Margaret Lake Diamonds Earns 60-percent Interest in Property

Margaret Lake Diamonds Inc. (TSXV:DIA) announced that it has earned an undivided 60-percent interest in the Northwest Territories-based Margaret Lake diamond property. It is made up of 19 mineral claims that are contiguous to Kennady Diamonds Inc.’s (TSXV:KDI) Kennady North project.

As quoted in the press release:

To earn its 60% interest, MLD was required to make a cash payment in lieu of filing assessment work in 2013 (approximately $100,000) and incur not less than $1,000,000 in exploration expenditures by October 13, 2014. The Company has exceeded the expenditure requirement, having undertaken ground till sampling and an airborne geophysical survey on the Property this past summer. In particular, MLD completed the airborne survey using the HeliFalcon gravity gradiometer system over the entire Property at 75 metre line spacing to obtain high-definition gravity-gradiometry and magnetic gradiometry. Flown at an average 45 metres above terrain, the survey was designed to isolate any high-definition gravity and magnetic anomalies. MLD plans to use these data to define potential kimberlite drill targets.

The Company may earn an additional 10% interest for a total 70% undivided interest in the Margaret Lake Property by incurring an additional $1,000,000 in exploration expenditures by October 13, 2015. There are no option payments, share consideration, or royalties payable. The Company will continue to be the operator of all exploration programs on the Property.

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