Highlights

• 1,098m drilled

• 1.91 tonnes (approx.) of Sequoia kimberlite to be sent for caustic fusion for diamonds

• 140kg (approx.) of Arbutus kimberlite to bs sent for caustic fusion for diamonds.

• $168,000 MIP grant received

Arctic Star Exploration Corp. ("Arctic Star" or the "Company") (TSXV:ADD) (Frankfurt:82A2) (WKN:A2DFY5) (OTC:ASDZF) is pleased to announce that it has completed its spring exploration program on the Diagras project, Northwest Territories, a joint venture between Arctic Star (81.5%) and Margaret Lake Diamonds (18.5%). The season's accomplishments are summarized below.

Drill program

The drill program completed nine holes, totaling 1,098 meters Six were directed towards the ongoing delineation of the Sequoia kimberlite complex and three others were completed exploring for new kimberlite on two exploration targets. This work resulted in the discovery of the Arbutus kimberlite. Table 1 provides the location, bearing, total depth, and dip of each drill hole. Table 2 outlines the geology intersected in each hole.

Table 1

Total Meterage 1098m

Table 2

The total meters of kimberlite intersected at Sequoia was 504 meters. The total number of meters intersected at Arbutus is 41.4 meters.

HQ drill core has a diameter of 6.35cm, the density of the kimberlite is not yet known however we assume a density of 2.4g/cm3, 1m of core witl a weight of approx. 7.6kg, the core is split with half or approximately 3.8kg per meter going to the lab for caustic fusion. Therefore, the total estimated sample to be sent for caustic fusion from Sequoia is estimated at 1915 kilograms.

Drill holes DG2022-01 to DG2022-03 were drilled 22m south-southeast of the initial 2021 discovery hole in Sequoia. The first hole was drilled vertical with the following two holes being drilled to the east (DG2002-02) and west (DG2002-03). The intercepts in the angled holes suggest we are drilling of the southern edge of an eruption center. The current thinking is Sequoia is a series of kimberlite pipes that have overlapping craters and this round of drill is at the edge of one of these pipe craters. Drill holes DG2022-05 to DG2022-07 were drilled 100 m to the north-northeast of holes 1 through 3 and are interpreted to be more central in this eruption center with DG2022-05 ending in kimberlite. DG2022-06 drilled to the east hitting the edge of the kimberlite 30.8 m horizontal distance and 84.6 m below the surface. DG2022-07 was drilled westward and hit the edge of the kimberlite at 28.7 m horizontal distance and 78.9m below the surface. Combined these holes suggest the kimberlite has an east-west width of 59.5 m at this location and depth.

Further delineation drilling is planned to further understand the geology, geometry, and grade of Sequoia.

NQ drill core was used in the discovery of the Arbutus kimberlite. NQ core has a diameter of 4.76cm. A kimberlite with a density of 2.4g/cm3 will weigh 2.2kg/meter and it is estimated that and 147 kilograms will be sent for caustic fusion for Arbutus, with the entire drill hole DG2022-09 and the one half split from DG2022-08 being fused.

The drill core is now at Aurora's core logging facility in Yellowknife being logged by Dan Gainer, an experienced kimberlite geologist who logged the kimberlite discoveries last year which will provide technical consistency. Detailed logs will be reported in a separate news release once finalized. Once logged and split the core will be sent to SRC diamond laboratory in Saskatoon. Arctic has booked the space for our samples at this facility, and we expect a 'rapid turnaround. Diamond results should start becoming available in mid-July through to the end of August.

The unsuccessful exploration hole DG2022-04 targeted a distinct magnetic low 1.7km from Sequoia. The drill hole did not intersect any material that is interpreted to have caused the magnetic anomaly and may be revisited in the future.

MIP Grant

Arctic Star is pleased to announce that it has received a grant of $168,000 towards the JV's explorations efforts on the Diagras property. This Mining Incentive Grant, from the Government of the Northwest Territories, is selected from a $1m fund that is distributed to exploration and development projects on a technical and economic merit basis.

Airborne Geophysics

The phase 2 Airborne Geophysical survey was completed totaling 3,294.5 line kilometers. Lots of kimberlite like targets were generated by this work.

Ground Geophysics

Ground geophysical crews conducted magnetic and Max-Min EM surveys over the higher interested Class A and Class B in total 27 magnetic surveys were completed totaling 239.6 line kilometers, and 16 Max Min surveys totaling 117.3 line kilometers.

Future Work

The diamonds recovered from the caustic fusion will be studied further to determine amongst other aspects their nitrogen content.

The Diagras JV management committee will meet to determine the July 2022 to March 1st, 2023 exploration plan and budget. Further delineation drilling is required at the Sequoia pipe and a bulk sample can be planned

Qualified Person

The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist with over 35 years of experience in diamond exploration, discovery, and evaluation. A Qualified Person under the provisions of the National Instrument 43-101.

About Arctic Star

Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The company also has a 958Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. Arctic Star has optioned its Stein diamond project in Nunavut to GGL Resources Corp who plan work once Covid restrictions lift. The company continues to look for appropriate diamond opportunities elsewhere.

ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.

Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca