Arctic Star Exploration Corp. announced yesterday that it  has “agreed to acquire a 100% interest in a 243 Ha Exploration Permit for the Black Wolf (Masta Susi) and the White Wolf (Valkoinen Susi) diamond bearing kimberlites (together the “Wolf kimberlites”) in northern Finland”.

The Company explained that the Exploration Permit is being acquired via a Share Exchange Agreement with the Finnish holding company.

Arctic Star has also filed an application for an “Exploration Reservation” based on the acquired Exploration Permit. “The Reservation is approximately 95,700 hectares in size, and it provides Arctic Star with exclusive rights to acquire additional exploration permits for a 2 year period,” the Company explained.

Arctic Star announced that the combined regional exploration and diamondiferous kimberlite property has been named the Timantti Project – Timantti is Finnish for diamond, the Company added.

“Arctic Star views this new Project as a unique opportunity to advance a new diamond district,” said Buddy Doyle, VP Exploration of Arctic Star. “The 100%-owned Project offers diamond bearing kimberlites that allow for immediate further work to assess their economic potential. The Project is road accessible, and located on excellent infrastructure in mining friendly Finland.”

Roy Spencer, the discoverer of  the Wolf kimberlites – he had earlier led the team that discovered the Grib Diamond Mine near Archangelsk, Russian Federation – has joined Arctic Star’s Board. “Kimberlites are likely to occur in fields – also known as clusters – which typically contain 30 or more separate kimberlites,” he commented. “The Wolf kimberlites are just the first discoveries in a more extensive cluster. There is good evidence for the existence of this field in the public domain. This data shows regional distribution of kimberlitic indicator minerals and diamonds in surficial tills. The Exploration Reservation will allow Arctic Star to explore the entire region.”

The Company has filed a 43-101 technical report titled, “Geological Report on the Foriet Diamond Property, Finland”. The report, authored by Kevin R. Kivi, P.Geo, of KIVI Geoscience Inc. “confirmed the diamond-bearing nature of the Wolf kimberlites by submitting samples collected from kimberlite float in overburden during a due diligence site visit”, the Company stated.

“Both Roy and Buddy have led Tier 1, major company diamond mine discovery teams, and previously collaborated on diamond projects in Finland and on the development of the Lihqobong Diamond Mine in Lesotho,” commented Patrick Power, President and CEO of Arctic Star. “Roy’s extensive local knowledge and experience will mean we can hit the ground running in Finland, and we expect to commence work immediately upon closing of the transaction.”