(TheNewswire)
VANCOUVER, BC – TheNewswire- December 5, 2022 - Margaret Lake Diamonds Inc.("MLD" or the "Company") (TSXV:DIA) (FKT:M85)(OTC:DDIAF) is pleased to announce that it hasreceived caustic fusion diamond results from the Sequoia KimberliteComplex ( “Sequoia” ) from the Diagras Project( “Diagras” ).
The Diagras project is located at prolific diamondproduction district of Lac de Gras in the Northwest Territories and isa Joint Venture (the “JV” ) between MLD(18.5%) and Arctic Star Exploration Corp. (81.5%) ( “Artic Star” ).
The results are given below in Table 1 along with theprevious results for comparison.
Sequoia by Year | +0.106 mm | +0.150 mm | +0.212 mm | +0.3 mm | +0.425 mm | +0.6 mm | +0.85 mm | +1.18 mm | Weight | Stones/ 100 kg |
2022 | 608 | 255 | 78 | 35 | 17 | 7 | 2 | 1 | 1650.5 Kg | 61 |
2021 | 282 | 117 | 39 | 23 | 10 | 6 | 1 | 1 | 505.3 Kg | 95 |
Total | 890 | 372 | 117 | 58 | 27 | 13 | 3 | 2 | 2155.8 Kg | 69 |
Notes for Table 1: The Sequoia caustic fusion results wereprocessed through SRC laboratories of Saskatoon, the core was handsplit and bagged in approximately 8kg samples to fit geologicalintervals where possible, the first half of core was sent andprocessed, then the second half of the core was sent using the samesample intervals. Both samples were sent by chain of custody, SRC isan independent lab and is SO/IEC 17025:2017 accredited. Samples are placed in a kiln, heated to 508 0 with caustic soda for 24 hours. The residue is hot poured through a0.075mm sieve, then further chemically treated if required until justthe refractory minerals remain including diamonds. The residue issized by sieving and then the diamonds are selected by a mineralogist.Larger diamonds (>0.5mm) are described and weighed. Those above0.3mm are photographed.
The results are from the 6 holes completed into Sequoiain spring 2022, 5 of which encountered kimberlite. The holes are partof a delineation drilling program designed to define the size, shape,geology, and tonnage of the Sequoia Kimberlite complex. In thisprogram, three holes are drilled from one collar, with the collarsbeing spread approximately 200m apart, with scope to infill up to 100mcenters. At each collar a vertical hole is drilled to the assumedcenter of the kimberlite, this will continue to 250m depth or when itexits the kimberlite. The rig is then tilted and spun, to drill aninclined hole to the east and then a hole to the west. These holes aredesigned to capture the edge of the kimberlite. Further drillingplanned for 2023 is required to complete this first past delineationprogram. The geophysical signature of the complex is at least 800mlong and the holes reported here are from the southern 200m.
Remarkable is the consistent descriptions of the stonesbeing overwhelmingly clear and white from the SRC lab and thiscontinues with the 2022 results. Photographs of the >0.3mm stoneshave been provided and can be viewed on JV partner Artic Star’swebsite at www.arcticstar.ca .
If this trend continues into the larger commercialstones, it bodes well for a higher-than-average prices for the Sequoiadiamonds. Average prices of commercial diamonds in the Lac De Grasfield are highly variable (From /ct to /ct), fromkimberlite and kimberlite. Sequoia will need to have goods at thehigher end of this spectrum to be economic, the coarse distribution,predominance of white clear stones, the high population of type 2stones and the concurring indicator mineral chemistry are layers ofevidence that this is achievable. A larger sample with >1000ct ofcommercial size diamonds will be required to confirm this. This sampleis planned for the 2024 Winter Road.
The geological observations from each hole report threemain rock types, a Coherent Kimberlite, a Volcaniclastic kimberlite,and a transitional kimberlite between these two types, a review of thediamond tenure of each rock type and their distribution is underwayand will be reported when completed.
Planning and budgeting are underway for the 2023program at Diagras Project and the Company looksforward to the next drilling .
Yari Nieken, President & Chief Executive Officer,commented “The company is overall happy with the results from the2022 drilling program despite the lab delays in assaying them. Thisyear was very positive and in line with the technical teams’expectations we look forward to the 2023 exploration season tocontinue our journey with this historical project. We are also excitedto see that the global industrial diamond market is expected to growin the forecast period of 2023-2028 at a CAGR of 3% to reach USD $2.2billion by 2026 due to speedy development in construction andautomotive industries.”
Figure 1
Figure1 : Size Frequency Graph:Stone size in carats versus Stones per tonne. Green line, Sequoia 2021results, Red line Sequoia total combined results. Red curve to theleft, is for guidance a 1ct/t grade curve with average gradient. Notethat it appears the lower gradient Sequoia curves will converge onthis line at large stone sizes.
About Margaret Lake DiamondsInc.
MLD is a Canadian based mineral exploration company. Aspart of its joint venture with Arctic Star Exploration, MLD holds an18.5 per cent interest in the Diagras diamond project NorthwestTerritories property. The property hosts 13 known kimberlitesoriginally discovered by DeBeers in the 1990’s and MLD believesthere is an opportunity to apply modern exploration techniques todefine additional kimberlites.
Qualified Person
The Qualified Person for this news release is BuddyDoyle, AUSIMM, a Geologist with over 35 years of experience in diamondexploration, discovery, and evaluation. A Qualified Person under theprovisions of the National Instrument 43-101.
On behalf of the Board
Margaret Lake Diamonds Inc.
"Yari Nieken"
President, Chief Executive Officer, Chairman
Tel: 604.328.0425 | Email: ynieken@gmail.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Disclaimer forForward-Looking Information
Information set forth in this newsrelease may involve forward-looking statements under applicablesecurities laws. Forward-looking statements are statements that relateto future, not past, events. In this context, forward-lookingstatements often address expected future business and financialperformance, and often contain words such as “anticipate”,“believe”, “plan”, “estimate”, “expect”, and“intend”, statements that an action or event “may”,“might”, “could”, “should”, or “will” be taken oroccur, including statements that address potential quantity and/orgrade of minerals, potential size and expansion of a mineralized zone,proposed timing of exploration and development plans, or other similarexpressions. All statements, other than statements of historical factincluded herein including, without limitation, statements regardingthe use of proceeds, TSXV final approval, and the explorationpotential of the Diagras project based on historical drill results andforward-looking statements. By their nature, forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause our actual results, performance orachievements, or other future events, to be materially different fromany future results, performance or achievements expressed or impliedby such forward-looking statements. Such factors include, amongothers, the following risks: the need for additional financing;operational risks associated with mineral exploration; fluctuations incommodity prices; title matters; and the additional risks identifiedin the annual information form of the Company or other reports andfilings with the TSXV and applicable Canadian securities regulators.Forward-looking statements are made based on management’s beliefs,estimates and opinions on the date that statements are made, and theCompany undertakes no obligation to update forward-looking statementsif these beliefs, estimates and opinions or other circumstances shouldchange, except as required by applicable securities laws. Investorsare cautioned against attributing undue certainty to forward-lookingstatements.
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