Arctic Star arranges $1.5-million private placement
Momentum Public Relations
Press Release: October 26, 2017
2017-10-26 12:58 ET – News Release
Mr. Patrick Power reports
ARCTIC STAR ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Arctic Star Exploration Corp. has arranged a non-brokered private placement of up to 15 million units at a price of 10 cents per unit, for gross proceeds of up to $1.5-million. Each unit will comprise one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the company for a period of 24 months from the closing date at an exercise price of 15 cents.
All securities will be subject to a four-month hold period from the closing date. The private placement is subject to TSX Venture Exchange approval.
Finders’ fees may be paid in accordance with TSX-V policies.
The company intends to use the proceeds from the private placement for exploration on the Foriet diamond property and for general working capital.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Samples up to 0.96 from Carbonatite Discovery at the CAP Property, BC
Momentum Public Relations
Press Release: September 25, 2017
Vancouver, British Columbia–(Newsfile Corp. – September 25, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (the “Company”) is pleased to report that it is in receipt of analytical results from its summer 2017 exploration program at it’s wholly owned CAP Property, located approximately 80 km northwest of Prince George, B.C.
The summer exploration program at CAP focused within an area measuring approximately 3 kilometres by 1 kilometres, and included four drill holes, geologic mapping and sampling, and prospecting. The program was highly successful, resulting in the discovery of an exposure of carbonatite and related rocks with greater than 90-m strike-length and an estimated thickness exceeding 50 m. To date, the discovery has been tested by only a single drill hole (see news release dated August 8, 2017).
Prospecting highlights are summarized as follows:
- The strike-length of carbonatite and related rock types encountered in outcrop and drilling totals approximately 3 kilometres;
- Five samples contained0.20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nb2O3 with a peak value of 0.96{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nb2O3; and
- Three samples contained >0.20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} TREO (Total Rare Earth Element Oxides) with a peak value of 0.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} TREO; and
- Three samples contained >5.00{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} P2O5 with a peak value of 12.62{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} P2O5.
The samples referred to above are all selected grab samples, and they are not necessarily representative of the mineralization hosted on the property.
Highlights from Drill Hole CAP17-004 are summarized as follows:
- 85.24 to 95.66 metres: 0.35{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nb2O5 across 10.42 metres, and including 2.26 metres of 0.63{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nb2O5;
- 98.87 to 118.50 metres: 19.63 metres of 9.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} P2O5, including 2.55 metres of 20.97{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} P2O5; and
- 136.1 to 138.5 metres: 2.4 metres of 0.81{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} TREO.
The CAP Carbonatite Complex remains an early staged discovery with potential for a wide variety of commodities. Initial surface and drill hole samples demonstrate a strong potential for niobium, rare earth element, and phosphate. Moreover, as this new carbonatite has only been tested by a single drill hole, there exists a significant potential for further discovery.
Of additional interest are some anomalous concentrations of gold encountered within carbonatite and alkaline rocks during the 2017 exploration. A peak value of 69 ppb Au was noted from a pyrrhotite-bearing, calcio-carbonatite sample at 136.1 metres depth; this interval also contained in excess of 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} TREO’s.
According to Jody Dahrouge, P.Geo. and President of Dahrouge Geological (consultant to Arctic Star):
“The discovery of highly anomalous concentrations of Niobium, Phosphate and REO’s at such an early stage in the exploration of the CAP project should be considered highly encouraging. Future exploration at CAP will follow up on surface samples that contained highly anomalous concentrations of Niobium and which may be related to drill hole CAP17-004.”
Mineralized carbonatite systems have been mined for and/or are potential sources for commodities such as REE’s, niobium, tantalum, copper, nickel, iron, titanium, zirconium, platinum group elements (PGEs), gold, fluorspar, lime, sodalite, and vermiculite. Strong demand growth, stemming in part from a number of green energy solutions, has placed upward price pressure on a number of those commodities associated with carbonatites.
Some of the more notable active and past producing carbonatite deposits known worldwide include Palabora (Cu, Ni, Au, PGE’s, other), South Africa; Bayon Obo (REE’s, Fe, Nb, fluorspar), China; Araxa (Nb), Brazil; Cargill (Phosphate), Canada; Niobec (Nb), Canada; Mountain Pass (REE’s), United States; and Mount Weld (REE’s), Australia.
Further details will be released as they come available.
Jody Dahrouge, B.Sc, P.Geo., Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Quality Assurance/Quality Control
Drill holes reported in this press release were drilled using NQ-sized core. Samples were then cut into equal halves using a diamond core-saw. One half is being stored near the project, and the other half sent for analysis at Actlabs of Kamloops, BC. A systematic quality control procedure was implemented for the drill-core, where quarter core duplicates and blanks were inserted at a rate of one every twenty samples. Laboratory standards and standard laboratory quality-control procedures were relied upon for the drill-core and prospecting rock samples. Samples received at Actlabs are first crushed up to 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, passing 2 mm. Further, samples were analyzed with analytical codes 8-REE, 8-XRF (Ta, Nb) and FA-AA. The 8-REE method requires the sample to be ground to 95{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} passing -200 mesh and then treated with lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP/MS. The 8-XRF method fuses the pulverized split sample with a lithium metaborate/tetraborate flux in platinum crucibles with the molten glass cast into a glass disc in platinum crucibles. These glass discs are analyzed by XRF. A 30 g sub-sample of the pulverized sample was subjected to Actlabs’ 1A2 analysis (Fire Assay with AA finish).
© 2017 Canjex Publishing Ltd. All rights reserved.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President
(604) 689-1799
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.
Disclaimer for Forward-Looking Information
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 we may not be able to finance our intended acquisition or intended exploration and we may not obtain regulatory approval for the transaction.
- Published in Arctic Star Exploration, Mining, News Home
German Geologist Discovers A Rare Carbonatite
German Geologist Discovers A Rare Carbonatite
By Stephan Bogner, Rockstone Research
Today, Arctic Star Exploration Corp. made a striking announcement of having discovered a carbonatite complex at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned CAP Property in British Columbia, Canada.
The company started a maiden drill program in mid-July and 1 of the 4 holes intersected carbonatite. Assays are pending and expected shortly, potentially confirming the presence of niobium within the carbonatite. Arctic’s consultant, Jody Dahrouge (P.Geo.) of Dahrouge Geological Consulting Ltd., commented in today’s news:
“We are extremely grateful to be part of the group which conceptualized and discovered this hitherto unknown carbonatite-syenite complex. Carbonatite is an extremely rare rock type with only around 550 complexes identified worldwide. In addition to their rarity, they are also well-known for being the source of production for a plethora of commodities, including being the dominate source for niobium and rare earth elements (REEs). The potential rewards associated with a new discovery such as at CAP cannot be overstated.”
Geologist Patrik Schmidt at work in the field (source: Arctic Star Exploration):
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Patrik-Schmidt.png
Arctic Star Exploration Corp. staked the CAP Property in 2010 based on a magnetic anomaly from government surveys. The company thought it could be a carbonatite given its size, shape and location within a quite magnetic background of mostly sedimentary rocks. Subsequent work found thin syenite dykes, which they believed to be related to a carbonatite complex.
Back then, these dykes were sampled and contained highly anomalous geochemistry (indicative of a large and higher grade carbonatite deposit below surface), including 0.48-0.98{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nb2O5, 1.13-3.19{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} zirconium, >0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} lanthanum, >0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cerium and >0.05{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} neodymium. On July 18, 2017, Arctic started a maiden drill program.
I just called management for a short interview and was informed that the interpretation of a carbonatite complex on the property now proved true when a German geologist, Patrik Schmidt who works for Dahrouge, started prospecting around the northern-most drill pad and found a carbonatite outcropping in a creek bed.
They then reorientated drill hole #4 to hit the carbonatite and the pictures of the core speak for themselves. A 77 m long intersection showed carbonatite with a diverse mineral assemblage. Assays are pending and may soon make the discovery of a niobium enriched carbonatite deposit official. Recent work on the property focused on a 3,000 x 1,000 m area, where previous geophysics and rock-soil samples outlined a distinct anomaly. Most recently, 4 holes were completed along with prospecting, mapping and sampling. Highlights include:
• Carbonatite and/or alkaline rock types intersected in 2 of 4 drill holes,
• an approximate 90 m mapped strike-length of carbonatite in outcrop with apparent estimated thickness of >50 m; and
• the discovery of numerous additional outcrops of carbonatite, and related rocks, across an area measuring approximately 800 x 200 m.
The most significant drill hole to date (CAP17-004 with an orientation of 163°/-55°) intersected:
• 53-75 m: calcite carbonatite, fenite, syenite, country rock
• 75-152 m: carbonatite (variable composition; see below pictures)
• 152-219 m: syenite and fenite; EOH (“End of Hole“).
The true thickness of these intersections is uncertain at this time. The company cautions, that although a diverse mineral assemblage is present throughout the core, it is too early to determine if any metals or minerals may be present in significant concentrations. Samples are currently being collected and are expected to arrive at the lab shortly.
Core pictures of recently completed drill hole CAP17-004 showing a carbonatite with diverse mineral assemblage. Soon, assays will make clear determination of the encountered mineralization (Source: Arctic Star Exploration):
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Core-1.png
image: http://www.stockhouse.com/media/news-images/Independent-Reports/Core-2.png
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Core-3.png
Core picture of recently completed drill hole CAP17-004 potentially showing Lower Syenite (Source: Arctic Star Exploration):
image: http://www.stockhouse.com/media/news-images/trending/Core-4.png
Outcropping carbonatite in a creek bed recently discovered by Patrik Schmidt during prospecting (Source: Arctic Star Exploration):
image: http://www.stockhouse.com/media/news-images/trending/Core-5.png
Full version
Recent drilling confirmed a carbonatite complex on the CAP Property (Source: Arctic Star Exploration):
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Core-6.png
For more information on the CAP Property, the Rocky Mountain Rare Metal Belt in British Columbia, globally significant niobium deposits, the booming niobium market with rapidly growing demand and recent niobium transactions, see Rockstone
Report #3.
About Carbonatite Deposits
Carbonatite is a type of intrusive or extrusive igneous rock defined by mineralogic composition consisting of greater than 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} carbonate minerals. Carbonatites are rare, peculiar igneous rocks formed by unusual processes and from unusual source rocks. (Source)
Mineralized carbonatite systems have been mined for and/or are potential sources for commodities such as REE’s, niobium, tantalum, copper, nickel, iron, titanium, zirconium, platinum group elements (PGEs), gold, fluorspar, lime, sodalite, and vermiculite. Strong demand growth, stemming in part from a number of green energy solutions, has placed upward price pressure on a number of those commodities associated with carbonatites. Some of the more notable active and past producing carbonatite deposits known worldwide include Palabora (Cu, Ni, Au, PGE’s, other), South Africa; Bayon Obo (REE’s, Fe, Nb, fluorspar), China; Araxa (Nb), Brazil; Cargill (Phosphate), Canada; Niobec (Nb), Canada; Mountain Pass (REE’s), United States; and Mount Weld (REE’s), Australia.
Schematic cross-section of a carbonatite complex (source):
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Natro-red.png
Economic Importance of Carbonatite Deposits
Carbonatites may contain economic or anomalous concentrations of rare earth elements, phosphorus, niobium-tantalum, uranium, thorium, copper, iron, titanium, vanadium, barium, fluorine, zirconium, and other rare or incompatible elements. Apatite, barite and vermiculite are among the industrially important minerals associated with some carbonatites. Vein deposits of thorium, fluorite, or rare earth elements may be associated with carbonatites, and may be hosted internal to or within the metasomatized aureole of a carbonatite. As an example the Palabora complex of South Africa has produced significant copper (as chalcopyrite, bornite and chalcocite), apatite, vermiculte along with lesser magnetite, linnaeite (cobalt), baddeleyite (zirconium-hafnium), and by-product gold, silver, nickel and platinum. (Source)
Company Details
Arctic Star Exploration Corp.
1111 West Georgia Street
Vancouver, B.C. V6E 4M3, Canada
Phone: +1 604 689 1799
Email: info@arcticstar.ca
Shares Issued & Outstanding: 55,092,522
image: http://www.stockhouse.com/media/news-images/Independent{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}20Reports/Arctic-Star-Frankfurt.png
Canadian Symbol (TSX.V): ADD
Current Price: $0.195 CAD (08/04/2017)
Market Capitalization: $11 Million CAD
image: http://www.stockhouse.com/media/news-images/Independent-Reports/Arctic-Star-historic.png
German Symbol / WKN (Frankfurt): 82A1 / A2DFY5
Current Price: €0.117 EUR (08/08/2017)
Market Capitalization: €7 Million EUR
Read more at Stockhouse
- Published in Arctic Star Exploration, Blog, Mining, News Home
Arctic Star Discovers Carbonatite Complex at the Cap Property, BC
Arctic Star Discovers Carbonatite Complex at the Cap Property, BC
Momentum Public Relations
Press Release: August 8, 2017
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (“Arctic Star” or the “Company”) is pleased to announce that it’s summer 2017 exploration program at it’s wholly owned CAP Property, located approximately 80 km northwest of Prince George, B.C., has resulted in the discovery of a new Carbonatite-Syenite Complex.
According to Jody Dahrouge, P.Geo. and President of Dahrouge Geological Consulting Ltd. (consultant to Arctic Star):
“We are extremely grateful to be part of the group which conceptualized and discovered this hitherto unknown carbonatite-syenite complex. Carbonatite is an extremely rare rock type with only around 550 complexes identified worldwide. In addition to their rarity, they are also well-known for being the source of production for a plethora of commodities, including being the dominate source for niobium and rare earth elements (REEs). The potential rewards associated with a new discovery such as at CAP cannot be overstated.”
Mineralized carbonatite systems have been mined for and/or are potential sources for commodities such as REE’s, niobium, tantalum, copper, nickel, iron, titanium, zirconium, platinum group elements (PGEs), gold, fluorspar, lime, sodalite, and vermiculite. Strong demand growth, stemming in part from a number of green energy solutions, has placed upward price pressure on a number of those commodities associated with carbonatites.
Some of the more notable active and past producing carbonatite deposits known worldwide include Palabora (Cu, Ni, Au, PGE’s, other), South Africa; Bayon Obo (REE’s, Fe, Nb, fluorspar), China; Araxa (Nb), Brazil; Cargill (Phosphate), Canada; Niobec (Nb), Canada; Mountain Pass (REE’s), United States; and Mount Weld (REE’s), Australia.
To date, exploration at CAP has focused on an approximate 3,000 by 1,000 metre area, which was highlighted by prior geophysical survey’s as well as a number of anomalous Nb-REE geochemical rock and soil samples. The 2017 work has included the completion of four drill holes, geologic mapping and sampling, and prospecting. Highlights include:
– | Carbonatite and/or alkaline rock types intersected in 2 of 4 drill holes, |
– | an approximate 90-m mapped strike-length of carbonatite in outcrop with apparent estimated thickness of >50 m; and |
– | the discovery of numerous additional outcrops of carbonatite, and related rocks, across an area measuring approximately 800 by 200 m. |
The most significant drill hole to date, CAP17-004 with an orientation of (163°/-55°) intersected:
– | 53 m to 75 m — Calcite Carbonatite, Fenite, Syenite, Country Rock |
– | 75 m to 152 m —Carbonatite (variable composition) |
– | 152 m to 219 m — Syenite and Fenite; EOH. |
The true thickness of these intersections is uncertain at this time.
The Company cautions, that although a diverse mineral assemblage is present throughout the core, it is too early to determine if any metals or minerals may be present in significant concentrations. Samples are currently being collected and are expected to arrive at the lab shortly.
Given the discovery of a new carbonatite complex at the CAP Property, the Company has staked an additional 15 claims totaling 7,657 hectares. The claims cover a north to northwest trending ridge which extends from CAP towards the Wicheeda REE Deposit, some 50 km to the northwest. The total Property now exceeds 10,482 hectares.
Further details will be released as they come available.
Jody Dahrouge, B.Sc, P.Geo., Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Figure 1: CAP17-004 – Carbonatite
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Figure 2: CAP17-004 – Carbonatite
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Figure 3: CAP17-004 – Carbonatite
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Figure 4: CAP17-004 – Lower Syenite
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ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President
+1 (604) 689-1799
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.
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 we may not be able to finance our intended acquisition or intended exploration and we may not obtain regulatory approval for the transaction.
- Published in Arctic Star Exploration, Mining, News Home
Two Diamond Legends Reunite For Next Big Discovery
Two Diamond Legends Reunite For Next Big Discovery
Baystreet Staff – Thursday, July 27, 2017
We’ve been bullish on the future of diamonds for as long as we can remember. The trick is, of course, finding the right company to invest in. Open-pit diamond mines can command premium prices like nothing else in the resource sector, but they’re hard to find with only select pockets globally available. Washington Companies this month offering to pay $1.2 billion for Dominion Diamond Corp. and DeBeers re-upping its partnership with Nambia for offshore diamond dredging efforts have reinvigorated our attention to this investment space.
There is still strong diamond demand and expectations for that to continue for decades to come. There’s a good reason that Washington is willing to pay a 44{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} premium for Dominion and for DeBeers to ink a ten-year agreement with Nambia to scour its seabed for diamonds washed out to sea by the Oranje river.
It’s also more than adequate information telling us that now is the time to get into a diamond miner with strong upside. And we’ve found one in Arctic Star Exploration Corp. (TSX-V: ADD)(OTCPK: ASDZF).
A Nose for Diamonds
Believe it or not, there is a common thread between little Arctic Star and Dominion Diamonds’ 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} stake in the Diavik Mine that Washington Companies is paying a premium for. His name is Buddy Doyle, currently Vice President Exploration and Director at Arctic Star. Doyle previously worked at Rio Tinto (NYSE: RIO) for over 23 years, most recently serving as Exploration Manager / VP of Kennecott Canada Exploration, a unit of Rio Tinto, where he was in charge of diamond exploration in North America.
Doyle was a key member of the Kennecott Exploration Australia team that discovered the multi-million ounce Minifie gold deposits at Lihir in 1987-1988 and he also led the team that discovered the Diavik diamond deposits in Canada in 1994-1995. Rio still owns 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Diavik Mine, which produced 6.6 million carats of diamonds in 2016.
If you think about multi-billion-dollar mines, it’s quite an accomplishment to be a part of one discovery. Doyle has done it twice. That’s why he is recognized across the industry as an expert in kimberlite geology – areas of igneous rock named after the 83.5-carat diamond found in the same geology in Kimberley, South Africa in 1869 – and authored or co-authored numerous industry papers on the subject. So, when Doyle says he likes what he sees for a new diamond find, it makes our ears perk up.
Now add in Roy Spencer, who just joined Arctic’s board of directors two weeks ago. Who is Roy Spencer, you may ask? He is the man who discovered the multi-billion-dollar Grib Kimberlites in Russia, as well as the Wolf Kimberlites in Finland. Late in 2016, the Russian investment group Otkritie Holding acquired the Grib mine, which produced 4.5 million carats of diamonds last year, from Lukoil for $1.45 billion.
It’s also worth noting that the nearby Lomonosova Mine of Alrosa has been producing at commercial scale since 2005. The deposit consists primarily of six kimberlite pipes, with resources estimated at over 115 million carats of diamonds.
The two diamond-bearing kimberlite gurus have collaborated previously on diamond projects in Finland and on the development of the Liqhobong Diamond Mine in Lesotho, South Africa.
Arguably two of the most accomplished diamond explorers in the world uniting to work on another project together grabs our attention for sure.
Black Wolf and White Wolf
Spencer, Doyle and the rest of the seasoned Arctic Star team believe that they could have a district-scale discovery with the Wolf kimberlites in Finland, about 24 kilometers from the Russian border. To that end, the company this month inked an agreement to acquire a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in a 243-hectare Exploration Permit over the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond bearing kimberlites, which are collectively referred to as the “Wolf kimberlites” by the company for the sake of simplicity.
In the words of Spencer, “Kimberlites are likely to occur in fields – also known as clusters – which typically contain 30 or more separate kimberlites. The Wolf kimberlites are just the first discoveries in a more extensive cluster.”
Moreover, Arctic Star filed an application for an Exploration Reservation spanning some 95,700 hectares surrounding its 243 hectares, giving the company exclusive rights to acquire more permits over the next two years. To add some color to the size of the property, consider that 96,000 hectares is equal to about 370 square miles, a land mass larger than all but 14 cities in the U.S., including the likes of Dallas, San Diego, Indianapolis and New York City.
Broadly, the combined regional exploration and diamondiferous kimberlite property has been named the Timantti Project, making use of the Finnish word for “diamond.”
Timantti could be part of what is known as the Karelian Craton, a geological formation that hosts world-class deposits in Russia. Cratons are characterized as parts of the earth’s crust that have remained stable for approximately three billion years and act as the primary source of diamonds globally.
For the sake a brevity and because it gets quite technical, we’re not going to go deep into the geology of Timantti. However, a NI 43-101 report has been filed with SEDAR by Arctic Star, lending evidence of the diamond-bearing nature of the Wolf kimberlites. The discovery was made by Spencer while at European Diamonds in 2005 by drilling a low-magnitude magnetic high anomaly at the head of a prominent G10 pyrope garnet-bearing kimberlitic indicator mineral train they had traced over 30 kilometers. Eight angled diamond drill holes and trench sampling further added to a body of evidence confirming diamond resources exist on the project.
Latest Evidence of Diamonds
What we do want to point out is that yesterday Arctic Star disclosed receiving more diamond results from the White Wolf kimberlite. The company took advantage of the Finnish Geological survey’s policy of storing core samples at its facility in Loppi and the fact that the Finnish authority permitted Spencer to take another look at the prior samples.
A 48.65 kilogram split core was analyzed through caustic fusion by the Saskatchewan Research Council laboratory in Saskatoon. The results showed a total of 111 diamonds, 47 of which were greater than 0.106mm and six that were greater than 0.60mm, including one at 1.18mm.
Additional assays from earlier surface sampling by Arctic Star analyzed at the Microlithics Laboratory in Thunder Bay also showed diamonds at White Wolf, including 58 stones in an 18.9-kilogram sample and 169 stones in a 67.55-kilogram sample.
What’s Next
These microdiamonds being found is tantamount to the potential for a large kimberlite discovery. The majority of diamondiferous kimberlites around the world show an exponential relationship between the number of small diamonds and large diamonds. The next step will be to commence a drill program to collect more caustic fusion samples, and delineate the size and shape of the kimberlites. This program would commence on the completion of ground geophysical surveys designed to help plan this drill program.
In short, better define White Wolf and Black Wolf and look to collect data on new kimberlite discoveries at Timantti. In our view, corporate value will continue to build based upon the two known kimberlites alone and proof of additional clusters will lead to talk of Spencer and Doyle “doing it again” to add to the billions of dollars’ worth of diamond discoveries already in their C.V.’s.
Given the impeccable credentials and legacy of massive diamond discoveries by the Arctic Star leadership and the exploration work to date suggesting a strong diamond resource, it is a bit surprising to us that the company is still only commanding a market capitalization of less than C$12 million. We view this pullback from a 52-week high at 37.5 cents to around 20 cents as an unquestionable opportunity for us to start building our position in Arctic Star.
Legal Disclaimer/Disclosure: This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. We make no guarantee, representation or warranty and accept no responsibility or liability as to its accuracy or completeness. Baystreet.ca assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Baystreet.ca has been compensated five thousand dollars for its efforts in distributing the ADD profile on its web site and distributing it to its database of subscribers. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report.
- Published in Arctic Star Exploration, Blog, Mining
Arctic Star: 111 Diamonds in 48.65kg of Kimberlite Core Sample in Finland
Arctic Star: 111 Diamonds in 48.65kg of Kimberlite Core Sample in Finland
Momentum Public Relations
Press Release: July 26, 2017
Vancouver, British Columbia–(Newsfile Corp. – July 26, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“Arctic Star” or the “Company”) is pleased to announce that the Company has received more diamond results from the White Wolf kimberlite in Finland.
The Finnish Geological survey (GTK) has a policy of storing core from exploration and the Company was fortunate to learn that much of the core from the past drilling was available at the GTK core storage facility at Loppi, north of Helsinki. Roy Spencer, Arctic Star director was given access to the core, which was reviewed, in part re-logged and then sampled. Permission to take 48.65kg of split core for further caustic fusion analysis was given, and the samples were sent to the Saskatchewan Research Council laboratory in Saskatoon. The drill core was of NQ size and was split by core splitter, and the results are as follows.
Table 1: Micro-diamond assay results for diamond drill core recently sampled by Arctic Star, White Wolf kimberlite.
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 | 48.65 | 47 | 35 | 11 | 11 | 1 | 5 | 0 | 1 | 111 |
These results represent approximately 52.7m of core.
The results of the earlier due diligence surface sampling undertaken by Arctic Star are reported in table 2. In this case the samples were sent to the Microlithics Laboratory in Thunder Bay for caustic fusion analysis. These results are as follows.
Table 2: Micro-diamond assay results for the Arctic Star surface samples reported previously, White Wolf kimberlite.
Kimberlite | Sample Weight Kg | +0.106 mm |
+0.15 mm |
+0.212 mm |
+0.3 mm |
+0.425 mm |
+.60 mm |
Total Stones |
White Wolf | 18.9 | 23 | 16 | 13 | 4 | 2 | 0 | 58 |
Table 3: Total Micro-diamond assay results for the White Wolf kimberlite table 1 plus table 2.
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 |
- 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.
- 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.
- Diamonds results reported using CIM guidelines.
Microdiamonds 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 and the goal at this stage of evaluation is to gather enough caustic fusion sample to construct a smooth distribution through the sieve sizes shown in the above tables. The next step will be to commence a drill program to collect more Caustic fusion samples, and delineate the size and shape of the kimberlites. This program would commence on the completion of ground geophysical surveys designed to help plan this drill program.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President
+1 (604) 689-1799
Qualified Persons: 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that the Timantti Project offers high potential for numerous further diamond-bearing kimberlite discoveries; Arctic’s drilling and surveying plans and the expected outcome of those plans; that Arctic can swiftly discover more kimberlite on the property; that the Wolf kimberlites themselves may have the potential to be economic; that the transaction will receive TSX approval and will close; the statements that Mr. Spencer will be a strong addition to the ADD discovery team, that the Exploration Reservations contiguous with the acquired claim package would be able to be explored.
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 we may not be able to finance our intended acquisition or intended exploration and we may not obtain regulatory approval for the transaction.
The Wolf kimberlite assets have not been the subject of any recent resource work, much less a feasibility study and as such there is no certainty that any future resource will be defined or be able to produce a commercially marketable product. There is a significant risk that any future efforts at the project will not demonstrate any merit for work to evaluate for a defined NI 43-101 compliant resource and economic study. General risks inherent in the Project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, possible political instability, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that 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, Mining, News Home
Arctic Star begins drill program at Cap property
Arctic Star begins drill program at Cap property
Momentum Public Relations
Press Release: July 18, 2017
2017-07-18 16:21 ET – News Release
Mr. Patrick Power reports
ARCTIC STAR COMMENCES DRILL PROGRAM AT THE CAP PROPERTY, BC
Field crews have mobilized to Arctic Star Exploration Corp.’s wholly owned Cap property, located approximately 80 kilometres northwest of Prince George, B.C.
The summer exploration program will include approximately three drill holes for an estimated maximum of 1,000 metres, with the objective of testing coincident geochemical and geophysical anomalies, which are interpreted to indicate the presence of carbonatite.
About the Cap property
The Cap property is situated within the central parts of the Rocky Mountain rare metal belt and encompasses six claims (one recently acquired) totalling 2,825 hectares (6,980 acres). Approximately 50 kilometres to the northeast of the property sits the Wicheeda alkaline and carbonatite complex, which was drill tested from 2008 to 2011 and returned significant rare earth element (REE) mineralization over wide intervals.
The Cap property was originally staked in 2010 to cover an approximately three-to-five-kilometre-diameter circular airborne magnetic anomaly, which is interpreted to represent a carbonatite (or similar intrusion) at dept. The nearby Wicheeda carbonatite is manifested by a similarly distinct magnetic high.
Highlights from Spectrum Mining Corp. at Wicheeda from 2008 to 2009 included:
- 2008-02: 3.55 per cent REE across 48.64 metres;
- 2009-07: 2.92 per cent REE across 72 metres;
- 2009-09: 2.2 per cent REE across 144 metres.
Highlights from Canadian International Minerals Inc. at Wicheeda from 2010 to 2011 included:
- CA-10-006: 1.43 per cent TREO (total rare earth oxides) across 37.3 metres;
- CA-11-014: 0.226 per cent Nb2O5 (niobium pentoxide) across 37.6 metres.
Management cautions that past results or discoveries on adjacent properties (such as Wicheeda) may not necessarily be indicative to the presence of mineralization on the company’s properties.
A brief field examination at the Cap property during September, 2010, identified two narrow syenite dikes near the central and most prominent magnetic anomaly on the property. The dikes contained highly anomalous geochemistry, including sample 75479 with 0.14 per cent Nb2O5, 3,191 parts per million zirconium and 547 parts per million TREE (total rare earth elements). These high-level dikes indicate that the source of the magnetic anomaly may be associated with a carbonatite or similar intrusion nearby. Poor outcrop exposure in the immediate area of the magnetic high has prevented the true identification of the anomaly.
In 2011, the company conducted a high-resolution airborne magnetic and radiometric survey of the property. The survey resolved the geometry of the large magnetic anomaly that was identified from the regional data. Follow-up groundwork at the northwestern edge of the property late in the season identified sample 79831, containing 0.27 per cent Nb2O5 and 773 parts per million TREE. Preliminary mineralogical work in 2013 indicates the niobium-bearing sample is a syenite rock, and that pyrochlore is the only niobium-bearing mineral present.
Recently, a single contiguous claim was staked to cover a newly discovered rare metal occurrence that includes a thin fenite dike, which is typically indicative of proximity to a larger alkaline intrusive body such as a carbonatite. Two historical samples by its previous operator, Bolero Resources, returned strongly anomalous values of rare earth elements (0.13 and 0.1 per cent REE).
A map of the Cap property outlining the geophysical anomalies and historical sampling can be found on Arctic Star’s website under the projects section.
The company retains the property for its potential to host rare metal deposits (niobium and tantalum) and/or rare earth elements, which are commonly associated with carbonatites. These commodities have undergone a dramatic shift in demand, owing in part to their usage in the green energy sector, which includes modern wind turbines, rechargeable batteries, catalytic convertors and more.
Geologically, the Cap property has similar potential to the known carbonatite complexes worldwide. Carbonatite-related deposits are a major host for rare metals, such as niobium and tantalum, and rare earth elements. The world’s largest niobium mine, Araxa in Brazil, and several of the world’s largest rare earth element deposits, including Lynas Corp.’s Mount Weld deposit in Australia and the Mountain Pass deposit in the United States, are all hosted by carbonatites.
Darren L. Smith, MSc, PGeol, Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
© 2017 Canjex Publishing Ltd. All rights reserved.
Source (Stockwatch)
- Published in Arctic Star Exploration, Mining, News Home
Arctic Star Confirms Diamonds in a New Kimberlite Field, Finland
Arctic Star Confirms Diamonds in a New Kimberlite Field, Finland
Momentum Public Relations
Press Release: July 12, 2017
“Arctic Star views this new Project as a unique opportunity to advance a new diamond district“, says Buddy Doyle, VP Exploration of Arctic Star. “The 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Project offers diamond bearing kimberlites that allow for immediate further work to assess their economic potential. The Project is road accessible, and located on excellent infrastructure in mining friendly Finland.“
Vancouver, British Columbia–(Newsfile Corp. – July 12, 2017) – Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) (WKN: A2DFY5) (“Arctic Star” or the “Company”) is pleased to announce that it has agreed to acquire a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in a 243Ha Exploration Permit over the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond bearing kimberlites (together the “Wolf kimberlites”) in northern Finland. The Exploration Permit is being acquired via a Share Exchange Agreement with the Finnish holding company (transaction details below).
Furthermore, the Company has filed application for an Exploration Reservation centered on the acquired Exploration Permit. The Reservation is approximately 95,700 hectares in size, and it provides Arctic Star with exclusive rights to acquire additional exploration permits for a 2 year period.
The combined regional exploration and diamondiferous kimberlite property has been named the Timantti Project (Timantti is Finnish for “diamond”).
Mr. Roy Spencer, who discovered the Wolf kimberlites also led the team that discovered the Grib Diamond Mine near Archangelsk, Russian Federation, has joined Arctic Star’s Board. “Kimberlites are likely to occur in fields – also known as clusters – which typically contain 30 or more separate kimberlites. The Wolf kimberlites are just the first discoveries in a more extensive cluster,” according to Roy Spencer. Roy continues: “There is good evidence for the existence of this field in the public domain. This data shows regional distribution of kimberlitic indicator minerals and diamonds in surficial tills. The Exploration Reservation will allow Arctic Star to explore the entire region”.
A 43-101 technical report titled, “Geological Report on the Foriet Diamond Property, Finland” authored by Kevin R. Kivi, P.Geo, of KIVI Geoscience Inc. has been filed by the Company on SEDAR. The author confirmed the diamond-bearing nature of the Wolf kimberlites by submitting samples collected from kimberlite float in overburden during a due diligence site visit. Microdiamond results are shown in Table 1.
Table 1: Micro-diamond assay results for the Arctic Star due diligence surface float samples, White Wolf kimberlite.
Kimberlite | Sample Weight Kg |
+0.106 mm |
+0.15 mm |
+0.212 mm |
+0.3 mm |
+0.425 mm |
+.60 mm |
Total Stones |
White Wolf | 18.9 | 23 | 16 | 13 | 4 | 2 | 0 | 58 |
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.
Mr. Doyle continues “the opportunity for an economic discovery at Timantti is substantially improved by easier access than companies face in in northern Canada and Siberia. The Wolf kimberlites represent the first discoveries in a possibly more extensive diamondiferous kimberlite field.”
“Both Roy and Buddy have led Tier 1, major company diamond mine discovery teams, and previously collaborated on diamond projects in Finland and on the development of the Lihqobong Diamond Mine in Lesotho,” commented Mr. Patrick Power, President and CEO of Arctic Star. “Roy’s extensive local knowledge and experience will mean we can hit the ground running in Finland, and we expect to commence work immediately upon closing of the transaction.”
The Wolf kimberlites were discovered by European Diamonds PLC in 2005. The discovery team was led by Mr. Spencer. European Diamonds made the discoveries by drilling a low-magnitude magnetic high anomaly at the head of a prominent G10 pyrope garnet-bearing kimberlitic indicator mineral (“KIM”) train they had traced over 30km. In total eight (8) angled diamond drill holes were completed on the bodies. Some 41.2kg of kimberlite, which comprised pyroclastic and hypabyssal phases, were collected. In September 2005 European reported “microdiamond analysis at the laboratories of Kennecott Canada Exploration in Thunder Bay, Canada, identified a total of 42 small diamonds between 0.15 and 0.88 mm in size from 4 samples totaling 41.2kg in weight. Sample processing was performed to the ISO/IEC17025 standard. Eleven of the 42 diamonds have a longest axis equal to or greater than 0.5mm with the largest stone having a long axis of 0.88mm. Approximately 26{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the stones were white and some 38{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} were octahedrons“.
In 2006 European Diamonds changed its name to Kopane Diamond PLC. An 8.8t kimberlite sample was extracted from the Wolf kimberlites from two shallow backhoe trenches. These samples were run through a gravity separation circuit at the Finnish government facility in Outokumpu. 1.25 carats of stones greater than 1mm were recovered. The largest stone recovered was 0.09 carats.
Buddy Doyle further comments, “The high microdiamond count, 77 stones (greater than 0.15mm), from the two small samples totaling 60.1kgs (European plus Arctic Star Caustic Fusion samples) is a significant result. Backhoe trenching results are significant because they show the Wolf pipes contain diamonds of over 1mm.
The Wolf kimberlites occur on the Fennoscandian Shield which hosts the world class (multi-billion dollar revenue) diamond mines at the Arkhangelskaya kimberlite (Lomonosov Mine) and Grib kimberlite (Grib Mine), both near Arkhangelsk Russia (450km East of Wolf). In Finland the diamond bearing Kuopio kimberlite field occurs on the exposed Archaean Karelian Craton segment of the Fennoscandian Shield, south of the Timantti Project.
Arctic Star believes that the diamond bearing Wolf kimberlites signify the first discoveries in a new diamond bearing kimberlite field. This view is supported by public data showing “cloud” of KIMs distributed across an area that is some 80km wide and roughly centered on the Wolf kimberlites.
Patrick Power, President and CEO comments, “I believe that a commanding land position around the Wolf kimberlites is the key to ensuring our shareholders have maximum exposure to discovery in this new and exciting diamond district, which we believe offers high potential for numerous further diamond-bearing kimberlite discoveries. This to me is the most exciting aspect of the Timantti project.“
After closing the acquisition, the next steps are to quickly gain a better understanding of the Wolf kimberlites. The Arctic Star field visit confirmed the Wolf kimberlites contain both pyroclastic (formed near surface) and hypabyssal (formed at depth) kimberlite types. Arctic Star plans to complete detailed magnetic, gravity and EM (electro-magnetic) geophysical ground surveys, which will be used to target further drilling. Drilling will help define the shape and tonnage of each kimberlite and collect more material for caustic fusion analysis for microdiamonds. The microdiamond distribution will determine the parameters of a bulk sample (to determine diamond grade and value).
To swiftly discover more kimberlites on the Timantti Project, Arctic plans to fly airborne geophysical surveys to cover the entire region that hosts KIMs. The Company will improve targeting by detailed ground follow up of the indicator mineral anomalies in the area.
Arctic Star has entered into a Share Exchange Agreement dated effective June 7, 2017 and agreed to issue 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 to be issued to Dragon Equities Ltd., a UK company, which indirectly owns Foriet Oy, and 4,500,000 shares will be issued to the beneficial owners of a joint venture partner of Foriet Oy. On completion of the Share Exchange, Foriet Oy will become a wholly owned subsidiary of Arctic Star.
In addition to the 4 month hold period imposed by securities regulation, all shares issued in the transaction will be subject to a Value Securities Escrow Agreement whereby the shares are released over a 3 year period. Closing of the Share Exchange Agreement is subject to TSX-V approval.
The Company welcomes Mr. Roy Spencer and Mr. Scott Eldridge to the Board of Directors.
In addition to Mr. Spencer’s previously mentioned accomplishments, Roy is a GSSA Member and a Fellow of the AusIMM. Roy joined De Beers upon graduation from high school 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, and is a member of the Geological Society of South Africa and a Fellow of the Aus.I.M.M. 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 (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 (Lesotho) into commercial production on time and under budget. In mid-2007, Roy left European, 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.
Scott Eldridge is experienced in the financial industry focused on the resource sector. He is a co-founder, President & CEO of Euroscandic International Group Inc., a private company offering accounting and investment banking services to natural resource companies. During his time in the industry Scott has been responsible for raising in excess of $500 million in combined equity and debt financing for mining projects varying from exploration to construction financing around the globe. Mr. Eldridge has a B.B.A. from Capilano University, and an M.B.A. from Central European University.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President
+1 (604) 689-1799
Qualified Persons: The content of this news release has been read and approved by Roy Spencer, FAusIMM, a Director of the Company, who is a Qualified Person and has been read and approved Kevin R, Kivi, P.Geo., an Independent Qualified Person as defined by NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that the Timantti Project offers high potential for numerous further diamond-bearing kimberlite discoveries; Arctic’s drilling and surveying plans and the expected outcome of those plans; that Arctic can swiftly discover more kimberlite on the property; that the Wolf kimberlites themselves may have the potential to be economic; that the transaction will receive TSX approval and will close; the statements that Mr. Spencer will be a strong addition to the ADD discovery team, that the Exploration Reservations contiguous with the acquired claim package would be able to be explored.
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 we may not be able to finance our intended acquisition or intended exploration and we may not obtain regulatory approval for the transaction.
The Wolf kimberlites assets have not been the subject of any recent resource work, much less a feasibility study and as such there is no certainty that any future resource will be defined or be able to produce a commercially marketable product. There is a significant risk that any future efforts at the project will not demonstrate any merit for work to evaluate for a defined NI 43-101 compliant resource and economic study. General risks inherent in the Project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, possible political instability, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that 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, Mining, News Home
Commercial Operations at Gahcho Kue Highlights Canada as Global Producer
Commercial Operations at Gahcho Kue Highlights Canada as Global Producer
Mountain Province Diamonds’ report this week of the sale of 222,000 carats of rough stones for $21.1 million at $95 per carat at its fifth diamond sale of goods from Gahcho Kué has served to put the spotlight on the country’s major role as a diamond producer.
The manner in which Mountain Province secures certain diamonds for sale in competition with its partner, De Beers Canada, which owns 51 percent of the operation, is also of interest. The firms bid for the diamonds they are particularly interested in selling. Mountain Province’s sales figures were increased due to the inclusion of a selection of the fancies and specials won by the company otherwise scheduled for inclusion in the sixth sale, which will occur in the second half of July. Excluding these high value diamonds, the average value realized per carat was $75.
The fifth sale represented the company’s strongest sale performance to date, the mining company said. “The financial result was matched by several strong performance measures, including the number of buyers attending, the number of attendees placing bids and the average number of bids per lot.” Reid Mackie, Vice President Diamond Marketing, said: “The June tender sale was our best attended to date and produced a record number of bids. Repeat customers won 75 percent of lots, indicating that the rough market’s understanding of our diamonds’ performance at manufacturing is positive and well on track.” The company declared the commencement of commercial production on March 1.
As far as Canada is concerned, it has taken the country little more than 15 years to become one of the world’s main diamond producers. The main diamond-producing countries, notably South Africa, Russia and Botswana, have been in the game for much longer. In South Africa’s case, more than a century and in the case of the other two states, much more than half a century.
In Canada’s case, areas rich in diamonds were found with the November 1991 discovery of diamonds in the Northwest Territories by Chuck Fipke and Stu Blusson in what eventually became the Diavik mine. Output at the mine is expected to be about 7.4 million carats this year.
Another relatively new mining operation is Stornoway’s Renard mine in Quebec which has been a long time in the making. The firm in May announced the production of one million carats of diamonds and polished diamonds from the mine are already being offered for sale in Birks’ department store in Montreal. Renard is Quebec’s first producing diamond mine and Canada’s sixth. Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining.
One of the world’s major diversified miners, Rio Tinto, is also involved in the Canadian diamond mining scene – owning 60 percent of the Diavik mine. And new Rio Tinto head, Jean-Sebastien Jacques, last year confirmed that diamonds are a “priority area” for the firm, saying, “I would love to have more diamonds, to be very explicit.” And the company has further put its money where its mouth is with an announcement this week by signing a three-year, $18.5-million option on Shore Gold’s Star-Orion South diamond project in northern Saskatchewan.
Meanwhile, De Beers is working to extend the life of its Victor mine in Ontario, but work on a potential expansion can’t move forward until it reaches an agreement with the Attawapiskat First Nation and other communities in the area.
Canada owes its number three ranking to just one region of the Northwest Territories, Lac de Gras, which is the location of three large diamond-producing mines, Ekati, Diavik and Snap Lake.
Among the country’s other mining firms are Kennady Diamonds Inc. which controls 100 percent of the Kennady North diamond project located in the Northwest Territories. Kennady North is immediately to the north and west of the Gahcho Kué Diamond Mine.
Meanwhile, Arctic Star Exploration has announced plans to explore its 54,000-hectare T-Rex property in Lac de Gras. Previous exploration has found over a dozen kimberlites, most of them diamondiferous, the company says.
And there are other smaller firms aiming to develop Canada’s diamond industry. Meanwhile, the country has placed a great deal of emphasis on its diamonds not having any association with conflict diamonds from Africa. Indeed, Canada is one of the main supporters of the Kimberly Process.
In addition, all Canadian diamond mines are overseen by the Canada Mining Regulations for the Northwest Territories. This program ensures the preservation of surrounding land and aquatic habitats.
With diamond mines depleting generally, and particularly at larger operations, the Canada brand appears to be strongly placed to continue to consolidate its position as the world’s third-largest diamond producer.
- Published in Arctic Star Exploration, Blog, Mining
Margaret Lake JV with Arctic Star begins Diagras geophysical survey
Margaret Lake JV with Arctic Star begins Diagras geophysical survey
Margaret Lake Diamonds Inc.’s joint venture with Arctic Star Exploration Corp. has initiated a ground exploration program on the Diagras property. DIA is the operator of this program with a 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest and ADD contributing 40 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Diagras is located in the north-eastern part of the prolific Lac de Gras kimberlite field, 22km NNE of the Diavik diamond mine and 36km east of the Ekati diamond mine in NT Canada. Research and data compilation shows that the property hosts over a dozen kimberlites, with most of them diamondiferous.
The claims selected by the company comprise 23 and total 18,699hectares, forming the Diagras property. The property was obtained by posting a bond of approximately $200,000 with the Government of the Northwest Territories.
The Diagras property is located in the prolific north-northeastern part of the Lac de Gras kimberlite field where the Diavik (operated by Rio Tinto PLC) and Ekati diamond mines (operated by Dominion Diamonds Corp.) are located. The following diamondiferous deposits A21, A418, A154S, A154N, Piranha Lynx, Misery, A841, and Jay kimberlite pipes, line up in a >25 km. structural corridor trending NNE into the Diagras property. The nearest of these pipes, Jay is just 8.9 kilometers from the Diagras boundary.
Diagras has diamondiferous kimberlites
Historical work on the Diagras property was originally conducted by De Beers in the 1990s and some subsequent work by Majescor Resources in 2004. Whilst being explored by De Beers it was known as the Hardy Lake property, it was their work that identified the 13 known kimberlites on the Diagras property controlled by the joint venture.
Originally the kimberlites were discovered primarily as the result of follow-up of airborne magnetic surveys some 2 decades ago. In some instances short holes were drilled that did not explain the magnetic anomalies.
Exploration Strategy
The Joint Venture has mobilised crews to undertake ground geophysical surveys in the area of known kimberlites and also to evaluate other previously unresolved targets. The geophysical surveys will comprise of ground gravity, magnetics and the OhmMapper ground EM method. The objective of this work is to attempt to detect previously undiscovered non-magnetic phases near the original magnetic kimberlite discoveries. The Jack Pine kimberlite, one of the 13 kimberlites in our portfolio, is one such large complex kimberlite, with multiple phases with different geophysical responses. It is hoped that our planned surveys will reveal similar geology around the other pipes. There is also a good chance to find new kimberlites using these new ground geophysical techniques. This ground geophysical work has now commenced and is designed to establish drill targets which will be slated for testing in the next phase of the exploration program.
Field work on this program calls for completion in mid-May which will then require interpretation. Current weather and ground conditions are considered good for this program.
The technical data in this news release has been reviewed by Mark Fields P. Geo., a Qualified Person under the provisions of National Instrument 43-101.
About Margaret Lake Diamonds
Margaret Lake Diamonds Inc. is a diamond exploration company focussed on the Northwest Territories with two exploration properties. The Diagras project is as detailed elsewhere in this release. The other project is Margaret Lake (adjacent to Kennady north and in close proximity to Gacho Kue, the newest Canadian diamond mine owned by De Beers and Mountain Province diamonds).
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