Margaret Lake Diamonds Acquires Margaret Lake Project

Margaret Lake Diamonds Inc. (TSXV:DIA) announced that it’s entered into a mineral property transfer agreement under which it has acquired from Margaret Lake Diamonds Ltd. a 40-percent interest in the Margaret Lake project.
The company already held a 60-percent interest in the project and thus now holds it entirely.
As quoted in the press release:

On receipt of TSXV approval, the Company will issue 6 million common shares to MLDL. These shares will be issued in four equal tranches subject to resale restrictions and bearing the appropriate legends.  The legend dates are October 22 2015, April 22 2016, October 22 2016 and April 22 2017. In addition, there is a provision to issue a further one million shares if the Company takes a bulk sample that will provide a statistically meaningful evaluation of any diamond resource outlined on the Property.

The press release also states:

MLD is also pleased to announce that it has obtained a Type ‘A’ Land Use Permit from the Mackenzie Valley Land and Water Board.  This permit is effective for 5 years through to May 2020. This enables the Company to proceed with planning for a drill program to evaluate the 12 high priority drill targets as described in the news release of April 20, 2015. These targets are predominantly under lakes so the most effective way to drill will be from ice formed in the upcoming winter. Drill targets and examples of the geophysics and modelling data are presented in the Company’s updated Corporate Presentation – Defining Drill Targets in the Northwest Territories – which can be viewed on the Company’s website.

The successful negotiation of 100% interest in the Margaret Lake property places the Company in a strong position to advance the Property in the most efficient manner.  With the necessary Land Use Permit issued, the Company will be moving forward with planning for a drill program in the winter months.

Click here to read the full Margaret Lake Diamonds Inc. (TSXV:DIA) press release.