Margaret Lake Diamonds Announces that Arctic Star has discovered Kimberlite from first hole of its drill program, Diagras Project, Lac De Gras, NT.
Margaret Lake Diamonds Announces that Arctic Star has discovered Kimberlite
from first hole of its drill program, Diagras Project, Lac De Gras, NT.
VANCOUVER, BC / APRIL 16, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the
"Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) is pleased to announce Arctic
Star Exploration Corp. (“Arctic Star” or the “Company”) (TSXV: ADD) (Frankfurt: 82A2)
(WKN: A2DFY5) (OTC: ASDZF) has made a new discovery on the Diagras project in the
Lac de Gras kimberlite field, Northwest Territory 380km north of Yellowknife. The
discovery has been named the Birch Kimberlite .
It was discovered by drilling a vertical hole into a EM and gravity anomaly. The anomaly
also occupies a distinct gap in an otherwise continuous Mackenzie diabase dyke in the
magnetic data.
Kimberlite was discovered after drilling 28m through 11m of water and 17m of overburden
(glacial till). The drill exited the kimberlite at 71m. A second hole from the same drill setup
is underway to obtain more kimberlite for caustic fusion.
The drill collar is 220m SE of the known Black Spruce kimberlite discovered in the 1990s.
The Black Spruce kimberlite was discover ed by drilling a discrete magnetic low. In
contrast, the Birch kimberli te has no magnetic signature.
Buddy Doyle VP Exploration of Arctic said, “We are all elated to strike kimberlite so early
in our 2021 exploration program . It proves our explorati on concept, we expect more
discoveries as we proceed.” Mr. Doyle continued, “After completing the current drill hole
we will move from the Birch discovery to test other similar targets. The priority is to make
as many discoveries as we can before the ice melts. Material from each discovery will be
sent for caustic fusion. We will return to those kimberlites with the highest micro-diamond
counts and give them further attention.”
The Diagras project is a Joint Venture with Margaret Lake Diamonds Inc. Arctic is the
manager and operator of this joint venture.
Qualified Person
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of
over 30 years’ experience in diamond exploration, discovery, and evaluation. A
Qualified Person under the provisions of National Instrument 43-101.
Contact Information
Neil Foran
Chief Executive Officer
(604) 681-7735
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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 informatio n is typically identified by words such as: "believe",
"expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are
those, which, by their nature , refer to future events. The Company cautions investors
that any forward-looking information provid ed by the Company is not a guarantee of
future results or performance, and that act ual 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 filin gs for a more co mplete discussion of such risk factors and
their potential effects, wh ich may be accessed throug h the Company's profile on
SEDAR at www.sedar.com .