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Arctic Star Exploration Corp.

Exchange: TSXV Exchange | Jul 18, 2019, 4:50 PM EDT

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Arctic Star Receives First Results from 2019 Program in Finland

Vancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A1) ("Arctic Star" or the "Company") is pleased to announce that it has received preliminary results from its regional esker sampling program from its 100% owned Timantti Project in Finland. The Timantti Project consists of two exploration permits surrounded by two exploration reservations totaling 193,700 Hectares near the township of Kuusamo. Last year the company located three diamondiferous kimberlite bodies within the exploration permit, named White, Black and Grey Wolf respectively, and three kimberlite dykes. Fusion from 409.3 kg of kimberlite from these new discoveries yielded 1,032 diamonds. Preliminary results from the esker sampling have highlighted at least three separate areas away from the known kimberlites anomalous in diamond indicator minerals, strong evidence suggests there are many more kimberlites to be found. Kimberlite is the volcanic rock which hosts diamonds and predominantly occurs in groupings averaging a minimum of 30 pipes.

Eskers are the sand gravel remnants of sub glacial melt water river systems dating from the end of the ice age. The company used the publicly available Lidar surveys completed by the Finnish government to map and identify the eskers and plan the sampling program. The company subsequently collected 19 samples that were distributed as evenly as possible within the exploration reservations. The main purpose of the esker sampling was to determine the areal extent of the kimberlite field as efficiently as possible.

Encouragingly the esker samples near the known kimberlites "light" up with diamond indicator minerals. A similar anomaly occurs in an esker system 20km to the North East of the Wolf kimberlites, and two other anomalies occurs 20km and 40km SSE of the Wolf kimberlites respectively.

The eskers samples where processed at CF Minerals in Kelowna, BC using heavy liquids and magnetic separation. The results reported here are from observing and probing 50% of the silicate minerals found in the concentrates. The results for the remaining 50% and the oxide minerals are awaited.

The four esker anomalies consist of Pyrope, Garnet, Fosteritic Olivine, Clinopyroxene and Orthopyroxene with chemistry consistent as being derived from the deep lithosphere.

These new areas will be followed up by closer spaced esker sampling, till sampling and will allow the company to focus planned airborne geophysical surveys.

A program of geophysics and testing magnetic anomalies with an excavator has commenced. Results are expected within 3-4 weeks and will be reported as received.

Kimberlites with significant diamonds will be slated for diamond drill testing to determine size, and promising magnetic anomalies that could not be trenched due to till depth will also be drill tested.

Qualified Person

The technical data in this news release has been reviewed and approved by Buddy Doyle, a diamond geologist with over 30 years of experience, a Qualified Person under the provisions of National Instrument 43-101.

About Arctic Star

The Company 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. Arctic has commenced its exploration in Finland on the Timantti Project, where four diamondiferous kimberlite bodies may represent the first finds in a large kimberlite field. The Company also controls diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption).

Arctic Star has a highly experienced diamond exploration team previously responsible for several world class diamond discoveries.

ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.

"Patrick Power"
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the risk that the Company is unable to close further tranches of the planned private placement and the Company's plan to use all or some portion of the proceeds for exploration of the Foriet Diamond Property. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44769

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