Margaret Lake Diamonds Annual General Meeting and Old Nick outcrop and grab sample results
Margaret Lake Diamonds Annual General Meeting
and Old Nick outcrop and grab sample results
VANCOUVER, BC / August 16 th, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the
"Company") (TSXV:DIA) (FKT:M85) is pleased to announce at the Company’s Annual
General Meeting held Thursday August 5 (the “Meeting”), all resolutions proposed were duly
passed by the shareholders of the Company.
Shareholders of the Company approved and re-appointed Neil Foran, Jim Wiesenberg, Patrick
Butler and George Kovalyov as Directors for the Company.
Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, were re-
appointed as the Company’s auditor for the ensuing year and the Board of Directors were
authorized to fix the remuneration to be paid.
Shareholders also approved both the Company’s 10% “rolling” stock option plan and
amendment to its article for the Advanced Notice Policy.
The Board of Directors and Management would like to thank all shareholders for their continued
support and confidence.
Outcrop and grab sample results
The Company recently carried out rock chip sampling of nickel-cobalt bearing mineralized
outcrop (and angular float) located on its Old Nick Nickel-Cobalt property. A total of 11 rock
chip samples were collected from the east-central portion of the property and sent to Actlabs
(Kamloops, B.C.) for 8 Peroxide Fusion ICP, which delivered the following results:
ID # Type Lithology Co % Cr
%
Ni % S % Mg
%
Ca
%
Fe
%
21-2 outcrop altered mafic rocks 0.019 0.35 0.201 4.05 3.14 1.28 12.5
21-3 outcrop arenaceous metasediment 0.004 0.16 0.058 1.19 0.81 0.04 3.67
21-4 outcrop altered mafic rocks 0.01 0.16 0.243 1.89 8.24 2.72 10.6
21-5 grab altered mafic rocks 0.011 0.19 0.263 2.04 8.46 2.25 11.5
21-6 outcrop arenaceous metasediment 0.01 0.17 0.253 1.72 9.01 5.69 9.55
21-7 grab arenaceous metasediment 0.018 0.2 0.297 1.6 6.95 0.53 15.3
21-8 outcrop arenaceous metasediment 0.005 0.15 0.118 2.05 14.1 5.71 6.75
21-9 grab arenaceous metasediment 0.006 0.2 0.131 1.79 3.93 3.36 7.1
21-
10
grab altered mafic rocks 0.011 0.33 0.211 1.46 6.35 9.49 6.98
21-
11
grab altered mafic rocks 0.009 0.4 0.151 1.44 4.69 8.86 7.77
21-
12
outcrop arenaceous metasediment 0.009 0.31 0.178 1.1 6.36 10.4 7.28
11 ROCK SAMPLES
AVERAGE=
0.01 0.24 0.19 1.85 6.55 4.58 9
(Source: Actlabs report # A21-11010)
A total of six outcrop samples were taken across an interval of 0.5-1 meter and five grab samples
consisted of angular float boulders. Sample lithology (rock type) was identified as altered mafic
rocks or arenaceous metasediments (sericitic quartzite). Alternate mixing zone of the two rock
types (altered mafic and sericitic quartzite), appears to be a favourable environment of deposition
for Ni-Co-Cr bearing mineralization.
Management intends to explore the depth and lateral extension of the main mineral zone in
addition to heap leach SX/EW metallurgical testing of Old Nick mineralization from drill core
samples.
The Old Nick deposit consists of two northeast trending stratiform-type nickel mineralized
zones. The deposit was discovered in the 1960's and fieldwork identified two generations of
pentlandite occurring interstitially within the pyrrhotite. Elevated nickel values are associated
with mariposite (fuchsite) bands and extensive alteration haloes. The dunite (peridotite) and
quartzite had similar Ni/Cr values suggesting a common source of metal mineralization.
Chromium occurs in mariposite (fuchsite). The Upper Zone has an average width of 100 meters
while the Lower Zone is approximately 10 to 20 meters wide. Laterally the zones extend for at
least 500 meters along strike. The deposits are hosted in Paleozoic-aged Anarchist Group meta-
sediments and mafic rocks and the nickel-bearing zones contain increased calcite-silica-sericite-
epidote-fuchsite alteration related to pentlandite-pyrrhotite bearing mineralization. There is
significant potential to expand the deposit both along strike and down the dip of the known
mineralization as well as within the same prospective stratigraphy elsewhere on the property.
Bench scale and column leach testing by Applied Mine Technologies Ltd in 1995 – 1996
indicated the potential for economic recovery of nickel and cobalt by acid heap leaching and
selective recovery by the Solvent Extraction / Electrowinning (SX/EW) mineral processing.
Margaret Lake Diamonds intends to do further leach tests to verify this favourable information.
Makepeace (2007) defined a historic “Inferred Mineral Resource estimate” of 17.24 million
tonnes at a grade of 0.1914 %Ni and 0.0095 %Co, with a nickel cut off grade of 0.14 %Ni. This
is not a current resource and is not being relied upon by Margaret Lake Diamonds. Continued
drilling is required to confirm the scale of the mineralized zone.
Qualified Person
The Qualified Person for this news release is Jo Shearer, an independent economic geologist
with extensive experience in mineral exploration throughout North America. A Qualified Person
under the provisions of National Instrument 43-101.
Contact Information
Neil Foran
Chief Executive Officer
(604) 681- 7735
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) 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 information is typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "potentially" and similar expressions, or a re 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 th ose 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.