Margaret Lake Diamonds Commences Diamond Drilling on 100% Owned Margaret Lake Property, NWT
TSX VENTURE: DIA
Vancouver, British Columbia (FSCwire) - Margaret Lake Diamonds Inc. (TSX.V: DIA / FSE: M85) (“Margaret Lake” or the “Company”) is pleased to announce that diamond drilling is now underway at its 100% owned Margaret Lake Property (“the Property”) in the Northwest Territories. The Property is located just nine kilometers north of the Gahcho Kué diamond mine and two kilometers from the Kelvin and Faraday kimberlite deposits.
The drill program will test up to 6 targets on the Property. Each of the targets display a gravity low, bedrock conductor, or combination of both, and have been interpreted as having geophysical characteristics potentially representing kimberlite bodies. The Margaret Lake Property comprises 23 mineral claims totaling 23,199 hectares. The Company holds a 100% interest in Margaret Lake and is not subject to any underlying royalties.
The Company’s exploration model is based on similar methods previously utilized by Kennady Diamonds Inc. to delineate kimberlite targets. Kennady noted correlations between targeting non-magnetic pyroclastic kimberlite targets located next to a magnetic kimberlite dyke, with electromagnetic (EM) and gravity responses. This exploration model ultimately led to the delineation of the Kelvin-Faraday resource located contiguous to the south and east of the Company’s Margaret Lake Property. The Company notes that some EM responses received from its targets exhibit a similar shape to Kennady’s Faraday kimberlite. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on Margaret Lake.
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 the Kennady North project 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.