Margaret Lake Cheers as JV Partner Arctic Star Discovers New Kimberlite, “Arbutus” Diagras Project
TSX-V: DIA
June 1st, 2022
Margaret Lake Cheers as JV Partner Arctic Star Discovers New Kimberlite, “Arbutus” Diagras Project
June 1, 2022 Vancouver, British Columbia – Margaret Lake Diamonds Inc cheers as it JV Partner announces that its exploration team has discovered a new kimberlite that has been named “Arbutus” on it’s Diagras project, Northwest Territories.
The discovery was made by testing a Class B type kimberlite target from wide helicopter
| supported EM survey on the Diagras project and from ground geophysical follow-up. | The Class |
| “B” targets are the 25 known kimberlites on the property. The historic exploration tended to | |
| assume these kimberlites were classic single event, vertical, “carrot shaped” pipe like bodies as | |
| dictated by the kimberlite model. However, experience in the Lac de Gras kimberlite field, (an | |
| 80km by 120km ellipse containing >200 kimberlites of similar age), has demonstrated that many | |
| of the kimberlites are not single, but multiple eruptive events with multiple lobes forming | |
| complexes, with complex shapes. The Class B style target has been the focus of our exploration | |
| to date and in 2021 it led to the discovery of 5 new kimberlites, including Sequoia, confirming | |
| the concept. |
In this case the Arbutus kimberlite was discovered by drilling a distinct magnetic low SE of the known Finlay Kimberlite. Early description of the kimberlite is that it is a Coherent kimberlite with coarse sub centimeter olivines and abundant diamond and mantle indicator minerals and example of which is shown in Figure 2. From the drill intercepts and geophysics the pipe appears about 200m long and 25m wide.
Figure 1: Ground Magnetic gridded image showing the anomaly of Finlay, dark blue and Arbutus a magnetic low SE of Finlay (also dark Blue). Several drill holes were completed historically into Finlay, by De Beers in the 1990’s. The black dot is the collar of the De Beers holes, the Orange dot is the collar location of the JV’s Holes 210m distant.
Figure 2: An example of the Coherent kimberlite recovered from drilling the Arbutus Kimberlite, note the Chrome Diopside (Green) and Garnet (Burgundy Red) prominent indicator minerals, with abundant coarse olivine in a dark matrix.
| Drill Hole | From | To | Geology |
|---|---|---|---|
| DG2022-08 | 0m | 7.8m | Till |
| 7.8m | 28.2m | Kimberlite | |
| 28.2m | 48m | Granite EOH | |
| DG2022-09 | 0m | 9m | Till |
| 9m | 27m | Kimberlite | |
| 27m | 57m | Granite |
Drill hole DG2022-08 was drilled at a dip of minus 50º and a bearing of 60º, DG2022-09 was drilled from the same collar and bearing at a 70º dip.
Qualified Person
The technical information included in this news release has been prepared, supervised, and approved by Buddy Doyle, AUSIMM, a Qualified Person under National Instrument 43-101. Mr. Doyle is a Geologist with over 35 years of experience in diamond exploration, discovery, and evaluation.
The Diagras project is a joint venture between Arctic Star Exploration Corp. (currently 81.5%) and Margaret Lake Diamonds Inc. (currently 18.5%).
About Margaret Lake Diamonds Inc.
MLD is a Canadian based mineral exploration company. As part of its joint venture with Arctic Star Exploration, MLD holds an 18.5 per cent interest in the Diagras diamond project Northwest Territories property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990’s and MLD believes there is an opportunity to apply modern exploration techniques to define additional kimberlites. Additionally MLD owns 100% interest in the Mormon Lake Uranium Property near Payson, Arizona.
ON BEHALF OF THE BOARD OF DIRECTORS OF MARGARET LAKE DIAMONDS INC. Yari Nieken, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, the estimation of a mineral resource and the success of exploration activities. In this release it is not certain if the kimberlite discovered will be economic or not as this depends on many factors. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward- looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event we may require all funds raised, if any, to be used for working capital rather than the intended uses as outlined. Accordingly, readers should not place undue reliance on forward‐ looking statements. Arctic Star undertakes no obligation or responsibility to update forward‐ looking statements, except as required by law.