Arctic Star Options Multiple Claim Blocks in the Carbo Rare Earth Element Area of British Columbia
17 Novembre 2010 - 7:14PM
Marketwired
Arctic Star Diamond Corp. (TSX VENTURE: ADD) (the "Company" or
"Arctic Star") is pleased to announce that it has entered into two
separate option agreements to acquire interests in three properties
located in the Carbo area of northeastern British Columbia. The
Cap, Seebach and Javorsky rare earth element ("REE") and rare metal
properties are all located within the immediate vicinity of
Spectrum Mining Corporation's Wicheeda REE Discovery as well as the
Carbo Project which is currently being drilled by Canadian
International Minerals Inc. (TSX VENTURE: CIN) and Commerce
Resources Corp. (TSX VENTURE: CCE).
The group of claims are located 80 km northeast of Prince George
and together comprises 20 mineral claims covering approximately
9,129 hectares, making it one of the largest land positions in the
camp.
The Cap and Seebach claims cover distinct, circular, regional
aeromagnetic geophysical anomalies within the Carbo area. Known REE
and rare metal mineralization in the Carbo camp such as the
Wicheeda Carbonatite-Syenite Complex, is known to be related to
regional magnetic highs and lows.
According to Graf et al. (2009) the Wicheeda REE Discovery owned
by Spectrum is comprised of several intrusive carbonatite bodies
which form a northwest to southeast trend about 2 km wide by 15 km
long. The Wicheeda "Main Zone" is coincident with an area of
anomalous soil geochemistry of more than 400 ppm cerium, measuring
about 500 by 1,000 m. The north side of the "Main Zone" is
coincident with a magnetic geophysical anomaly measuring
approximately 500 by 1,000 m. During 2008 and 2009, the "Main Zone"
was drill tested with 15 drill holes at three sites. Highlights
included:
- 2008-02: 3.55% REE across 48.64 m
- 2009-07: 2.92% REE across 72 m
- 2009-09: 2.2% REE across 144 m
The Cap Property encompasses five claims totalling 2,354
hectares located about 10 km southeast of the Wicheeda Property or
about 25 km southeast of the Wicheeda "Main Zone" along the trend
of the known Wicheeda Carbonatite-Syenite Complex. The property was
staked to cover an approximately 3 to 5 km diametre, circular,
airborne magnetic geophysical anomaly. A brief field examination
during September, 2010 identified two narrow, syenite dykes near
the crest of the ridge that trends from northwest to southeast
across the property. The dykes contained highly anomalous
geochemistry, including 481 to 981 ppm niobium, 1125 to 3,191 ppm
zirconium, greater than 100 ppm lanthanum, greater than 100 ppm
cerium and greater than 50 ppm neodymium. These "high-level" dykes
indicate that the source of the magnetic geophysical anomaly may be
associated with a carbonatite or similar intrusion.
The Seebach Property is about 15 km southwest of the Wicheeda
"Main Zone" and covers a distinct, circular, aeromagnetic
geophysical anomaly. The property consists of one mineral claim
totalling approximately 471 hectares.
The Javorsky claims are within about 10 to 15 km west to
northwest of the Wicheeda "Main Zone". They consist of fourteen
claims encompassing approximately 6,304 hectares. The properties
cover an area of elevated magnetic relief with anomalous REEs in
stream sediment samples.
Arctic Star has an option from Zimtu Capital Corp. and 877384
Alberta Ltd. to earn a 60% interest in the Cap and Seebach
properties by making staged cash payments totalling C$175,000,
issuing 5,000,000 common shares and completing staged, exploration
expenditures over five years totalling $5,000,000. Zimtu Capital
Corp. and 877384 Alberta Ltd. will retain a 2% Net Smelter Royalty
("NSR") on the properties and shall be operators until Arctic Star
has earned its 60% interest.
Arctic Star has a separate option agreement from Zimtu Capital
Corp. and prospector David Javorksy to earn a 100% interest in the
Javorsky Properties by making staged cash and shares payments
totalling $50,000 and 2,000,000 common shares. The vendors will
retain a 2% NSR on the properties.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., a qualified person as defined
by National Instrument 43-101, supervised the preparation of the
technical information in this news release.
The proposed transaction is subject to TSX Venture Exchange
approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR DIAMOND
CORP.
Patrick Power, President
Forward Looking Statements
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events such as: (a) the closing of the option to acquire an
interest in a rare earth property; (b) the likelihood that the
property has rare earth; (c) the work program to be conducted by
Arctic; and (d) the establishment of the joint venture. Such
forward-looking information can include statements based on current
expectations involving a number of risks and uncertainties and are
not guarantees of future performance of Arctic such as the
willingness of the parties to close the transactions, the approval
of the transaction by the Exchange, satisfactory results of the due
diligence investigation on the Property, our ability to raise
financing, geological information resulting in changed plans for
exploration, our ability to contract equipment and labor, current
economic conditions and the state of mineral exploration and
mineral prices in general. Discoveries of minerals on other
properties are not necessarily an indication of any commercial
mineralization on nearby properties. These risks and uncertainties
could cause actual results and Arctic's plans and objectives to
differ materially from those expressed in the forward-looking
information. Due to conditions precedent to closing, and the risk
that these conditions precedent will not be satisfied, Arctic can
offer no assurance that it will close the Transaction. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and expressly qualified in their entirety by this notice.
Except as required by law, Arctic assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change.
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.
Contacts: Arctic Star Diamond Corp. Patrick Power President
(604) 689-1799 (604) 689-8199 (FAX) www.arcticstardiamond.com
Arctic Star Exploration (TSXV:ADD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Arctic Star Exploration (TSXV:ADD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024