the fundraisers that they’re are sitting on a good thing, then crash and burn after the money runs out.
The lack of major diamond discoveries in the past three decades has weakened the industry’s confidence and markets. A major world-class discovery is needed to recharge the sector. And Arctic Star Exploration (ADD.V) may have the golden key…and the diamonds!
With a 100% fully paid up property, the company is led by world-class geologists Buddy Doyle and Roy Spencer. This dynamic duo has 68 years’ combined experience under their tool belts, not to mention some major discoveries.
During the mid-90s. Doyle led the team that discovered the Diavik diamond deposits in northern Canada – a mine that produces 7 million carats of diamonds annually. Around the same time, Spencer, a De Beers veteran, helped discover the multi-billion-dollar Grib kimberlites in northwest Russia, one of the world’s largest deposits.
In 2003, he also discovered the Lentiira kimberlite cluster in central Finland, located 450km SE from Arctic Star’s 243-hectare Timantti exploration.
The 3 Wolves – a howling success
Arctic Star Exploration is currently pulling kimberlites and diamonds out of the ground in three areas sitting 300 meters apart (The 3 Wolves). This kimberlite cluster was found by using ground geophysics, then excavator till sampling, which included including 20 samples of 50 metric pounds, approximately 600 meters deep. The find yielded four diamond-bearing kimberlites. Bingo!
Kimberlites are likely to occur in fields, which commonly contain 30 or more separate kimberlites so it is likely there are more kimberlites to come.
This all shows strong possibilities.
The Wolf kimberlites are just the first discoveries in a more extensive cluster. Arctic Star tested the quality of the diamonds as well. They found one of the Wolves (White Wolf) especially exciting, yielding approximately 7 carats/T and 60% white stones (anything over 30% is good). A larger sample is needed for a more accurate result, but these random micro-tests are looking excellent.
On the capital market side, ADD.V closed at .085 cents on March 25th, an extremely fair price for a potential discovery of this calibre. Considering last week’s 27% increase mid-week, it seems that today’s sophisticated diamond investors are finally realizing the potential of this opportunity. If we were in the 1990s, when consumer confidence was high, this stock would surely have been around the $3 mark.
Also impressive is the impact on the stock market of a fully-paid property with a strong discovery potential. That means the mine is ready to pay out now. No debt overhang for the infrastructure, or years of exploring. Plus, of course, 100% owned property means 100% paid property and profits are the next step.
While these discoveries unfold, the stock is not going to stay at .085 cents for long. We may find that we’re not only sitting on a diamond mine, but also a golden stock.
Arctic Star’s discovery is just what the diamond industry needs to bring back investment confidence. Not only could we find amazing rare gems to bring to market, but the way is also open for the next world-class discovery to stimulate the diamond industry.
Thanks Buddy and Roy.
Disclaimer:
*Content found herein is not investment advice. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification. *Estimates of potential made by the mining analyst and journal(s) are non 43-101 and not from the Company.
—
Isabelle Arsenault
Media Relations
MomentumPR
- Published in Arctic Star Exploration, Diamond Discovery, Mining
Arctic Star Announces Status of Private Placement and Grant of Stock Options
Momentum Public Relations
Press Release: March 21, 2019
Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) announces that further to its News Releases of January 24, 2019, January 25, 2019, January 30, 2019 and March 11, 2019, that its Private Placement of $850,000 has been over-subscribed and the second tranche is anticipated to close in the next few days.
The Company previously closed a first tranche of the Private Placement whereby the Company issued 5,840,000 units (the “Units”) for aggregate gross proceeds of $292,000.
The terms of the Private Placement provide for the issuance of up to 17,000,000 Units at a price of $0.05 per Unit, for gross proceeds of up to $850,000. Each Unit is comprised 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 will entitle the holder to purchase one additional Share in the capital of the Company (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of $0.08.
The Company intends to use the proceeds from the Private Placement for development of the Company’s Timantti Diamond project in Finland and for general working capital.
The Company also announces that it has granted an aggregate of 3,450,000 stock options to its directors, employees and consultants for the purchase of up to 3,450,000 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 $0.08 per common share.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star closes $292,000 first tranche of financing
Momentum Public Relations
Press Release: January 30, 2019
Arctic Star Exploration Corp. has completed the first tranche of its previously announced non-brokered private placement, as described in its news release dated Jan. 24, 2019, pursuant to which it has issued an aggregate of 5.84 million units at a price of five cents per unit for gross proceeds of $292,000. 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 eight cents per share for a period of two years from the closing date. The company intends on completing additional tranches of the private placement. 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 May 30, 2019.
The company paid a cash finder’s fee of $2,000 to a certain finder and issued 40,000 share purchase warrants to one finder in connection with the first tranche of the private placement. Each finder’s warrant is exercisable into one share at a price of eight 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 development of the company’s Finland project and for general working capital.
We seek Safe Harbor.
- Published in Arctic Star Exploration, Mining, News Home