Mr. Patrick Power of Arctic Star reports

ARCTIC STAR DISCOVERS NEW KIMBERLITE, "ARBUTUS" DIAGRAS PROJECT NT

Arctic Star Exploration Corp.'s exploration team has discovered a new kimberlite that has been named Arbutus on its Diagras project in the Northwest Territories.

The discovery was made by testing a Class B type kimberlite target from wide helicopter-supported EM (electromagnetic) survey on the Diagras project and from ground geophysical follow-up.

The Class B targets are the 25 known kimberlites on the property. The historic exploration tended to assume these kimberlites were classic single-event, vertical, carrot-shaped, pipe-like bodies, as dictated by the kimberlite model. However, experience in the Lac de Gras kimberlite field (an 80-kilometre-by-120-kilometre ellipse containing greater than 200 kimberlites of similar age) has demonstrated that many of the kimberlites are not single but multiple eruptive events with multiple lobes forming complexes with complex shapes. The Class B style target has been the focus of Arctic Star's exploration to date, and, in 2021, it led to the discovery of five new kimberlites, including Sequoia, confirming the concept.

In this case, the Arbutus kimberlite was discovered by drilling a distinct magnetic low southeast of the known Finlay kimberlite. Early description of the kimberlite is that it is a coherent kimberlite with coarse subcentimetre olivines and abundant diamond and mantle indicator minerals. From the drill intercepts and geophysics, the pipe appears about 200 metres long and 25 metres wide.

Drill hole DG2022-08 was drilled at a dip of minus 50 degrees and a bearing of 60 degrees; DG2022-09 was drilled from the same collar and bearing at a 70-degree dip.

Qualified person

The technical information included in this news release has been prepared, supervised and approved by Buddy Doyle, AUSIMM, a qualified person under National Instrument 43-101. Mr. Doyle is a geologist with over 35 years of experience in diamond exploration, discovery and evaluation.

About Arctic Star Exploration Corp.

Arctic Star is predominantly a diamond explorer, recently discovering six new kimberlites in the prolific Lac De Gras kimberlite field that supports two multibillion-dollar kimberlite mining complexes. The company also has a 958-hectare exploration permit containing several diamond-bearing kimberlites on its Timantti project in Kuusamo, Finland. Arctic Star has optioned its Stein diamond project in Nunavut to GGL Diamonds, which plans to work once COVID-19 restrictions lift. The company continues to look for appropriate diamond opportunities elsewhere.

The Diagras project is a joint venture between Arctic Star Exploration (currently 81.5 per cent) and Margaret Lake Diamonds Inc. (currently 18.5 per cent).

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