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Margaret Lake Diamonds Inc. (OTC PINK: DDIAF) announced a non-brokered private placement of units priced at $0.05 each, aiming for proceeds up to $500,000. Each unit includes one common share and one common share purchase warrant, allowing the holder to buy a share at $0.10 for 24 months. The offering proceeds will support exploration of the Old Nick and Letain Nickel Cobalt properties, support the Joint Venture with Arctic Star Diamond Exploration, and cover legal and administrative costs. The securities will have a four-month hold period.
Margaret Lake Diamonds Inc. (OTC PINK: DDIAF) announced that its partner, Arctic Star, has received diamond results from their Spring drilling program, revealing five new Kimberlite discoveries. Notably, the Sequoia Kimberlite showcased the highest diamond count, suggesting a coarser diamond size distribution. Processing was conducted by independent labs, ensuring quality control. The Cedar Kimberlite showed only one microdiamond, indicating potential dilution. An EM survey is currently underway for further exploration insights.
Margaret Lake Diamonds Inc. (OTC PINK: DDIAF) announced the successful completion of the second round of caustic fusion diamond results from the Sequoia Kimberlite complex, with a total of 505 kg of core processed. The diamond assays confirmed varying diamond counts across different rock types and highlighted distinctive indicators from the volcanoclastic and coherent kimberlites. Notably, significant 'G10' and eclogitic garnets were found only in the coherent kimberlite. This follows positive earlier results, enhancing investor interest in the Sequoia Kimberlite project.
Margaret Lake Diamonds (OTC PINK: DDIAF) announced significant results from Arctic Star's drilling program at the Sequoia Kimberlite complex. The first hole's analysis revealed various diamond indicator minerals, suggesting the potential presence of large diamonds. Notably, the indicators match those found in diamonds over 50 carats globally. A bulk sample will confirm diamond distribution, with further drilling set for spring 2022. The analysis, conducted by a renowned laboratory, indicates a promising outlook for diamond recovery.
Margaret Lake Diamonds announced significant findings from their Letain Property in British Columbia. Samples revealed high concentrations of coarse grain awaruite, prompting testing by SGS Canada for metal content including Fe, Ni, S, Cr, Co. The geological context indicates potential for economically viable nickel-cobalt mineralization, similar to First Point Minerals' nearby project, which has substantial resources. Additionally, the company granted stock options totaling 3,500,000, representing 6% of outstanding shares, to its directors and officers.
VANCOUVER, BC / ACCESSWIRE / July 6, 2021 / Margaret Lake Diamonds Inc. (OTC PINK:DDIAF) announces that Arctic Star Exploration Corp. has discovered five new kimberlites during its Spring drilling program at the Sequoia kimberlite complex. Initial diamond results show contrasting counts between drill holes DG2021-04 and DG2021-05, with the former yielding nearly double the diamonds. The operation indicates potential for significant diamond resources, encouraging further exploration with a $2.1 million budget planned for Summer/Fall 2021. Additional results from other kimberlites are expected in 3-6 weeks.
Margaret Lake Diamonds Inc. announces that the technical reports for the Old Nick and Letain Nickel-Cobalt projects in British Columbia have been reviewed and confirmed as NI 43-101 compliant by TSXV. The Old Nick project features a historic inferred mineral resource of 17.24 million tonnes at 0.1914% Ni and 0.0095% Co. The Letain project contains ultramafic rocks with awaruite mineralization. Additionally, the company mutually rescinded its contract with Korid Energy due to circumstances affecting performance. These developments could enhance the potential for future mineral exploration and economic recovery.
Margaret Lake Diamonds Inc. (OTC PINK: DDIAF) announced on September 29, 2020, that it has requested an exemption for its May 31, 2020 year-end financials and MD&A under BCSC blanket exemption BCI 51-515. The company plans to file these documents within 30-45 days and is currently under a trading blackout for insiders. The press release details material business developments since the prior quarterly filing, including interim financial statements and news releases, available on SEDAR.
