Margaret Lake Diamonds announces the commencement of ground geophysical exploration on the Diagras property NT
Margaret Lake Diamonds announces the commencement of ground
geophysical exploration on the Diagras property NT
May 8, 2017- Vancouver, British Columbia—Margaret Lake Diamonds (“DIA” or the “Company”)
(TSX-V: DIA) is pleased to announce that its joint venture with Arctic Star Exploration Corp
(“ADD”) (TSX-V: ADD) has initiated a ground exploration program on its Diagras property. DIA is
the operator of this program with a 60% interest and ADD contributing 40 %. Diagras is located in
the north-eastern part of the prolific Lac de Gras kimberlite field, 22km NNE of the Diavik diamond
mine and 36km east of the Ekati diamond mine in NT Canada. Research and data compilation
shows that the property hosts over a dozen kimberlites, with most of them diamondiferous.
The claims selected by the company comprise 23 and total 18,699hectares, forming the Diagras
property. The property was obtained by posting a bond of approximately $200,000 with the
Government of the Northwest Territories.
The Diagras property is located in the prolific nor th-northeastern part of the Lac de Gras
kimberlite field where the Diavik (operated by Rio Tinto PLC) and Ekati diamond mines (operated
by Dominion Diamonds Corp.) are located. The follow ing diamondiferous deposits A21, A418,
A154S, A154N, Piranha Lynx, Misery, A841, and Jay k imberlite pipes, line up in a >25 km.
structural corridor trending NNE into the Diagras property. The nearest of these pipes, Jay is just
8.9 kilometers from the Diagras boundary.
Diagras has diamondiferous kimberlites
Historical work on the Diagras property was origina lly conducted by De Beers in the 1990s and
some subsequent work by Majescor Resources in 2004. Whilst being explored by De Beers it was
known as the Hardy Lake property, it was their work that identified the 13 known kimberlites on
the Diagras property controlled by the joint venture.
Originally the kimberlites were discovered primaril y as the result of follow-up of airborne
magnetic surveys some 2 decades ago. In some instan ces short holes were drilled that did not
explain the magnetic anomalies.
Exploration Strategy
The Joint Venture has mobilised crews to undertake ground geophysical surveys in the area of
known kimberlites and also to evaluate other previo usly unresolved targets. The geophysical
surveys will comprise of ground gravity, magnetics and the OhmMapper ground EM method. The
objective of this work is to attempt to detect previously undiscovered non-magnetic phases near
the original magnetic kimberlite discoveries. The Jack Pine kimberlite, one of the 13 kimberlites
in our portfolio, is one such large complex kimberl ite, with multiple phases with different
geophysical responses. It is hoped that our planned surveys will reveal similar geology around the
other pipes. There is also a good chance to find n ew kimberlites using these new ground
geophysical techniques. This ground geophysical wor k has now commenced and is designed to
establish drill targets which will be slated for testing in the next phase of the exploration program.
Field work on this program calls for completion in mid-May which will then require interpretation.
Current weather and ground conditions are considered good for this program.
The technical data in this news release has been re viewed by Mark Fields P. Geo., a Qualified
Person under the provisions of National Instrument 43-101.
About Margaret Lake Diamonds
Margaret Lake Diamonds Inc. is a diamond exploratio n company focussed on the Northwest
Territories with two exploration properties. The Di agras project is as detailed elsewhere in this
release. The other project is Margaret Lake (adjacent to Kennady north and in close proximity to
Gacho Kué, the newest Canadian diamond mine owned b y De Beers and Mountain Province
diamonds).
ON BEHALF OF THE BOARD OF DIRECTORS
“Paul Brockington”
Paul Brockington, President and Chief Executive Officer
Website: www.margaretlake.ca
For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington
President and CEO
Phone: 604-630-2810
This news release contains forward-looking informat ion that involve various risks and
uncertainties regarding future events. Such forward -looking information can include without
limitation statements based on current expectations involving a number of risks and uncertainties
and are not guarantees of future performance of the Company. Actual results and future events
could differ materially from anticipated in such information. These and all subsequent written and
oral forward-looking information are based on estim ates and opinions of management on the
dates they are made and expressed qualified in their entirety by this notice.
The Company assumes no obligation to update forward-looking information should circumstances
or management’s estimates or opinions change. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the p olicies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.