Diamond Exploration in Canada’s Northwest Territories
Margaret Lake Diamonds Inc. (TSXV:DIA) is a Canadian junior mining company focused on exploring its two diamond properties, Margaret Lake and Diagras properties, in the Northwest Territories (NWT) and its Kiyuk Lake gold property in Nunavut, Canada. Margaret Lake and Diagras are located in a region seeing enhanced interest for diamond exploration.
The company’s wholly-owned Margaret Lake property is located only nine kilometers north of Canada’s newest diamond project, the Mountain Province Diamonds (TSX:MPVD) and De Beers Group Gahcho Kué mine, and two kilometers away from Kennady Diamonds’ (TSXV:KDI) Kennady North project, home to the Kelvin and Faraday kimberlite deposits. The company has launched an exploration program at the Margaret Lake project with the goal of further developing six kimberlite target areas on the property.
As part of a joint venture with Arctic Star Exploration (TSXV:ADD), the company’s second project in the Northwest Territories is a 60 percent interest in the Diagras property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990s and Margaret Lake believes there is an opportunity to apply modern exploration techniques to define additional kimberlites. To date, the company has acquired the necessary regulatory approval to proceed with all future drill programs on the project.
Margaret Lake has recently acquired the Kiyuk Lake gold property in the Kivalliq region in southern Nunavut, Canada. The property has seen significant past exploration by Newmont Mining (NYSE:NEM) and Cache Exploration (TSXV:CAY) including 13,000 meters of drilling and the delineation of four mineralized zones: Rusty, Gold Point, Cobalt and Amundsen. The property also hosts five high-priority target areas that have not been drill tested. Mineralization has been traced over a 13-kilometer strike length that remains open in all directions.
- Three projects in the safe and stable jurisdictions of NWT and Nunavut, Canada.
- Margaret Lake project nine kilometers away from newest Canadian diamond mine: Gahcho Kué.
- Diagras project with 13 previously uncovered kimberlites with potential for discovery.
- Exploration initiatives underway at both properties.
- Experienced management team with extensive insight in diamond exploration in the NWT.
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