Margaret Lake Diamonds Reports Filing of Nickel-Cobalt Technical Reports for Old Nick and Letain Projects, British Columbia
Resource Estimates
Technical Reports (NI 43-101)
Exploration Programs
| VANCOUVER, BC / June 3, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") | ||
| (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) | is pleased to announce the TSXV has reviewed the | |
| technical reports of the Old Nick, Nickel-Cobalt (Old Nick) project in Southern British Columbia and the | ||
| Letain, Nickel-Cobalt (Letain) project in North-Western British Columbia and has found them both to be | ||
| NI 43-101 compliant. The approval on the acquisition of the properties has not yet been obtained. Th | e | |
| completed report is available under the Company’s profile on SEDAR at www.sedar.com. |
| The Old Nick-Nickel Cobalt project | |
| The property is a quartzite-hosted stratabound nickel-cobalt deposit (with minor chromite). The | |
| mineralization is hosted by Paleozoic Anarchist Group fuchsite-bearing quartzites with disseminated | |
| pentlandite/pyrrhotite. The deposit has been defined by 51 drill holes totalling 4,417 meters and 19 | |
| trenches totalling 1,533 meters. Laterally, the zones extend for at least 500 meters along strike. Bench | |
| scale column leach testing in 1995-1996 and 2004-2005 indicated the potential for economic recovery of | |
| nickel and cobalt by acid heap leaching and Solvent Extraction/Electrowinning processes. There is | |
| significant potential to expand the deposit both along strike and down the dip of the known mineralization | |
| as well as within the same prospective stratigraphy elsewhere on the property. Makepeace (2007) defined | |
| an historic Inferred Mineral Resource estimate of 17.24 million tonnes at a grade of 0.1914 %Ni and | |
| 0.0095 %Co, with a nickel cut off grade of 0.14 %Ni. This estimate is not current and not to be relie | d |
| upon. | |
| In 1971, a MSc. thesis on the Old Nick deposit outlined 2 generations of pentlandite occurring | |
| interstitially within the pyrrhotite. Elevated nickel values are associated with mariposite bands. The dunite | |
| and quartzite had similar Ni/Cr values suggesting a common source of metal mineralization. Chromium | |
| occurs in mariposite. From 1995-1998 Applied Mine Technologies Ltd. (AMT) completed 6 diamond | |
| drill holes into the deposit. Part of the resultant core was used for their bench scale and column leach | |
| testing of the Old Nick mineralization. The metallurgical tests indicated that acid heap leaching and | |
| selective SX/EW recovery methods could recover the nickel and cobalt. A preliminary scoping study at | |
| the time indicated the potential for positive economics based on this new process technology. The | |
| economics were based on a 50 million tonne deposit with an anticipated grade of 0.2 % Ni and 0.01 % Co | |
| with recoveries of 60 % Ni and 50 % Co. The metal prices used in the calculation were USD 8.20 per | |
| kilogram of Ni and USD 41.06 per kilogram of Co. This study is also not current and not to be relied | |
| upon. |
| Letain Nickel | ||
|---|---|---|
| The Letain Ni claims cover ultramafic rocks that consist of variably deformed and serpentinized peridotite | ||
| and minor dunite, associated intrusive mafic dykes, and fault-bound volcanic and sedimentary rock | s | |
| which are part of the ophiolitic Cache Creek Group allochthonous terrain. Several peridotite-hosted zones | ||
| contain fine and coarse Ni-Fe alloy grains (awaruite), which are exposed as bedrock ridges in the east- | ||
| central portion of the claim group at 1,700-2,050 m elevation. Disseminated fine to coarser grain | ||
| awaruite was found in serpentinized ultramafic rocks. In the north portion of the property the peridotite is | ||
| massive, black in colour with fewer vein-fracture textures, however the change in texture of the peridotite | ||
| appears to have little or no effect on the Ni-Cr-Co content which appears to be relatively consistent | ||
| (2,000-3,000 ppm Ni, 1,000-3,000 ppm Cr and 100-150 ppm Co) throughout the ultramafic comple | x | |
| exposed on Tenure #1058958. Samples from the central ridge of the property delineated a 1,100 metre | ||
| long discontinuous zone of coarse-grained (>100µm) awaruite. Rock chip samples (25 in total) in 201 | 8 | |
| covered a 1 X 1.3 km area located in the east-central part of the claims, where First Point Minerals | ||
| discovered fine and coarse-grained awaruite (native Ni-Fe) mineralization in 2010-2011. Awaruite | ||
| mineralization occurs in 2 different habits, fine Ni-Fe alloys or larger composite grains. Fine awaruite | ||
| grains (10-100 µm) are disseminated in the serpentine matrix. NiFe alloys have a highly reflective | ||
| white/silver color. Larger composite grains (100-300 µm) are a mixture of Ni-Fe alloys and lesser Ni-F | e | |
| sulphides. Awaruite (native Ni-Fe) occurrences are the main focus of economic mineralization on the | ||
| Letain nickel property. | ||
| Mutual Release and Rescission of Contract with Korid Energy Co. Ltd. | ||
| Margaret Lake Diamonds announces the mutual release and rescission of contract that was entered into on | ||
| the 13th day of January 2020 with Korid Energy Co. for circumstances beyond the reasonable control o | f | |
| both parties, which materially and adversely affected contractual performance. The parties have mutually | ||
| agreed that the agreement between the two companies shall be rescinded, terminated and cancelled. | ||
| Qualified Person | ||
| The Qualified Person for this news release is Jo Shearer, an independent economic geologist with | ||
| extensive experience in mineral exploration throughout North America. A Qualified Person under the | ||
| provisions of National Instrument 43-101. |
Contact Information
Neil Foran Chief Executive Officer (604) 681-7735 [email protected]
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Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com.