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.
Option Agreement
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
"Patrick Power"
Patrick Power
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.