| | |
|
 |
|
|
| |
|  | |  | |   Credit Lake Project The Credit Lake property is located along the Coppermine River system, about 10 kilometers west of Lac de Gras, where both E'kati Diamond Mine (BHP/Billiton) and Diavik Diamond Mine (Rio Tinto/Harry Winston) occur. The property is located about 300 km NE of Yellowknife, and is accessible by air and on land in winter. Arctic Star hauled > 30,000 kg of freight from Yellowknife to Credit Lake in 2008 using the Tibbett-Contoyto Winter road to Diavik, an ice-road along Lac de Gras (by truck), and then overland along a 30 km trail to the camp using a tracked vehicle. Nickel, copper, cobalt and platinum group element (Ni, Cu, Co and PGE) mineralization has been discovered in komatiite and mafic igneous rocks of the Providence Lake Greenstone belt, which is located in the northern part of the Credit Lake property. Both massive and disseminated Ni, Cu, Co and PGE mineralization occur, with the most significant intercept being 5.1 meters of massive sulphides from hole 08CR-18, that returned 1.73% nickel, 1.75% copper, and 0.17% cobalt, and significant platinum group elements. Similar drill intercepts have been reported from fourteen drill holes from the same locality. Some 17.5 kilometers of high-potential greenstone occurs on the Credit Lake property. Geologists discovered new massive sulphide occurrences in outcrop in August, 2009 about 13 kilometers from the area where drilling had previously occurred, showing high discovery potential in other parts of the greenstone belt. Crews also visited 51 high priority geophysical target zones in summer 2008, completing geological mapping, sampling and ground geophysics, creating numerous drill targets. Arctic Star expects to drill test these massive sulphide occurrences, and test many new geophysical target zones in the Providence Lake Greenstone belt in future. Kimberlite and diamond discovery potential is also excellent at Credit Lake. Three prominent kimberlite indicator dispersal trains occur on the property, and recently a deep hole has been found under a lake in the possible source area of the Alpha Train. The Alpha train is located in the eastern part of the Credit Lake property, and is the most prominent kimberlite indicator anomaly with many positive attributes. Pyrope garnets with delicate textures like kelyphite rims and kimberlite attached have been identified on grains from till samples, and alluvial diamonds were recovered from a 100 kg till sample collected from the Alpha train. This new bathymetric low in a lake, located at the head of the Alpha train has a co-incident high-frequency HLEM (MaxMin) geophysical conductor. Arctic Star drilled the northern part of this bathymetry anomaly with DDH 08CR-05 and intersected broken tonalite and granodiorite in two intervals of the drill hole. Kimberlite was not intersected in DDH 08CR-05, but the drill hole did not explain the high frequency HLEM conductor located in the vicinity of the new bathymetric low. Further diamond drilling of this target is warranted. The Credit Lake Property is held 100% by operator Arctic Star, but is subject to a 51 % back-in right by Kennecott Canada Exploration Inc. on payment to Arctic Star 2.5 times exploration expenditures by Arctic Star on the property. Kennecott may later increase ownership to 60% with a positive feasibility study. 
Credit Lake property Siku Property Joint Venture with Diamonds North Resources Inc. Arctic was recently approached by Diamonds North Resources Inc. to earn an option on the Siku property in the Northwest Territories. Under the terms of the agreement, Arctic Star can earn a 50% interest in the property by:
As kimberlites occur in clusters, or families, often averaging over 30 members, the chance of finding kimberlites on the Siku property is considered high. The now historic Lac de Gras and later Slave Craton diamond rushes of the 1990s lay testament to this. But, while the first kimberlites at Lac de Gras were not economic, and it was three years before mines where found, Arctic Star is hopeful that the field contains economic kimberlites and that they occur on our optioned ground. New Bigg Project In May 2005 Arctic Star staked approximately 27,000 acres of ground just south of New Biggining Lake, 30krn southwest of Arctic's flagship property, Credit Lake. The New Bigg project was a result of using historic indicator mineral sample databases from both Kennecott and the government, to recognize new opportunities. In 2004 Arctic took a grid of 3km-spaced till samples. The results showed that there was a terminating indicator mineral train, containing pyrope, chrome diopside, and ilmenite. This area was subsequently staked.
Kyle Lake The Kyle Lake Project is a joint venture between Arctic Star and Metallex, with Kelex enjoying a 10% free carried interest. Arctic has an 8.5% participating interest. The joint venture flew an extensive airborne magnetic survey in the general area of the Kyle Lake kimberlite field. Previous explorers had discovered this kimberlite field in the early to mid-1990s. The kimberlites are Proterozoic in age and lie beneath till and limestone cover that renders till sampling non-effective. Magnetics have been the main discovery tool to date. The Metallex/Arctic joint venture has discovered two kimberlites to date, the second containing a significant diamond count. A bulk sampling program is underway and partial results show enough diamonds to remain positive about the outcome. Attawapiskat Arctic has a 20% working interest in this property, joint ventured with Metalex Ventures Ltd. Kel-ex is subject to a 10% carried interest. Metalex is the operator of these claims, along with the adjacent Dumont claims where Arctic holds an 18% interest. The Attawapiskat property is also subject to a 2.5% net smelter royalty under certain circumstances. These properties are adjacent to the east side of a lease held by De Beers. The De Beers leases contain a cluster of kimberlites, which include the diamondiferous Victor Pipe. De Beers plan to mine the Victor pipe and are currently seeking all the required permits and permission. Arctic and its joint venture partners have deployed relatively new auger technology to sample the basal tills in the area. The results have generated several unique indicator mineral anomalies, with no known sources of these indicator minerals up-ice. The joint venture also flew these properties with helicopter-borne magnetics and EM, and has conducted ground surveys following up the anomalies generated from this work. The joint venture plans to continue exploration work to locate the source of indicator minerals. The chemistry of the indicator minerals is positive, so it is suspected that the source of the indicator anomalies will be diamond bearing. Maps
| | ||||||||||||||||||||||||||||||||||||||||||||
| ©2007 Arctic Star Diamond Corp. All Rights Reserved. | Disclaimer | |
)
)
)
)