Vancouver, British Columbia--(Newsfile Corp. - May 6, 2021) - Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85) (OTC: DDIAF) ("MLD" or the "Company") is pleased to announce Arctic Star Exploration Corp. (TSXV: ADD) (FSE: 82A2) (WKN: A2DFY5) (OTC Pink: ASDZF) ("Arctic Star" or the "Company") has discovered a third kimberlite during its Spring 2021 exploration program on the Diagras project, Lac de Gras district, NWT. The discovery has been named Alder.

The Alder kimberlite was found by drilling a distinct EM anomaly in the vicinity of the known HL02 kimberlite. Drilling at a dip of 60° it encountered kimberlite at 19 meters in depth. The drill continues to intersect kimberlite at 115 meters in depth. Drilling will continue in order to obtain more kimberlite for caustic fusion diamond analysis. After completion of this hole the rig will move to the next target.

Earlier in the week the drill tested a target near the known Kong kimberlites. No kimberlite was intersected however the drilling did not explain the EM anomaly being tested. Arctic Star is likely to return to this target in this or future exploration programs.

Qualified Person

The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist with over 30 years' experience in diamond exploration, discovery and evaluation. A Qualified Person under the provisions of National Instrument 43-101.

Contact Information

Neil Foran
Chief Executive Officer
(604) 681-7735
neil@margaretlakediamonds.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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" 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.

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