There has been very little global diamond exploration since the 2008 global financial crisis
Timantti in Finland is the world's most recently recognized diamond-bearing field
The project exhibits the same chemistry and geology as the huge Grib mine in Russia
What Arctic Star does:
Arctic Star Exploration (CVE:ADD) is a junior resource group, which owns 100% of its flagship project, called Timantti - which means diamond in Finnish.
The property lies near the township of Kuusamo in Finland, close to the Russian border to the east.
It is on the same geological belt as the Grib mine in Russia, one of the largest diamond mines in the world, which is 450 kilometers (km) southeast. Grib has an estimated reserve of 98.5 million carats and an annual production capacity of 3.62 million carats.
Timantti is within a 289-hectare exploration permit - named Salvarra - where all four of the firm's kimberlite discoveries have been made so far.
Arctic Star also has a 193,700-hectare exploration reservation, in which it recently gained a second permit, totaling 882 hectares, named Vaimosou.
The company has a joint venture in the Diagras property - 25,595 hectares - in the North West Territories of Canada, as well, where Margaret Lake Diamonds has a 60% interest. The property is 22km from the producing Diavik diamond mine.
Elsewhere, the Stein property in Nunavut is an advanced, drill-ready diamond exploration project, which currently has six targets with only 3 meters (m) of overburden. It consists of four adjoining prospecting permits covering an area of 105,637 hectares on the Boothia Peninsula.
Meanwhile, Arctic's Redemption project consists of two properties in the Northwest Territories near the prolific Lac de Gras kimberlite field. They are also close to the world-class Ekati and Diavik diamond mines.
How is it doing:
Exploration has yielded highly positive results this year. In July, Arctic Star revealed that two new kimberlites at Timantti had been discovered after trenching work by an excavator. The new kimberlites occur near the Vasa dykes and lie two km north of the company’s three Wolf kimberlites.
In 2018, Arctic Star found three diamondiferous kimberlite bodies within its vast exploration permit, named White, Black and Grey Wolf and three kimberlite dykes. Tests from 409.3kg of the kimberlite from these new discoveries yielded 1,032 diamonds.
The first new kimberlite announced in July this year was named Plug, and lies around 140 metres west of Vasa, while the second one, named Karhu, is 450 metres west. Karhu was confirmed as kimberlitic by the Geological Survey of Finland, which is assisting Arctic Star with exploration. Plug is still awaiting confirmation.
"I continue to be amazed that we can discover kimberlites using the very inexpensive excavator technique," Buddy Doyle, the vice president of exploration at Arctic Star had said.
Excavator work will continue into August, followed by ground geophysics and drilling, the company has said.
Meanwhile, at the tail end of August this year, there was more good news as Arctic revealed it had discovered promising kimberlite signatures in the ground geophysical survey of its Stein diamond project in Nunavut.
What the boss says:
President and CEO of Arctic Star, Patrick Power said in May, as the firm was poised for its summer work program at Timantti, that: "Everything we actually hit we're excited about because it could bear some significant fruit. and we've had some really good success. In the first four kimberlites, we've had two which shows us really good numbers so we're excited about that."