Arctic Star Exploration Corporation has taken over the management of the Diagras Property in the Northwest Territories of Canada. The project is a joint venture with Margaret Lake Diamonds where Margaret controls 60%, and Arctic owns 40%, according to a press release from the miner.
Arctic is proposing a $1.6m budget for the next 12 months. This will allow Arctic to drill test the kimberlite like geophysical targets on the property next spring. Margaret has elected not to participate in this program and, in doing so, will dilute, once the program completes, and expenditures met.
Diagras is located in the prolific Lac de Gras diamond field, positioned between the world-class Diavik diamond mine and processing facility and the Ekati diamond mine and its processing facility. The Property lies directly on trend with the Diavik deposits currently being mined by a joint venture between Rio Tinto and Dominion Diamond Diavik.
In a corporate update, Arctic has announced $650K private placement at 2.5 cents, and the funds will be used to progress and maintain the Timantti diamond project and prepare for the Diagras project.
Fieldwork on the Timantti Diamond project in Finland has been put on care and maintenance during the situation caused by Covid-19. Once International travel becomes feasible Arctic intends to recommence fieldwork. In the meantime, Arctic plans to process 150kg of the excavated samples from the new Karhu and Plug kimberlite discoveries for diamonds in Finland. These samples will be sent to a Canadian lab where they will undergo caustic fusion for micro-diamond analysis.
Artic Star owns 100% of the recently acquired 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.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
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