Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) (TSXV:ADD) (Frankfurt:82A2) (WKN:A2DFY5) (OTC:ASDZF) is pleased to announce drilling has commenced on the Diagras diamond project located in the diamond corridor of the prolific Lac de Gras kimberlite field, 22km NNE of the Diavik diamond mine & 36km east of the Ekati diamond mine in NWT Canada. Arctic Star’s Diagras project contains 23 kimberlites previously discovered by DeBeers.
Highlights
- $2 Million Financing Completed for Drilling
- Arctic Assumes Operator of JV
- Diamond Drilling 10-15 Targets
Project Management
The Diagras diamond project, originally a 60/40 joint venture between Margaret Lake Resources Inc. (TSXV: DIA) and Arctic Star (TSXV: ADD) respectfully. Margaret Lake has recently undergone management changes and has shifted its focus elsewhere. In 2019 Margaret Lake informed Arctic Star that it had no exploration plans for Diagras.
The joint venture agreement allows for Arctic Star to take over management in such a situation by proposing and excuting a plan and budget. Arctic Star proposed a $2,100,000 budget for the Diagras project 2021. Margaret Lake has informed Arctic Star that it will not to participate. In such a case the JV agreement has a dilution formula. At the time Arctic Star expends the proposed 2021 budget the ownership will change to approximately 77% Arctic Star and 23% Margaret Lake. Arctic Star will continue as the operator. If Margaret Lake dilutes below 10% in the future, the company’s interest converts to a 1.5% GOR.
Diamond Drill Program Commences
Arctic Star has commissioned Aurora Geoscience to be the operator of the Diagras drilling and geophysics program. Aurora is a Yellowknife based group and is able to operate without travel restrictions in the northwest territories. David Kelsch will be responsible for the day to day management of Aurora. David has over 30 years experience predominantly in diamond exploration and has been involved in a number of discoveries. David has been managing the geophysical programs that led to the development of the drill targets on the Diagras property over the past years.
David has been working closely with Buddy Doyle, our exploration manager.
Any Kimberlite intercepted in the drill program will be flown to Yellowknife for detailed logging and sampling by Aurora staff who are familiar with kimberlites. Aurora manged exploration progams for Mountian Province and Dominion diamonds and have been in diamond exploration in the Territories since the 1990’s. Samples will be sent to Chuck Fipke’s lab, CF laboratories of Kelowna, where they will be reviewed by Kelsch and Doyle prior to undergoing analysis for diamonds for Caustic Fusion.
Qualified Person
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in diamond exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.
About Arctic Star
Arctic Star has commenced exploration in Lac de Gras NWT on its Diagras Diamond Project next to the producing Diavik & Ekati diamond mines. The Company also owns 100% of the Timantti Diamond Project including a 243 Ha Exploration Permit and a 193,700 Ha Exploration Reservation near the town of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. The Company also controls drill ready diamond exploration properties in Nunavut (Stein).
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
”Patrick Power”
Patrick Power, President & CEO
+1 (604) 218-8772
[email protected]
Tags: #ADD, ArcticStar, BuddyDoyle, Diagras, Diamonds, Diavik, Discovery