Arctic Star Goes It Alone with $1.6m Exploration
August 03, 20
(IDEX Online) - Arctic Star is going it alone with plans to explore an area of Canada's Northwest Territories for diamonds.
The Vancouver-based miner says it will invest $1.6m in a year-long drilling at the 25,000-hectare Diagras site, near the Arctic Circle, staring next spring, when work is most economic.
Arctic Star is the 40 per cent partner in a joint venture with Margaret Lake Diamonds, which "has elected not to participate in this program and, in doing so, will dilute once the program completes and expenditures are met".
The site lies in the prolific Lac de Gras diamond field, close to the recently suspended Ekati mine, and Dominion's Diavik operation. It hosts 21 kimberlites that were discovered by De Beers.
Exploration over the last three years has revealed at least five targets where gravity and EM data reveal possible kimberlite complexes that warrant drill testing.
Pic courtesy Arctic Star