Wallbridge Mining Company Limited press release
Arctic Star plans drilling at Credit Lake in March
TSX - Toronto Stock Exchange · Gold · Canada
TSX Venture: ADD
VANCOUVER, Feb. 5 /CNW/ - Arctic Star Diamond Corp. (the "Company") is pleased to offer the following exploration review on its Credit Lake project in Northwest Territories.
Over the last 3.5 years, the Company has been systematically following up several kimberlite indicator mineral dispersal trains that are located 32km to the SW of the Ekati Diamond mine at the head of the Coppermine River within the Lac de Gras cluster.
In 2003 Arctic obtained this 133,000 acre property from Kennecott Canada Exploration Inc. ("Kennecott") and now owns 100%. Kennecott retains a back-in right to earn 60% by repaying twice of the Company's total expenditure.
The first wave of exploration in the Lac de Gras in the early 1990's discovered over 200 kimberlites mainly by geophysical detection (Magnetics or Electromagnetic Conductivity). The Credit Lake project has been explored since the 1990's with drilling only on geophysical anomalies. The Company sees the indicator trains on the Credit Lake property as direct evidence of undiscovered kimberlites. For this reason, the Company has worked diligently with a kimberlite discovery as the goal.
Since obtaining the property, the Company has taken 1,950 heavy-mineral till samples in order to identify the source of the indicator dispersal trains. The most prominent dispersal trains are the North Coppermine, South Coppermine, Central and Western Trains. All of these have high interest indicator mineral chemistry which suggest kimberlite sources with high diamond potential. The Company's most advanced geochemical target is the South Coppermine dispersal train. The Company hopes to discover the source of this indicator anomaly this drilling season, (slated to commence on March 17th). The reason for this optimism is as follows:
1. Although only a few results from the 880 heavy mineral samples taken this summer are available, the ones that have been received are from the top priority area at the head of the South Coppermine train. These samples, taken 150m to 200m apart, show that the kimberlite dispersal train is sourced at a small Lake dubbed, "Phil's" Lake. The samples up-ice of this area have only background counts of kimberlite indicator minerals. 2. An auger sampling program recovered thousands of indicator minerals from North and East of Phil's Lake. 3. Morphological studies of these grains show angular grains with delicate kelyphitic rims and kimberlite attached to the grains which suggests a proximal source. 4. The topographic low area of no outcrop about 180m in diameter is present in one auger area near Phil's Lake.
This area will be the focus of initial drilling this coming season, because of the following evidence:
1. Pyrope garnet chemistry is comparable to published mineral chemistry from kimberlite pipes now being mined at Ekati and Diavik. There is a healthy population of (greater than)9% Cr2O3, sub-calcic garnets that the latest scientific literature suggests demonstrates high potential for diamond mineralization. 2. There are also diamond positive compositions of chrome diopside, eclogitic garnet and chromite as interpreted by Dr. Charles Fipke. 3. Arctic recovered three microdiamonds from a 90.25 kg. glacial till sample from an associated kimberlite indicator dispersal train known as "Fromage", which is located 1.2 km down-ice from Phil's Lake. Saskatchewan Research Council processed the sample, and reports one diamond in the 0.075 mm sieve, and two diamonds in the 0.106 mm sieve.
Last fall, the Company deployed a seismic refraction survey crew revealing a number of low velocity targets, some of which have associated kimberlite indicator mineral anomalies. In March the Company plans seismic refraction surveys over the Phil's Lake area and other indicator dispersal trains on the property. The Company further announces a private placement of up to 3,787,879 units for proceeds of up to $1,250,000. Up to 1,060,606 units will be issued on a non flow-through basis at a price of $0.33 per unit, each unit consisting of one non flow-through common share and one share purchase warrant, with each warrant entitling the holder to purchase one non flow-through common share for a period of two years at a price of $0.35 per share. Up to 2,727,273 units will be issued on a flow-through basis at a price of $0.33 per unit, each flow-through unit consisting of one flow-through common share and one share purchase warrant, with each warrant entitling the holder to purchase one flow-through common share for a period of two years at a price of $0.35 per share. The private placement is subject to the approval of the TSX Venture Exchange Inc. A commission will be payable in either cash or securities in accordance with the policies of the TSX Venture Exchange Inc. The proceeds of the private placement of up to $1,250,000 will be used for the Company's Credit lake and Diamonds North projects and for general working capital. Kevin R. Kivi, P.Geol., and Buddy Doyle AUSIMM, both qualified persons, take responsibility for the accuracy of technical information contained in this news release.
This news release contains forward looking statements.
On behalf of the Board of Directors
ARCTIC STAR DIAMOND CORP.
"Patrick Power" Patrick Power President and Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.