Arctic Star Explores El Havila Property in Colombia
February 16 2012 - 12:53PM
Marketwired Canada
Arctic Star Exploration Corp. (TSX VENTURE:ADD) (the "Company") is pleased to
announce that, further to its news release dated January 30, 2012, it has
received TSX Venture Exchange approval of its assignment of an earn in option
agreement on the El Havila property, a copper gold exploration property located
near Frontino in Colombia, South America. Pursuant to the terms of the
agreement, the Company has issued 100,000 common shares to Phoenix Gold SAS, a
Colombia company owned by Thanasi Raptis.
All the securities issued in connection with this transaction are subject to a
hold period expiring on June 18, 2012.
Further, the Company is pleased to report the commencement of sampling and
mapping at the El Havila property.
A 10 man crew including 3 geologists were mobilized to the property to carry out
reconnaissance geological mapping and sampling. Crews have concentrated their
mapping and sampling efforts around extensive outcrops exposed along creeks and
rivers. The work to date has defined a large mineralized hydrothermal system
that include brecciation in an exposed area spanning 290m by 160m in width
associated to fine grained dioritic intrusives. Dimensions for the brecciated
system sugeests a minimum width of 160m in the northern exposed section, but the
mineralized brecciation is covered by younger sedimentary rocks and overburden
elsewhere, suggesting potential for the mineralized rocks to extend beyond and
below these overlaying strata. The Company is planning further field-work
including ground geophysics to aid with the definition of drill targets in order
to determine the full extent of the mineralized system.
The hydrothermal breccia, where exposed, is commonly mineralised with 5-10% fine
disseminated to massive pyrite. Frequently, copper mineralization occurs as
coarse blebby to disseminated chalcopyrite and in fine 2-5 cm veinlets.
Semi-massive to massive blackjack sphalerite veins up to 30 cm in width were
also sampled in two locations. Grey and white pyrite and chalcopyrite
mineralized quartz veins were also mapped and sampled. Chalcedony quartz veins
were also mapped locally.
Field mapping and sampling have confirmed mineralization and minor Bornite
extending over the Brecciated exposed rocks.
Company geologists implemented chain of custody procedures in the field,
maintained a high level of sample security during transport and storage, and
personally delivered 73 samples to Acme Analytical Laboratories S.A. in
Medellin, Colombia for analysis on February 13, 2012. Mineralized specimens were
also collected and brought to Canada for petrologic and analytical work.
Kevin R. Kivi, P.Geo., supervised sampling and mapping of El Havila Property,
implemented chain of custody and sample security protocols, and is responsible
for technical information provided in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
Forward-Looking Statements
This press release contains projections and forward-looking information that
involve various risks and uncertainties regarding future events such as: (a) our
intention to conduct additional field work including ground geophysics; and (b)
the likelihood that the property has gold or other commercial mineralization.
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 such as our ability to raise
financing, geological information resulting in changed plans for exploration,
our ability to contract equipment and labor, current economic conditions and the
state of mineral exploration and mineral prices in general. Promising
mineralization prospects do not necessarily result in a commercially viable
project. These risks and uncertainties could cause actual results and Arctic's
plans and objectives to differ materially from those expressed in the
forward-looking information. Arctic can offer no assurance that the
forward-looking statements will come to fruition. These and all subsequent
written and oral forward-looking information are based on estimates and opinions
of management on the dates they are made and expressly qualified in their
entirety by this notice. Except as required by law, Arctic assumes no obligation
to update forward-looking information should circumstances or management's
estimates or opinions change.
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