Arctic Star Acquires Diamond Exploration Permit in Kimberlite Area, Finland

Mining and Exploration
14/07/2017 13:45

Arctic Star, a Canadian diamond and mineral exploration company with diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and in the Athabasca Basin of Saskatchewan has agreed to acquire a 100% interest in a 243 hectares exploration permit over the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond bearing kimberlites in northern Finland. Named the Timantti Project (timantti is Finnish for diamond'), "Arctic Star views this new project as a unique opportunity to advance a new diamond district", says Buddy Doyle, VP Exploration of Arctic Star. "The 100%-owned Project offers diamond bearing kimberlites that allow for immediate further work to assess their economic potential. The project is road accessible, and located on excellent infrastructure in mining friendly Finland." The Exploration Permit is being acquired via a Share Exchange Agreement with the Finnish holding company.

Arctic Star has also applied for an Exploration Reservation centered on the acquired Exploration Permit. The Reservation is approximately 95,700 hectares in size, and provides Arctic Star with exclusive rights to acquire additional exploration permits for a 2 year period. Mr. Roy Spencer, who discovered the Wolf kimberlites, also led the team that discovered the Grib Diamond Mine near Archangelsk, Russian Federation, has joined Arctic Star's Board. "Kimberlites are likely to occur in fields - also known as clusters - which typically contain 30 or more separate kimberlites. The Wolf kimberlites are just the first discoveries in a more extensive cluster," according to Roy Spencer. Roy continues: "There is good evidence for the existence of this field in the public domain. This data shows regional distribution of kimberlitic indicator minerals and diamonds in surficial tills. The Exploration Reservation will allow Arctic Star to explore the entire region".

Mr. Doyle continues "the opportunity for an economic discovery at Timantti is substantially improved by easier access than companies face in in northern Canada and Siberia. The Wolf kimberlites represent the first discoveries in a possibly more extensive diamondiferous kimberlite field." Mr. Patrick Power, President and CEO of Arctic Star, said, "Both Roy and Buddy have led Tier 1, major company diamond mine discovery teams, and previously collaborated on diamond projects in Finland, and on the development of the Lihqobong Diamond Mine in Lesotho." The Wolf kimberlites were discovered by European Diamonds PLC in 2005. The discovery team was led by Mr. Spencer. The Wolf kimberlites occur on the Fennoscandian Shield which hosts the world class (multi-billion dollar revenue) diamond mines at the Arkhangelskaya kimberlite (Lomonosov Mine) and Grib kimberlite (Grib Mine), both near Arkhangelsk Russia (450km East of Wolf).