Arctic Star Exploration Corp. has announced that its partner, North Arrow Minerals Inc., has reached an agreement with Umgeni holdings International limited (“Umgeni”) under which Umgeni has agreed to acquire a royalty interest in North Arrow’s redemption diamond Project for $800,000. Umgeni is a private company of which Christopher Jennings, a director of North Arrow, is a beneficiary of the sole shareholder.
The redemption diamond Project is located in the lac de Gras region of the Northwest Territories, approximately 32 km southwest, and 47 km west of the Ekati and diavik diamond mines, respectively.
This agreement will allow the team to immediately move ahead with exploration drilling programs at the redemption diamond Property. Planning is underway to conduct a drilling program at redemption starting mid-March.