Margaret Lake Diamonds Provides Corporate Update on Uranium Property Acquisition and Joint Venture
Margaret Lake Diamonds Provides Corporate Update on Uranium Property Acquisition and Joint
Venture
VANCOUVER, BC , February 15 , 2022 . Margaret Lake Diamonds Inc. ("MLD" or the "Company")
(TSXV: DIA) (FKT:M85) (OTC PINK : DDIAF) is pleased to announce the TSX Venture Exchange has
accepted the purchase option agreement between the Company and Gold Express Mines Inc. dated January.
13, 2022, whereby the Company has an option to acquire a 100 % interest in the Mormon Lake uranium
property, consisting of 20 unpatented mining cla ims, located near Payson, Arizona. Pursuant to the option
agreement, the Company has paid $30,000 and will be issuing 500,000 common shares as consideration for
the property.
The Company is investigating potential acquisitions of other uranium properties in the United States of
America and Canada.
The Company has made all payments in accordance with the Joint Vent ure Agreement (“JV”) with Arctic
Star Exploration Corp. (“Artic Star”), and there is no plan for any further dilution of Company’s interest in
the JV. The Company is looking forward to seeing Arctic Star’s plan to complete 10 holes at the diamond
bearing Sequoia Kimberlite complex put into action. It is expected that the proposed drilling will help
define the size of the complex, the micro -diamond grade and geology. According to the news release of
Arctic Star dated February 28, 2022, a fter drilling at Sequoia is completed, the drill will l ikely be re -
deployed to discover new kimberlites. Phase 1 of the airborne survey completed coverage of 46% of the
property in late 2021. Arctic Star’s geophysical consultants have selected over 33 possible kimberlite
targets from a review of this work and ground crews are expected to be deployed to follow these up. Phase
2 of the airborne survey is also expected to be completed. Margaret Lake Diamonds plans to participate in
the Spring 2022 exploration program.
On behalf of the board of Margaret Lake Diamonds Inc.
"Neil Foran"
Neil A. Foran
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
(780) 667-6016
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", “plan” and similar expressions, or are 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 those 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