(TheNewswire)
Nov 5th, 2021 – TheNewswire - Vancouver, British Columbia – ArcticStar Exploration Corp. (“ Arctic Star ” or the“ Company ”) (TSXV:ADD) (Frankfurt:82A2) (WKN:A2DFY5) (OTC:ASDZF) is pleased to announce it has received formalconfirmation of its 81.5% ownership in the Diagras Joint Venture, NWT.
Earlier this year Arctic Star assumed management of theproject and proceeded to solely expend a total of $2,135,828 on theproject. Our Joint Venture (“JV”) partner Margaret Lake ResourcesInc. (“DIA”), elected not to participate. Five kimberlites werediscovered, four of which are diamondiferous, with the Sequoiakimberlite being the most interesting.
At the end of the program, a total of $3,087,852 hasbeen expended by the JV, with Arctic contributing $2,516,638. Usingthe dilution formula in the JV agreement, Arctic Star’s interest isnow at 81.5%. Arctic Star will remain the manager of the JV.
Arctic Star has presented the Joint Venture with a planand budget for the fall program to March 31 st , 2022, detailsof which will be announced soon. It consists of an airborne EM surveycovering the entire property and further diamond studies. A spring2022 program is also in the works. This program will cover definitiondrilling on the Sequoia kimberlite designed to give the first look atgrade and tonnage of this diamond bearing kimberlite, groundgeophysics, and exploration drilling.
Qualified Person
The Qualified Person for this news release is BuddyDoyle, AUSIMM, a Geologist with over 35 years of experience in diamondexploration, discovery, and evaluation. A Qualified Person under theprovisions of the National Instrument 43-101.
About Arctic Star
Arctic Star is predominantly a diamond explorer,recently discovering 5 new kimberlites in the prolific Lac De Graskimberlite field that supports 2 multi-billion dollar kimberlitemining complexes. The company also has a 958Ha Exploration permitcontaining several diamond bearing kimberlites on its Timanttiproject, Kuusamo Finland. Arctic Star has optioned its Stein diamondproject in Nunavut to GGL diamonds who plan work once Covidrestrictions lift. The company continues to look for appropriatediamond opportunities elsewhere.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAREXPLORATION CORP.
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Cautionary Statement Regarding“Forward-Looking” Information
This news release contains“forward-looking statements” including but not limited tostatements with respect to Arctic Star’s plans, the estimation of amineral resource and the success of exploration activities. In thisrelease it is not certain if the kimberlite discovered will beeconomic or not as this depends on many factors. Forward-lookingstatements, while based on management’s best estimates andassumptions, are subject to risks and uncertainties that may causeactual results to be materially different from those expressed orimplied by such forward-looking statements. There can be no assurancethat such statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in suchstatements. Factors that could affect our plans include our potentialinability to raise funds as intended, and in such event we may requireall funds raised, if any, to be used for working capital rather thanthe intended uses as outlined. Accordingly, readers should not placeundue reliance on forward ? looking statements.Arctic Star undertakes no obligation or responsibility to updateforward ? looking statements, except as required bylaw.
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