Margaret Lake Diamonds Reports Spring Exploration Program Results for Margaret Lake and Diagras Properties, Northwest Territories, Canada
Margaret Lake Diamonds Reports Spring Exploration Program Results
for Margaret Lake and Diagras Properties, Northwest Territories,
Canada
Vancouver, British Columbia / July 30, 2018 / Margaret Lake Diamond s Inc. (TSX.V: DIA / FSE:
M85) (“Margaret Lake” or the “Company”) reports the outcome of its 2018 spring exploration
programs at its 60% owned Diagras property (“Diagras”) and 100% owned Margaret Lake
Property (the "Property”) in the Northwest Territories.
Both projects were funded in part by significant grants from the Government of the Northwest
Territories (GNWT) Mining Incentive Program (MIP). The Company would like to thank the
GNWT for their support and recognition of the potential for these quality exploration programs.
Diagras Project
Exploration at Diagras consisted of Gravity, Magnetic and Electromagnetic (EM) ground surveys
focused around historically identified kimberlites as well as other airborne geophysical
anomalies with kimberlite like signatures. This groundwork is designed to develop tar gets for a
spring 2019 drill program. Diagras is a contributing Joint Venture (the “Joint Venture”) between
Margaret Lake, which acts as project operator and holds a 60% interest, and Arctic Star
Exploration Corp. (TSX.V: ADD) which holds a 40% interest. D iagras is located in the prolific Lac
de Gras diamond field just 35 k ilometers from the world -class Diavik diamond mine. The
Property lies directly on trend with the Diavik deposits currently being mined by a joint venture
between Rio Tinto and Dominion Di amond Diavik. The Diagras land package consists of 18,699
contiguous hectares of mineral claims containing 12 previously identified kimberlites.
Field work was completed by Aurora Geosciences Ltd. (AGL) and Initial Exploration Services Inc.
(IES) between M ay 27 and June 6, 2018. The surveys targeted kimberlite intrusions and were
designed to investigate areas proximal to known kimberlites as well as explore new target
areas. Warm temperatures during the time of the surveys caused a rapid snow melt and
flooding of the ice covered lakes. The conditions forced a premature end to the program
leaving some of the planned target areas untested. This work is planned to be completed in
2019.
A total of 133 gravity stations, 152 line kilometers of mag netics and 11.2 l ine kilometers of
OhmMapper survey were completed.
Drill Targets Identified
Of the surveys conducted this year, DG007, HL02 and Suzanne have emerged as interesting,
drillable targets, showing evidence of multi-phase kimberlite complexes.
At Suzanne , a combined EM and Gravity anomaly distinctly breaks a diabase dyke, with a
separate magnetic low to the south . The Company has not located the previous drill holes, but
it is likely they targeted either the EM or the magnetic anomaly , but not both. The anomaly is
large enough (250m) to deserve more than one drill hole to search for different phases.
At HL02, two long angle holes from the shore line (the anomaly is in a lake) were targeted and
completed within this kimberlite by the previous explorers. The ma gnetic signature in this area
is complex, suggesting the possibility of untested phases. The partly completed EM survey
conducted this year shows an EM anomaly associated with the kimberlite but not tested
directly by previous drilling.
At the DG007 anom aly, previous explorers targeted a “classic” Lac de Gras, magnetic and EM
anomaly. Two holes were drilled but failed to explain this anomaly, intersecting only granite.
One of the drill collars has been found in the field and its position is displaced from that
reported in assessment files, possibly due to GPS errors. Drilling to properly explain this target,
which the Company believes is likely to be kimberlite, is required.
The Joint Venture was also successful using this strategy during the spring 2017 e xploration
program. This work revealed gravity and EM anomalies proximal to known magnetic kimberlites
that constitute compelling drill targets. At the Jack Pine kimberlite, which is one of the largest
kimberlite complexes in the Lac de Gras diamond field (over 1.5km in its longest dimension),
the geophysical methods (ground gravity, EM and magnetics) highlighted obvious magnetic
kimberlite phases drilled by previous explorer De Beers Canada while also successfully defining
a new kimberlite -like geophysical expression, in the form of coincident gravity and EM
anomalies. At the Black Spruce kimberlite, a series of gravity lows occur adjacent to the south
of the known magnetic phase of the kimberlite. One of these gravity anomalies clearly breaks
and disturbs a diabase dyke, a common characteristic of many Lac de Gras kimberlites.
The Company now has drill targets with high potential to discover new kimberlite or untested
kimberlite phases in one of the best diamond addresses in the world, close to the operatin g
Ekati and Diavik diamond mines.
Future plans Diagras project
The Company plans to drill test the referenced targets as well as generate more targets through
an expanded ground geophysical and drill program in Spring 2019.
Diagras Land Package within Lac de Gras Diamond Field
Margaret Lake Property
The Company drill tested 5 separate targets at Margaret Lake in a program that lasted from
mid-May to early June. No kimberlite was intersected. Each of the targets tested displayed
either a ground gravity low, bedrock conductor, or combination of both. The following targets
were drill tested as listed in the table below:
The altered and broken granite at targets ML -06 and ML -07 could indicate proximity to a
kimberlite intrusion as similar conditions are observed in proximity to kimberlites elsewhere on
the Slave craton. The ML051 gravity low anomaly is probably explained b y the deep
overburden. ML -07 and ML -08 targets geophysical signatures were not explained by the
drilling. The company also has a portfolio of untested targets remaining. The drilling campaign
was greatly aided by utilizing the Kelvin Camp operated by AGL a nd owned by Mountain
Province Diamonds on the Kennady North project. The opportunity to use this facility saved the
company from building its own accommodations, for which Margaret Lake Diamonds is truly
appreciative.
The Company plans to put exploration on the Margaret Claims on hold for the immediate
future to concentrate on the Diagras property. The mineral claims are in good standing and can
be re-visited in the future.
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.
Anomaly Drill Hole TD
(metres)
Bearing/Dip
Degrees
Comments
Location
ML-06 MLD-18-001 136 035/50
579482 E, 7042260 N
19m Overburden.
Intersected broken and
altered granite.
ML-051 MLD-18-002 40 225/-70 591435 E, 7047461.1 N
Hole lost in overburden
ML-06 MLD-18-03 100 035/-70 579721.5 E, 7042211.1 N
22m of overburden, granite
ML-041 MLD-18-04 135 145/-50
585787.2 E, 7048534.4 N
17m Overburden, altered
broken granite, minor granite
breccia, mafic dyke.
ML-07 MLD-18-05 135 148/-60
579063.8 E, 7041636.9 N
5m of Overburden, broken
Granite
ML-08 MLD-18-06 93 207/-55
579708.4 E, 7032813.5 N
9m of Overburden
Gneiss
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 Mountain Province Diamonds Kennady North project and in close p roximity 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: 604-630-2810
Website: www.margaretdiamonds.com
Forward-Looking Statements
This news release contains forward -looking information that involve s various risks an d
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. Act ual 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 qua lified 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) accepts responsibility for the adequacy or accuracy of this
release.