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Arctic Star Exploration Corp V.ADD

Alternate Symbol(s):  ASDZF

Arctic Star Exploration Corp. is a natural resource company. It is engaged in the acquisition, exploration, and development of mineral properties. Its projects include Diagras Diamond Project, Timantti Diamond Project, and Stein Diamond Project. The Diagras Diamond Project is located in the north-eastern part of the prolific Lac de Gras kimberlite field, approximately 22 kilometers (km) north-northeast of the Diavik diamond mine and 36 km east of the Ekati diamond mine in the northwestern territories of Canada. The Diagras Property consists of 58 contiguous claims with an area of approximately 48,346 hectares. The Timantti Project is located in Finland, approximately 17 km away from the town of Kuusamo. The project is comprised of two Diamond Bearing Kimberlites: the Black Wolf and White Wolf Kimberlite. The Stein Diamond Property is located approximately 85 km northwest of Taloyoak, Nunavut and consists of four prospecting permits covering an area of approximately 105,637 hectares.


TSXV:ADD - Post by User

Post by Aceiumon Apr 29, 2021 3:30pm
117 Views
Post# 33095132

ADD / DIA Info

ADD / DIA Info

Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) (TSXV: ADD) (Frankfurt: 82A2) (WKN: A2DFY5) (OTC: ASDZF) is pleased to announce drilling has commenced on the Diagras diamond project located in the diamond corridor of the prolific Lac de Gras kimberlite field, 22km NNE of the Diavik diamond mine & 36km east of the Ekati diamond mine in NWT Canada. Arctic Star’s Diagras project contains 23 kimberlites previously discovered by DeBeers.

Highlights

  • $2 Million Financing Completed for Drilling
  • Arctic Assumes Operator of JV
  • Diamond Drilling 10-15 Targets

Project Management

The Diagras diamond project, originally a 60/40 joint venture between Margaret Lake Resources Inc. (TSXV: DIA) and Arctic Star (TSXV: ADD) respectfully. Margaret Lake has recently undergone management changes and has shifted its focus elsewhere. In 2019 Margaret Lake informed Arctic Star that it had no exploration plans for Diagras. 

The joint venture agreement allows for Arctic Star to take over management in such a situation by proposing and excuting a plan and budget. Arctic Star proposed a $2,100,000 budget for the Diagras project 2021. Margaret Lake has informed Arctic Star that it will not to participate. In such a case the JV agreement has a dilution formula. At the time Arctic Star expends the proposed 2021 budget the ownership will change to approximately 77% Arctic Star and 23% Margaret Lake. Arctic Star will continue as the operator. If Margaret Lake dilutes below 10% in the future, the company’s interest converts to a 1.5% GOR. 

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