Margaret Lake plans for diamond drilling

Margaret Lake Diamonds Inc. March 12 said it is putting together plans for potential 2018 drill programs at its Margaret Lake and Diagras diamond properties in the Northwest Territories.

The company said it has identified six drill targets at Margaret Lake, a 23,199-hectare property adjacent to the north and west of Kennady Diamonds Inc.'s Kennady North property and about nine kilometers (5.5 miles) north of Gahcho Kué, a diamond mine recently brought into production under a joint venture between De Beers Canada and Mountain Province Diamonds Inc.

Margaret Lake Diamonds said a ground electromagnetic geophysical program carried out last year has generated three high-priority, drill-ready targets at its namesake property.

These anomalies display a gravity low, bedrock conductor, or a combination of both.

A fourth anomaly, also being considered for drilling, was identified from historical groundwork, which also displays coincident gravity and electromagnetic responses.

Margaret Lake Diamonds said these anomalies exhibit characteristics interpreted as having the potential to represent diamondiferous kimberlite bodies and the company is planning for a drill program.

The company has already obtained regulatory approval to proceed with a drill program on the property.

The company also hopes to advance the Diagras property in the Lac de Gras region of Northwest Territories to the drill-ready stage this year.

Situated about 22 kilometers (14 miles) northeast of the Diavik diamond mine and about the same distance east of the Ekati Mine, Diagras hosts 13 kimberlites initially discovered by De Beers in the 1990s.

Margaret Lake Diamonds holds a 60 percent joint venture interest in the Diagras property, Artic Star Exploration Corp. holds the balance.

Ground geophysical surveys – magnetics, gravity and electromagnetics – carried out by joint venture field crews last spring evaluated areas of known kimberlites and partially defined targets generated from public domain data.

All three geophysical methods were used to extend the exploration potential of the Jack Pine kimberlite.

The next phase of evaluation at Diagras will be to expand the ground geophysical program to cover areas proximal to the other known, previously defined kimberlites in order to expand the number of drill ready targets.

Maragret Lake Diamonds say it already has regulatory approval to proceed with a drill program at Diagras.

–SHANE LASLEY