Highlights

• - Second drill hole into the Sequoia geophysical anomaly strikes kimberlite.

  - This drill hole confirms the existence of a large kimberlite complex.

  - The combined geophysical anomaly EM, gravity, and magnetics is 1km in length and up to 200m wide. It is elongated north to south.

  - This new drill hole angled east to west (295°), -60 inclination, intersected kimberlite at 31 m, and exited at 88m. It was drilled 240m north of the original hole.

  - The previously discovered Jack Pine kimberlite forms the southern end of the kimberlite complex and is known to contain diamonds.

  - A kimberlite complex is made by multiple kimberlite eruption events, each event will have its own characteristics and diamond content.

April 30, 2021 – TheNewswire - Vancouver, British Columbia – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) (TSXV:ADD) (Frankfurt:82A2) (WKN:A2DFY5) (OTC:ASDZF) is pleased to announce that our latest drilling confirms the discovery and recognition of the Sequoia Kimberlite Complex.

It was discovered by drilling two holes into a combined EM, magnetic and gravity anomaly that extends for 1km north to south, up to 200m wide. At the south end of the anomaly is the known Jack Pine kimberlite discovered in the 1990s by drill testing a distinct magnetic anomaly, negatively polarized.

Buddy Doyle VP Exploration said, “I was there in the early days of the Lac de Gras kimberlite discoveries managing Rio Tinto’s exploration team. The kimberlite exploration model assumed that kimberlite formed vertical “carrot” shaped bodies. There were hundreds of negatively polarized magnetic lows to be tested so we dropped a drill hole or two to get a sample, assumed they were carrot shape, and moved on.”

Mr. Doyle continues, “but of course models are a generalization and we soon found bodies that had complex shapes and we saw examples of multiple kimberlite events forming larger complexes. The EM, gravity, and mag signatures at Sequoia suggest this is what we have here. Our drilling has now confirmed that this known kimberlite is only a smaller part of a much larger complex.”

The discovery drill hole DG2021-04 reported earlier was centered on a gravity and EM anomaly. The second hole was targeted 240m to the north on another part of the gravity anomaly where it bends. It was drilled on land at a bearing of 2950 with a dip of -600, intercepted kimberlite at 31m, and exited at 88m.

Although further drilling of the Sequoia Kimberlite Complex is warranted, in order to test as many drill targets a possible during the spring exploration season the drill is now moving to the Kong target where a distinct EM anomaly exists between the known Kong E and Kong W kimberlites.

Figure 1: Left, An image of the gravity anomaly at the Sequoia Kimberlite Complex. Note the assumed location of the Jack Pine kimberlite as determined by the magnetic anomaly. Note the little green diamond with Jack Pine written next to it is the location according to the government database. The two drills holes by Arctic Star confirm the gravity anomaly represents kimberlite and confirms the existence of the Complex. The second magnetic target was possibly drilled in the past but there is no record and land use records suggest a permit was applied for. Right: Photographs of typical core, top DG2021-05 and bottomDG2021-04

Qualified Person

The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in diamond exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.

About Arctic Star

Arctic Star has commenced exploration in Lac de Gras NWT on its Diagras Diamond Project next to the producing Diavik & Ekati diamond mines. The Company also owns 100% of the Timantti Diamond Project including a 243 Ha Exploration Permit and a 193,700 Ha Exploration Reservation near the town of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. The Company also controls drill ready diamond exploration properties in Nunavut (Stein).

ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.

Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca

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. 

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, the estimation of a mineral resource and the success of exploration activities. In this release it is not certain if the kimberlite discovered will be economic or not as this depends on many factors. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event we may require all funds raised, if any, to be used for working capital rather than the intended uses as outlined. Accordingly, readers should not place undue reliance on forward‐looking statements. Arctic Star undertakes no obligation or responsibility to update forward‐looking statements, except as required by law.