Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES DIAMOND RESULTS FOR THE ARBUTUS 2022 KIMBERLITE DISCOVERY AT DIAGRAS PROJECT, LAC DE GRAS, NT

Arctic Star Exploration Corp. has received the final caustic fusion diamond results from drill testing the Arbutus kimberlites at the Diagras diamond project, obtained from the 2022 spring diamond drilling program. The Diagras project is located at prolific diamond production district of Lac de Gras in the Northwest Territories and is a joint venture (JV) between Artic Star (81.5 per cent) and Margaret Lake Diamonds Inc. (18.5 per cent).

The Arbutus caustic fusion diamond results are listed in bold, in the attached table, along with its other discoveries on the Diagras property to date. Scanning the table, it can quickly be seen the Arbutus result is the second-best result to date. Buddy Doyle, vice-president of exploration for Arctic Star, commented: "The industry uses caustic fusion microdiamond results to determine if the kimberlite is diamond bearing and use the number of stones per tonne, or frequency, and the size distribution to prioritize further work. If there are sufficient sample, grades can be predicted. Usually, the higher the number of stones per weight equates directly to high grades. Also important for grade is how quickly the diamond counts decay from the smaller sieve size to the next largest. In this batch of results, we see the decay flattening with and unexpected larger number of stones over 0.3 millimetre. With two 0.6-millimetre stones reporting. The Arbutus kimberlite could well be of economic interest if this trend continued, into larger stone sizes. The only way to determine this is to fetch more sample by future drilling." The laboratory also provided descriptions of all diamonds 0.3 millimetre in diameter and greater, of which there were eight. Of these, two are grey and translucent, five are white to off white, and one is yellow. All are described as aggregates or fragments. Please note these stones are too small to be consider gem, economic stones are over 1.18 millimetres in diameter.

A chain of custody protocol was used. Sample weights are dry weights.

A total of 143.05 kilograms (kg) of half NQ core, from drill hole 8 and full core from drill hole 9 consisting of 18 samples weighing on average 7.9 kg, were sent to the Saskatchewan Research Council laboratory, in Saskatoon. There they undergo a caustic fusion process where the samples are fused in kilns under heat for 24 hours to form a residue. The residue is then further chemically treated, the final product is then hand picked for diamonds utilizing a microscope. Each sample is spiked with distinct artificial diamonds to ensure good recovery. The laboratory is SCC accredited (ISO/IEC 17025).

The Arbutus kimberlite is adjacent and to the south of the Finlay kimberlite discovered in the 1990s. Previous workers drilled serval holes into Finlay but never made the results public. With Arbutus proving diamond positive, the JV now plans to test Finlay for diamonds.

The JV awaits the diamond results from the spring drilling program on Sequoia, these should become available over the next weeks. Once these diamond results are in hand, the JV will be able to scope further work and Sequoia. The JV also plans to continue to explore for new kimberlites on the property in 2023.

Qualified person

The qualified person for this news release is Mr. Doyle, AUSIMM, a geologist of over 30 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, Kuusamo, Finland.

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