Grasping at straws?
Arctic Star acquires Diamond Dunes project
2016-07-21 07:07 ET - News Release
Mr. Patrick Power reports
ARCTIC ACQUIRES WESTERN ATHABASCA BASIN DIAMOND PROJECT
Arctic Star Exploration Corp. has acquired the Diamond Dunes project, located in the western Athabasca basin, Saskatchewan.
Arctic has acquired a 100 percent interest in mineral claims comprising 40,831 hectares in the Athabasca Basin by paying $25,000 cash plus issuing one million Arctic Star shares to the vendor in an arm's length transaction. Terms of the deal are subject to TSX Venture Exchange approval and the Company shares issued will be subject to a four-month hold period.
The Diamond Dunes Project consists of two separate claim blocks located SW and SE of properties currently being explored for diamonds by DeBeers Canada Inc. and CanAlaska Uranium Ltd.
CanAlaska Uranium Ltd. announced a $20.4 million Option-Participation Agreement with De Beers Canada Inc, who will explore 75 kimberlite-style magnetic targets identified by CanAlaska from an airborne geophysical survey completed by the Saskatchewan Geological Survey. DeBeers recently completed esker sampling for kimberlite indicator minerals in the area and have commenced detail magnetic mapping of geophysical anomalies.
Buddy Doyle Bc App Sc Geol. MAUSIMM is VP Exploration of Arctic Star and author of this press release. Kevin Kivi, P.Geo. is Qualified Person and approves the technical content of this press release.
The Company also announces that it has cancelled 1,441,000 outstanding options pursuant to cancellation agreements with certain of its insiders and has granted 2,440,000 5 year stock options exercisable at $0.05 to a consultant to the Company.