Arctic Star Enters Option Agreement for Stein Diamond Project

Arctic Star Exploration (TSXV:ADD), reports that it has entered into an option agreement with GGL Resource (TSXV:GGL) to sell a 60 percent interest in Arctic Star’s wholly-owned Stein diamond project, located the northern Canadian province of Nunavut.

Diamond explorer and producer Arctic Star, recently acquired the Timantti diamond project near the town of Kuusamo, in Finland.

As quoted from the press release:

The Stein diamond property consists of 4 contiguous prospecting permits covering an area of 1,065 square kilometers on the Southern Boothia Peninsula, 45 kilometers from tide water. It is located 85 kilometers northwest of the community of Taloyoak, Nunavut which is serviced daily by commercial flights and seasonally by barge.

Stein is an advanced diamond exploration project having the benefit of numerous successive exploration campaigns and over C$1.5 million in previous exploration expenditures. This historic work included multiple seasons of heavy mineral sampling in which kimberlitic indicator minerals were followed in the up-ice direction to a region believed to be the source area. This area was subsequently flown with detailed airborne magnetic surveys. No kimberlite drill testing has been conducted on the project to date.

The indicator mineral suite contains grains that are indicative of diamond inclusion chemistry showing high chrome, low calcium G10D pyrope garnets. The detailed airborne magnetic surveys have identified numerous high priority targets that have signatures similar in characteristics to kimberlites found elsewhere in Canada’s north. The Stein project is further complimented with the existence of a major structural feature identified on regional government airborne magnetic surveys which is greater than 100 kilometers in length and traverses the area of the project containing the high priority targets. In fields elsewhere, kimberlites can be geologically observed exploiting larger structural features and utilizing them as conduits for emplacement.

The nearest known kimberlite discovery is over 230 kilometers to the southeast and perpendicular the regional ice flow direction. The distance and direction greatly reduces the potential for the Stein mineral grains being an overprint from this field.

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