Margaret Lake Diamonds Inc. (TSX.V: DIA) ("Margaret Lake" or the "Company") is pleased to provide an exploration update on its Margaret Lake and Diagras properties located in the Northwest Territories. Margaret Lake Property
VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / March 12, 2018 /
Margaret Lake Diamonds Inc. (TSX.V: DIA) ("Margaret Lake" or the
"Company") is pleased to provide an exploration update on its Margaret Lake and
Diagras properties located in the Northwest Territories.
Margaret Lake Property
The Company is pleased to report it has generated three high priority drill ready
targets at its Margaret Lake Property (the "Property") from the ground geophysical
program undertaken in 2017. Additionally, there is one other target from previous
groundwork on the Property and two others targets from 2017 geophysics under
consideration for possible drill testing. Preparations are now underway planning a drill
program. The Company has already obtained regulatory approval to proceed with a
drill program on the Property.
Figure 1. Margaret Lake Diamond Property Map and Drill Targets
In the Spring of 2017, the Company completed a series of ground gravity and
OhmMapper™ (ground electromagnetics) surveys over nine targets previously
generated from a HeliFalcon™ airborne gravity gradiometer survey. Physical
bathymetric surveys complemented the ground gravity surveys to allow for
consideration of water column in data processing.
Three of the anomalies display a gravity low, bedrock conductor, or a combination of
both, while a fourth anomaly has been identified from historic groundwork, which
also displays coincident gravity and electromagnetic responses. These anomalies
exhibit characteristics interpreted as having the potential to represent diamondiferous
kimberlite bodies.
The Margaret Lake Property comprises 23 mineral claims totaling 23,199 hectares
contiguous to the north and west of Kennady Diamonds Inc.'s Kelvin and Faraday
projects. Kennady was successful in using similar ground gravity and OhmMapper™
surveys to reveal extensions to these kimberlites not displayed in magnetic surveys.
The Company holds a 100% interest in Margaret Lake and the Property is not subject
to any underlying royalties. It is located 300 kilometers east-northeast of Yellowknife
in the district of Mackenzie, Northwest Territories and just nine kilometers north of
Canada's newest diamond mine, Gahcho Kué, a De Beers/Mountain Province
Diamonds joint venture. Investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on Margaret Lake.
Diagras Property
The Company also maintains a 60/40 Joint Venture (the "Joint Venture") on the
Diagras Property ("Diagras") with Artic Star Exploration Corp. (TSX.V: ADD).
Diagras is comprised of 23 claims totaling 18,699 hectares located in the prolific Lac
de Gras diamond field, just 22 kilometers from the Davik and Ekati diamond mines.
Diagras is host to 13 known kimberlites that were initially discovered in the 1990's by
De Beers. Diagras sits along a wide corridor of diamond deposits that include
numerous kimberlite pipes currently being mined or developed for future mining,
including the A21, A418, A154S, A154N, Lynx, Misery, and Jay kimberlites. Each of
the >1 carat per tonne diamond-bearing kimberlites exists along a 20-kilometer
structural trend.
Diagras Exploration Strategy
Joint Venture field crews completed a ground geophysical program at Diagras in the
spring of 2017 utilizing ground magnetics (129-line kilometers), ground gravity (23-
line kilometers) and ground electromagnetics (22-line kilometers) techniques. The
survey program was comprised of 11 separate geophysical surveys to further evaluate
areas of known kimberlites as well as evaluate partially defined targets generated from
public domain data.
Figure 2. Diagras Diamond Property Map
Margaret Lake, as manager of the Joint Venture in conjunction with Arctic Star
Exploration, believes there is the potential to apply detailed, modern ground
geophysical techniques in anticipation of defining additional kimberlite(s) or
kimberlite phases that may not have been evaluated in the past. This approach has
been successful elsewhere, such as at the Kennady Lake project, with the additional
discoveries of diamondiferous kimberlites at Kelvin and Faraday. The Joint Venture
partners believe that applying this successful approach used on other properties has
provided data gathered during the ground geophysical surveys completed in the spring
of 2017 that is indicative of kimberlite phases which have not yet been proven through
drilling. At the Jack Pine kimberlite target, all three geophysical methods (ground
magnetics, EM, and gravity) successfully extended the anomalous area beyond the
currently known kimberlite footprint in defining additional possible kimberlite phases.
The next phase of evaluation at Diagras will be to expand the ground geophysical
program to cover areas proximal to the other known, previously defined kimberlites in
order to expand the number of drill ready targets. The Company has received
regulatory approval to proceed with a drill program at Diagras.
Qualified Person
The technical data in this news release has been reviewed and approved by Mark
Fields, P.Geo., a Qualified Person under the provisions of National Instrument 43-
101.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds Inc. (TSX.V: DIA) is a diamond exploration company
focused on the Northwest Territories, Canada with two exploration properties. The
Margaret Lake project is adjacent to Kennady Diamonds and in close proximity to
Gahcho Kué, the newest Canadian diamond mine owned by De Beers and Mountain
Province Diamonds. The Company also has a 60/40 joint venture with Arctic Star
Exploration Corp. (TSX.V: ADD) to explore the Diagras property, which is
comprised of 23 claims totaling 18,699 hectares located in the prolific Lac de Gras
diamond field.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Brockington"
Paul Brockington, President, and Chief Executive Officer
For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington
President and CEO
Phone: 1.604.630.2810
Web: www.margaretdiamonds.com
Forward-Looking Statements
This news release contains forward-looking information that involves 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 estimates and opinions of management on the dates they are
made and expressed qualified in their entirety by this notice.
Neither 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.
SOURCE: Margaret Lake Diamonds