Financial News
Margaret Lake Diamonds Announces Completion of Site Visit, Old Nick Nickel-Cobalt Project, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2021) - Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85) (OTC: DDIAF) ("MLD" or the "Company") is pleased to announce a site visit has been completed at the Old Nick Nickel-Cobalt project in Southern British Columbia, June 14-17, 2021. Examination and sampling of surface nickel and cobalt bearing bedrock mineralization from trenches originally completed by Newmont Mining Corporation of Canada Ltd. ("Newmont") occurred. This fieldwork included collection of 12 rock samples of 0.5 - 1.0 meter interval length and a 50kg bulk sample for confirmatory metallurgical analyses. The samples have been submitted to Actlabs (Kamloops, BC) for 8-Peroxide ICP OES geochemical analysis. The Company has begun permitting activities for the purpose of drilling. See press release dated Thursday, June 3, 2021 and British Columbia MINFILE 082ESW055 for detailed information regarding the deposit and claims.
Historical Exploration
The Old Nick deposit is defined by 51 drill holes totaling 4,417 meters and 19 trenches totaling 1,533 meters. Mineralization occurs over at least 500 meters along strike. There is significant potential to expand the deposit both along strike and down dip of the known mineralization as well as within the same prospective stratigraphy elsewhere on the property. The Old Nick deposit consists of two northeast trending stratiform-type nickel mineralized zones. The Upper Zone has an average width of 100 meters while the lower is approximately 10 to 20 meters wide. Laterally the zones extend for at least 500 meters along strike. From 1967 - 1968 Newmont completed extensive trenching and as well as metallurgical testing. The property has been explored intermittently since that time. In 2007 David K. Makepeace, P. Eng. defined a historic Inferred Mineral Resource estimate of 17.24 million tones at a grade of 0.1914% Ni and 0.0095% Co. This estimate was prepared in compliance with National Instrument 43-101, but has not been independently verified by the Company and is not to be relied upon.
Figure 1. NW trending trenching along the properties main strike zone
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Figure 2. Neil Foran, CEO Margaret Lake Diamonds Inc. inspecting NW trending trenching along the properties main strike zone
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Figure 3. The core shack containing the 2004 Core has been located and logging has begun
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Figure 4. Surface grab samples, including 50kg bulk sample for purpose of confirming previous MET results
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Highlights of the 2004 drill campaign
| Drill hole | East UTM | North UTM | From (m) | Intercept Length (m) | Nickel % | Cobalt % |
| DHN04-1 | 346145 | 5434473 | 13.34 | 4.66 | 0.266 | 0.020 |
| (Azim/Dip 340o/-45o) | 32.00 | 79.95 | 0.155 | 0.012 | ||
| Incl. 32.00 | 11.00 | 0.169 | 0.011 | |||
| Incl. 49.90 | 6.70 | 0.199 | 0.014 | |||
| Incl. 61.00 | 25.96 | 0.183 | 0.012 | |||
| Incl. 91.50 | 7.50 | 0.185 | 0.011 | |||
| 116.50 | 19.50 | 0.143 | 0.010 | |||
| DHN04-2 | 346114 | 5434193 | 56.50 | 7.50 | 0.161 | 0.010 |
| (Azim/Dip 340o/-50o) | 83.50 | 3.00 | 0.151 | 0.010 | ||
| 95.50 | 27.00 | 0.225 | 0.014 | |||
| 137.50 | 30.00 | 0.205 | 0.012 | |||
| DHN04-3 | 346254 | 5434529 | 17.00 | 79.00 | 0.148 | 0.009 |
| (Azim/Dip 340o/-60o) | 103.50 | 18.00 | 0.180 | 0.010 | ||
| DHN04-4 | 345965 | 5434654 | 4.27 | 35.73 | 0.121 | 0.007 |
| (Azim/Dip 160o/-45o) | ||||||
| DHN04-5 | 345984 | 5434630 | 12.5 | 40.50 | 0.127 | 0.007 |
| (Azim/Dip 340o/-60o) | ||||||
| DHN04-6 | 346062 | 5434302 | 17.2 | 40.30 | 0.128 | 0.008 |
| (Azim/Dip 340o/-55o) | 60.50 | 26.00 | 0.140 | 0.008 | ||
| 109.00 | 6.00 | 0.126 | 0.007 | |||
| DHN04-7 | 346100 | 5434664 | 17.00 | 13.50 | 0.177 | 0.010 |
| (Azim/Dip160o/-55o) | ||||||
| 59.00 | 6.00 | 0.151 | 0.008 | |||
| DHN04-8 | 346341 | 5434521 | 35.05 | 20.70 | 0.183 | 0.011 |
| (Azim/Dip 340o/-60o) | 55.75 | 7.40 | 0.158 | 0.008 | ||
| 67.00 | 61.50 | 0.139 | 0.008 | |||
| Incl. 78.00 | 16.80 | 0.179 | 0.014 | |||
| Incl. 99.25 | 4.90 | 0.154 | 0.009 | |||
| Incl. 108.41 | 5.59 | 0.166 | 0.011 | |||
| 133.00 | 9.5 | 0.147 | 0.008 | |||
| 146.72 | 5.78 | 0.130 | 0.009 | |||
| DHN04-9 | 346428 | 5434427 | 32.50 | 9.00 | 0.190 | 0.009 |
| (Azim/Dip 337o/-45o) | 45.00 | 7.50 | 0.167 | 0.011 | ||
| 55.50 | 4.50 | 0.173 | 0.008 | |||
| 70.5 | 3.00 | 0.146 | 0.007 | |||
| 91.50 | 70.00 | 0.169 | 0.010 | |||
| DHN04-10 | 346267 | 5434269 | 12.00 | 52.50 | 0.178 | 0.010 |
| (Azim/Dip 340o/-50o) | 101.50 | 9.00 | 0.131 | 0.007 |
Qualified Person
The Qualified Person for this news release is Jo Shearer 'P. Geo.' an independent economic geologist with extensive experience in mineral exploration throughout North America. 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 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 news release.
Cautionary Statement Regarding Forward-Looking Information
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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantee's of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88256
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