JV Partner Commences Drilling, Diagras Diamond Property, Nwt
JV PARTNER COMMENCES DRILLING, DIAGRAS DIAMOND PROPERTY, NWT
VANCOUVER, BC / April, 26 2022 / Margaret Lake Diamonds Inc. ("MLD" or the "Company")
(TSXV:DIA)(FKT:M85)(OTC PINK:DDIAF) is pleased to announce that its JV partner’s HQ
diameter diamond drill program has begun on the first hole situated 22 meters south of the
original 2021 discovery hole. The drill pattern is designed to drill a vertical hole to 200 meters in
the interpreted east-west center of the kimberlite. After completion of the first hole a 2nd and 3rd
angled hole will be drilled from the same site to the east and to the west until they exit the
kimberlite. These are designed to find the country rock contacts of the north-south trending
kimberlite complex. Arctic Star plans to commence work to fill in on 200 meters and then 100-
meter centers along the Sequoia complex. This work, once completed will give an early first
estimate of the geology, geometry and tonnage of the kimberlite complex. Detailed core logging
will define the different kimberlite phases and caustic fusion micro-diamond analysis will
determine the different diamond grades and populations.
The final results of this inaugural delineation drill program will be used to design a 2023 bulk
sample to determine the diamond value and further refine the grade.
The phase 2, high resolution airborne, “Resolve” survey, flown by Xcalibur with 75m line-
spacing’s is now complete, with full coverage over the entire 48,346 ha Diagras property. The
data is being used to discern two types of drill targets. The Class “A” targets are new kimberlite
like anomalies that have not been previously drill tested. The new geophysical data reveals
several of these in both the magnetic and EM data. Figure 1 and Figure 2 are examples of this
style of target.
Figure 1: Lateral Plates of Airborne Geophysics Showing the Sequoia Kimberlite Complex and
Two New High Priority Targets. The Class “B” targets have been the main focus of our work on
the property to date. Previous explorers discovered 25 kimberlites in the 1990s, however many of
these kimberlites were tested as a classic single event, vertical, “carrot shaped” pipe like body,
however, experience in the Lac De Gras kimberlite field (an 80km by 120km ellipse containing
>200 kimberlites of similar age, with about 20 of these being mined or in a mine plan, processed
at the Ekati and Diavik centers), has demonstrated that many of the kimberlites are not single, but
multiple eruptive events with multiple lobes forming complexes, with complex shapes. The 2021
exploration program confirmed this concept with the discovery of five new kimberlites near
known bodies including the Sequoia kimberlite complex being the largest and having the highest
diamond counts. The new 75 metre spaced airborne data now at hand will short circuit the review
of the remaining known kimberlites and surrounding areas.
The recently commenced detailed ground geophysical program will initially focus on Class “A”
type targets near Sequoia. The Ekati and Diavik mines have groupings and clusters of economic
kimberlites within kilometers of each other and Arctic Star wants to give nature a chance to
deliver this in Sequoia’s orbit. They will then move onto Class “B” type targets and compelling
Class “A” type targets outside this orbit. Once several targets are defined the drill will move from
Sequoia to test them, later returning to Sequoia to complete the drilling season.
About Margaret Lake Diamonds Inc.
MLD is a Canadian based mineral exploration company engaged in the identification, review and
acquisition Uranium assets. MLD owns 100% interest in the Mormon Lake Uranium Property
near Payson, Arizona. 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.
Contact Information
Joel Warawa | VP Corporate Development | Tel: 780.667.6016 | Office: 604.681.7735 |
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Forward-Looking Statements
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