Margaret Lake Diamonds Inc. (“Margaret Lake”, “MLD”, the “Company”) (TSXV: DIA) under an option agreement with Canterra Minerals Corporation (“Canterra”) (TSXV: CTM) has the right to acquire an aggregate 49% right, title and interest in and to Canterra’s Marlin Property (the “Marlin Property”) in the Northwest Territories. The Marlin Property comprises 23 mineral claims covering an area of approximately 26,000 ha and lies contiguous to the north and west of the Kennady Diamonds project and west of MLD’s Margaret Lake Property.
On the Marlin Property, a total of 126 till samples were collected by Canterra and results have produced a 1.0 x 1.0 x 1.4 mm off-white, modified octahedral diamond, as well as several anomalous indicator minerals including pyropes recovered from neighbouring samples. A geophysical program was also undertaken utilizing the HeliFALCON® gravity gradiometer system combined with airborne magnetics. A 1,500 line km survey was flown over the northern portion of the Marlin Property on 75 metre line spacings at an average 45 metres above terrain, and is expected to isolate any high-definition gravity and magnetic anomalies. A digital terrain model together with detailed bathymetry, using WorldView2 high-resolution satellite imagery, was also completed and will enhance data interpretation and potential kimberlite target definition.
About Margaret Lake Diamonds
Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories in proximity to the next Canadian diamond mining development by De Beers and Mountain Province and adjacent to the ongoing exploration by Kennady Diamonds. The Board is comprised of persons with combined involvement of over 50 years in the Canadian diamond sector.