Located near Taloyoak, Nunavut, the diamond exploration project is said to comprise four prospecting permits covering 105,637 hectares on the Boothia Peninsula.
The acquisition is part of the company’s ongoing analysis of exploration data.
Arctic is preparing to soon commence exploration on the property and start a drilling program.
Arctic Star exploration vice president Buddy Doyle said: "We look forward to planning our Spring/Summer exploration campaign and working with the government and communities to obtain the necessary permits to conduct this work."
The company appointed David Kelsch as the project geologist and manager.
Mineral sampling by past diamond explorers has showed diamond indicator mineralson the peninsula paving way for a possible kimberlite in the region.
Electron microprobing of these indicator mineral grains revealed presence of Chrome, Calcium G10 Pyrope garnets, which indicate presence of diamonds, the company said.
