Margaret Lake Diamonds Provides Corporate Update on Uranium Property Acquisition and Joint Venture
VANCOUVER, BC, February 15, 2022. Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV: DIA) (FKT:M85) (OTC PINK: DDIAF) is pleased to announce the TSX Venture Exchange has accepted the purchase option agreement between the Company and Gold Express Mines Inc. dated January. 13, 2022, whereby the Company has an option to acquire a 100 % interest in the Mormon Lake uranium property, consisting of 20 unpatented mining claims, located near Payson, Arizona. Pursuant to the option agreement, the Company has paid $30,000 and will be issuing 500,000 common shares as consideration for the property.
The Company is investigating potential acquisitions of other uranium properties in the United States of America and Canada.
The Company has made all payments in accordance with the Joint Venture Agreement (“JV”) with Arctic Star Exploration Corp. (“Artic Star”), and there is no plan for any further dilution of Company’s interest in the JV. The Company is looking forward to seeing Arctic Star’s plan to complete 10 holes at the diamond bearing Sequoia Kimberlite complex put into action. It is expected that the proposed drilling will help define the size of the complex, the micro-diamond grade and geology. According to the news release of Arctic Star dated February 28, 2022, after drilling at Sequoia is completed, the drill will likely be redeployed to discover new kimberlites. Phase 1 of the airborne survey completed coverage of 46% of the property in late 2021. Arctic Star’s geophysical consultants have selected over 33 possible kimberlite targets from a review of this work and ground crews are expected to be deployed to follow these up. Phase 2 of the airborne survey is also expected to be completed. Margaret Lake Diamonds plans to participate in the Spring 2022 exploration program.
On behalf of the board of Margaret Lake Diamonds Inc.
"Neil Foran"
Neil A. Foran President & CEO
For further information, please contact:
Joel Warawa VP of Corporate Communications (780) 667-6016
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially", “plan” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com