‘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 Diamonds Recovered from the New Kimberlite Discoveries, Timantti Project, Finland
Momenum Public Relations
Press Release:April 16 2018
Arctic Star Exploration Corp. (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (“Arctic Star” or the “Company”) is pleased to announce that it has received diamond results from caustic fusion analyses on the recent kimberlite discoveries within the 100% owned Timantti Diamond Project in Finland (the “Project”), namely the Grey Wolf kimberlite and the Vasa Dykes. Both kimberlitic bodies were discovered by excavator, and these first results are from samples within the discovery pits. In addition, the Company is awaiting caustic fusion analyses results from its diamond drill program.
The results are shown in Table 1, together with the previous caustic fusion results reported by Arctic Star as per the July 26, 2017 news release. The White Wolf and Grey Wolf results are also shown as a combined total as the 2 kimberlitic bodies occur in close proximity.
Table 1: Caustic Fusion Results Timantti Project
Kimberlite | Sample Weight (Kg1,2,3) |
+0.106 mm |
+0.15 mm |
+0.212 mm |
+0.3 mm |
+0.425 mm |
+.60 mm |
+.85 mm |
+1.18 mm |
Total Stones |
Grey Wolf | 99.98 | 28 | 18 | 20 | 8 | 1 | 2 | 0 | 1 | 76 |
Vasa Dykes | 25.74 | 1 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 11 |
White Wolf | 67.55 | 70 | 61 | 24 | 15 | 3 | 5 | 0 | 1 | 169 |
Total Wolves | 167.53 | 98 | 79 | 44 | 23 | 4 | 7 | 0 | 2 | 245 |
Notes:
1. Samples processed at Microlithics Laboratories Inc., of Thunder Bay, ON (“Microlithics”). Microlithics is independent of the issuer
2. Dry weights
3. The samples followed a chain of custody and were received sealed at the laboratory
4. Diamond results as per CIM guidelines
In general, diamondiferous kimberlites show an exponential relationship between the size and frequency of small diamonds and larger diamonds. Microdiamond counts can thus be used as a semi-quantitative, predictive guide to diamond grade. The higher the diamond count and the more larger diamonds present in a sample, the higher the expected grades for a particular kimberlite. The accuracy and reliability of this grade estimation method increases with the size (weight) of the sample and the numbers of stones.
Arctic Star’s goal at this early stage of the evaluation of the Timantti kimberlites is to gather and process enough caustic fusion sample to give guidance on the grade of each discovery.
For comparison purposes and to understand the significance of these discoveries, the Company has compiled published caustic fusion micro-diamond results from other kimberlites located elsewhere in Finland and recent discoveries Canada.
Table 2: Recent Micro-Diamond Results Comparison
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 |
+1.70
mm
|
Total
Stones
|
Rabbits Foot1 | 99.75 | 81 | 40 | 16 | 13 | 5 | 1 | 0 | 0 | 0 | 156 |
Pikoo (150)2 | 582 | 618 | 348 | 150 | 82 | 45 | 32 | 29 | 2 | 2 | 11 |
Seitapeira3 | 100.2 | 28 | 28 | 4 | 7 | 0 | 0 | 0 | 0 | 0 | 67 |
No. 21 Kimberlite4 | 287 | – | 87 | 55 | 29 | 10 | 4 | 0 | 0 | 0 | 185 |
Lahtojoki5 | 1771.17 | – | 410 | 326 | 208 | 102 | 27 | 13 | 7 | 1 | 1096 |
Total Wolves | 167.53 | 98 | 79 | 44 | 23 | 4 | 7 | 0 | 2 | 0 | 245 |
Sources:
1. Rio Tinto Diamonds Exploration Ltd. Assessment Report 2015 Oskabukuta Property near White River, Ontario. Rio Tinto Thunder Bay laboratories
2. North Arrow Minerals website. Saskatchewan Pikoo kimberlite discoveries
3. A kimberlite near Kuhmo, Finland, Karelian Diamond July 2008 NR, Lakefield Laboratories
4. Nordic Diamonds News Release 2002, Koupio Kaavi Kimberlite Field Finland
5. European Diamonds 2004 Koupio Kaavi Kimberlite Field Finland
Table 3: Comparison Caustic Fusion Results Normalize to 100kg Including Ratio of Larger Macro to Smaller Micro Diamonds
Kimberlite | +0.15 mm |
+0.212 mm |
+0.3 mm |
+0.425 mm |
+.60 mm |
+.85 mm |
+1.18 mm |
+1.70 mm |
St/100kg | Ratio >.6/>.425mm |
Rabbits Foot | 40 | 16 | 13 | 5 | 1 | 0 | 0 | 0 | 75 | 0.01 |
Pikoo (150) | 60 | 26 | 14 | 1 | 5 | 5 | 0.3 | 0.3 | 111 | 0.1 |
Seitapeira | 28 | 4 | 7 | 0 | 0 | 0 | 0 | 0 | 67 | – |
No. 21 Kimberlite | 30 | 19 | 10 | 3 | 1 | 0 | 0 | 0 | 63 | 0.01 |
Lahtojoki | 23 | 18 | 12 | 5.7 | 1.5 | 0.73 | 0.39 | 0.056 | 62 | 0.045 |
Total Wolves | 47 | 26 | 14 | 2 | 4.2 | 0 | 1.19 | 0 | 94 | 0.06 |
Note: To date about 30 kimberlites have been discovered in the country of Finland by previous workers, from three main kimberlite fields, Lenturia, Kuhmo and Koupio Kaavi, most discoveries where from the Koupio Kaavi field near Outokumpo, 250km to the SW of Kuusamo where more than 20 separate bodies were found, the most diamondiferous examples from this field are Lahtojoki and 21# shown in table 2 and 3. A result from another field around the town of Kumho is shown from the Seitapeira Kimberlite, 200km to the south of Kuusamo.
Buddy Doyle, VP of Exploration stated, “We are greatly encouraged by the results, to date. So far every kimberlite we have discovered on the Timantti property has proven to be diamondiferous. We are particular pleased by the results from the Wolves, as demonstrated from table 3, these are the best diamond results to date ever reported from Finland, at least at this initial discovery phase. We look forward to adding to this as the diamond results from our drilling become available.”
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in diamond exploration, discovery and evaluation.
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.
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 INFORMATION
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The diamond results reported here are first pass exploration results and although they encourage further study they do not constitute an “economic” discovery at this time. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
- Published in Arctic Star Exploration
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 Mobilizes Drill, Timantti Project Finland
Momentum Public Relations
Press Release: February 9 2018
Arctic Star Exploration Corp (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (WKN: A2DFY5) (“Arctic” or the “Company”) is pleased to announce that a diamond drill rig will arrive at site on its 100% owned Timantti Diamond Project in Finland (the “Project”) on February 12, 2018 and will commence drilling shortly after. The drill will test newly identified kimberlite targets.
Since early December geophysical crews have been active in the field conducting magnetic, electromagnetic (MaxMin) and gravity surveys over much of the 243 Ha Exploration Reservation area. In mid-January the Company deployed an excavator to collect till samples to further support geophysics results. The basil till covering potential kimberlites on the Project is only one or two metres thick.
The purpose of conducting ground magnetic, electromagnetic and gravity surveys is to search for new kimberlitic targets and to discriminate these from non-kimberlite geophysical responses. A total of 41-line kilometres of electromagnetic (MaxMin) is planned, of which approximately 50% has been completed. Approximately 35 kilometres of gravity survey is also planned, of which 55% has been completed. There are also 61-line kilometres of ground magnetics planned of which 35% is now complete.
The Wolf kimberlites are moderate magnetic highs in a fairly magnetically noisy background with iron formations and mafic volcanics producing similar or more intense responses. At this stage, there are over twenty magnetic anomalies that may represent kimberlite targets in the general Wolf area, the gravity and MaxMin survey will help further prioritize these targets prior to drilling. The Wolf kimberlites for example also have an electromagnetic response.
The excavator is sampling the basal till, “down-ice” of the more promising geophysical anomalies. Four targets have been tested to date, and the samples have been sent to laboratory to extract indicator minerals. The drill will be directed to any of these that report diamond indicator minerals.
The drill will also be utilized to further delineate the Wolf kimberlites and return a larger caustic fusion micro-diamond sample to further determine the size and grade for a decision to bulk sample these diamondiferous kimberlites.
Buddy Doyle VP of Exploration commented, “By rapidly deploying these different exploration tools to our exploration permit, we expect to obtain multiple layers of evidence of new kimberlites that can be drill tested. We know there are more kimberlites in this area by the expression of diamond favorable indicator minerals in the region, which the Wolf kimberlites cannot explain. The company also will produce a steady stream of caustic diamond fusion results from drilling the Wolf kimberlites, which, so far have produced encouraging micro-diamond counts. The next six weeks will be an exciting time for the company.”
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”
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 Uncategorized
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