Margaret Lake Diamonds Prepares for Drill Program at Margaret Lake

Margaret Lake Diamonds Inc. TSX-V: DIA is providing 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 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 under way planning a drill program. The company has already obtained regulatory approval to proceed with a drill program on the property.

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 totalling 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-per-cent interest in Margaret Lake and the property is not subject to any underlying royalties. It is located 300 kilometres east-northeast of Yellowknife in the district of Mackenzie, NWT, and just nine kilometres north of Canada’s newest diamond mine, Gahcho Kue, 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 on the Diagras property with Artic Star Exploration Corp. Diagras comprises 23 claims totalling 18,699 hectares located in the prolific Lac de Gras diamond field, just 22 kilometres from the Davik and Ekati diamond mines.

Diagras is host to 13 known kimberlites that were initially discovered in the 1990s 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 greater-than-one-carat-per-tonne diamond-bearing kimberlites exists along a 20-kilometre 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 kilometres), ground gravity (23 line km) and ground electromagnetics (22 line km) techniques. The survey program comprised 11 separate geophysical surveys to further evaluate areas of known kimberlites as well as evaluate partially defined targets generated from public domain data.

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 are 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 have been reviewed and approved by Mark Fields, PGeo, a qualified person under the provisions of National Instrument 43-101.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds 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 Kue, 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. to explore the Diagras property, which comprises 23 claims totalling 18,699 hectares located in the prolific Lac de Gras diamond field.

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