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Arctic Star encouraged by kimberlite findings at Stein diamond project in Nunavut

Published: 09:50 27 Aug 2019 EDT

Diamond in a geode
The detection of kimberlite triggers a deal Arctic Star made with another junior explorer, GGL Resources

Arctic Star Exploration Corp (CVE:ADD) (OTCMKTS:ASDZF) said it has discovered promising kimberlite signatures in the ground geophysical survey of its Stein diamond project in Nunavut, the most northerly territory of Canada.

In a statement on Tuesday, the firm said a magnetic survey of the 1,065 square kilometer area on the Southern Boothia Peninsula outlined a series of possible targets with kimberlite-like signatures. In fact, the project presented all three of the magnetic signatures frequently representing the potentially diamond-containing rock. 

The group added that the detection of kimberlite triggers a deal Arctic Star made with another junior explorer, GGL Resources Corp (CVE:GGL) giving GGL — which was involved in the survey — the option to take a 60% interest in the project.

READ: Arctic Star discovers new kimberlite zone at Timantti diamond project in Finland

The Stein property is made up of four contiguous prospecting areas and located about 85 kilometers northwest from Taloyoak, Nunavut. Though kimberlite is no guarantee of diamonds, mineral samples collected from the ice were indicative of diamond inclusion. 

Going forward, GGL will continue modeling and prioritizing targets as it prepares for drill testing, Arctic Star said. 

In addition to its interest in the Stein project, Arctic Star owns 100% of the Timantti Diamond Project in Kuusamo, Finland.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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