TSX Symbol: ADD
VANCOUVER, July 4, 2013 /CNW/ - Arctic Star Exploration Corp. ("Arctic Star") (TSXV-ADD) is pleased to announce it has entered into an option
agreement (the "Option Agreement") with North Arrow Minerals Inc. ("North Arrow") (TSXV-NAR) under which Arctic Star has granted North Arrow an option
to earn a 55% interest in the Redemption diamond project in the Lac de
Gras region of the Northwest Territories (the "Redemption Project").
The 11,500 hectare Redemption Project is located within the Lac de Gras
diamond district, approximately 32 km southwest of, and 47 km to the
west of the Ekati and Diavik diamond mines, respectively. The
Redemption Project benefits from an extensive database of previous
exploration work by Arctic Star and others, including airborne and
ground geophysical surveys, till geochemical sampling and a limited
amount of drilling. Importantly, the Redemption Project covers the
interpreted up ice termination of the South Coppermine kimberlite
indicator mineral train. The South Coppermine train was extensively
explored by Arctic Star between 2004 and 2010 and is defined by a full
suite of kimberlite indicator minerals including pyrope garnets,
high-magnesium ilmenites, chrome diopsides, chromite and eclogitic
garnets. These indicator minerals exhibit compositions that are typical
of minerals found within diamond bearing kimberlites. A number of the
indicator minerals have been described as having angular shapes, soft
alteration coats and in some cases are attached to kimberlite; textural
characteristics that are interpreted to indicate the minerals have not
travelled far from their bedrock source.
A helicopter-borne gravity survey of the Redemption Project is currently
underway. The survey is being conducted by Fugro Airborne Surveys using
their proprietary Falcon airborne gravity gradiometer system. Airborne
Gravity Gradiometry has proven to be an effective tool for locating
kimberlites in the Lac de Gras region, and will complement the existing
airborne electromagnetic and magnetic geophysical survey information
within the project database. The airborne gravity data will be
evaluated, along with existing datasets, to identify and prioritize
potential kimberlite targets for follow up exploration work including
till sampling, ground geophysical surveys and, if warranted, drilling.
Under the terms of the Option Agreement with Arctic Star, North Arrow
can earn a 55% interest in the Redemption Project by incurring $5
million in exploration expenditures on the Redemption Project prior to
July 1, 2017, including a firm commitment to spend $1,000,000 prior to
July 1, 2014. The cost of the current airborne gravity survey will be
included in the first year expenditures.
On behalf of the Board of Directors
President & Chief Executive Officer
This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include statements based on
current expectations involving a number of risks and uncertainties and
are not guarantees of future performance of Arctic Star. These risks
and uncertainties could cause actual results and Arctic Star's plans
and objectives to differ materially from those expressed in the
forward-looking information. Except as required by law, Arctic
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
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.
SOURCE: Arctic Star Exploration Corp.
For further information:
ARCTIC STAR EXPLORATION CORP.
Suite 1818-701 West Georgia street
Vancouver, British Columbia
Tel. (604) 689-1799
Fax (604) 689-8199