Tuesday 18th June 2019

Resource Clips


Posts tagged ‘Margaret Lake Diamonds Inc (DIA)’

Margaret Lake Diamonds/Arctic Star Exploration move Lac de Gras project to drill-ready status

May 6th, 2019

by Greg Klein | May 6, 2019

Three seasons of state-of-the-art techniques have a Northwest Territories diamond project ready for the rig. The Diagras joint venture of Margaret Lake Diamonds TSXV:DIA and Arctic Star Exploration TSXV:ADD has now undergone geophysical strategies that weren’t used by previous operators but proved successful at Kennady Diamonds’ (TSXV:KDI) Kennady North, another project in the prolific Lac de Gras diamond field. With a permit already in hand, the JV has drilling planned for spring 2020.

Margaret Lake Diamonds Arctic Star Exploration move Lac de Gras project to drill-ready status

Margaret Lake holds the majority share of the 60/40 JV and acts as project operator.

Analysis of ground gravity, magnetic and electromagnetic surveys found compelling targets among 23 known kimberlites on the 22,595-hectare property. Among the examples are Black Spruce, where three distinct signatures from magnetic, gravity and EM data might represent different phases of the same kimberlite complex that could host different diamond grades and populations.

Jack Pine, one of Lac de Gras’ largest kimberlite complexes, revealed “a new kimberlite-like geophysical expression believed to have not yet been evaluated by drilling according to available public domain records,” the companies stated. Previous drilling at Jack Pine showed it’s “significantly diamond-bearing.”

The Suzanne kimberlite shows gravity and EM anomalies that likely weren’t adequately tested by a previous operator’s drill hole, therefore warranting further drilling.

Surveys over the HL02 kimberlite suggest “an untested gravity and EM target that breaks a diabase dyke,” the JV explained. “This is a classic compelling kimberlite drill target.”

EM anomalies at the Kong and Penelope kimberlites could represent untested kimberlites or kimberlite phases. Several other known kimberlites have yet to undergo modern geophysics, but remain open for surveys while next year’s drilling takes place.

Margaret Lake also has drilling planned for its recently optioned Kiyuk Lake gold property in Nunavut, just north of the Manitoba border. With analysis of detailed ground geophysics underway, the company plans a 5,000-metre program focusing largely on the property’s Rusty zone. Some historic, non-43-101 results from 2017 showed 26.48 g/t gold over 8 metres, 1.16 g/t over 38 metres, and 1.82 g/t over 122 metres. Margaret Lake may earn up to 80% of the 59,000-hectare property.

The company also holds a 100% interest in the eponymous Margaret Lake property, another Lac de Gras diamond project.

Margaret Lake Diamonds/Arctic Star Exploration begin new program on NWT diamond project

March 25th, 2019

by Greg Klein | March 25, 2019

State-of-the-art exploration techniques will target Lac de Gras diamonds as a new campaign begins on the Diagras joint venture. Detailed ground gravity, magnetic and electromagnetic geophysics will test areas around kimberlites discovered through historic work and around airborne geophysical anomalies that suggest potential kimberlites.

Margaret Lake Diamonds Arctic Star Exploration begin new program on NWT diamond project

Margaret Lake Diamonds TSXV:DIA and Arctic Star Exploration TSXV:ADD hold 60% and 40% respectively of the JV. Margaret Lake acts as project operator on the 22,595-hectare property in the diamondiferous Northwest Territories region.

The current exploration strategy uses techniques that weren’t used in historic work but proved successful at Kennady Diamonds’ (TSXV:KDI) Kennady North project. At Diagras, the strategy has located drill-worthy anomalies proximal to the property’s previously discovered Black Spruce, Jack Pine and Suzanne kimberlites. Historic drilling has found diamonds at Jack Pine.

Part of the program’s funding comes from the NWT’s Mining Incentive Program.

Last month Margaret Lake announced an imminent campaign on its newly optioned Kiyuk Lake gold project, a 59,000-hectare property north of the Manitoba border in Nunavut. Pending receipt of permits, the company plans 5,000 metres of spring drilling in a program that would also include ground magnetics. Historic drilling brought impressive near-surface results.

Back in the NWT, the company also holds the Margaret Lake diamond project.

Margaret Lake moves fast on Nunavut gold acquisition

February 21st, 2019

by Greg Klein | February 21, 2019

Margaret Lake moves fast on Nunavut gold acquisition

Accustomed to working in Arctic conditions, Margaret Lake adds a Nunavut property to its NWT portfolio.

 

With an aggressive winter/spring campaign planned for a newly acquired project, Margaret Lake Diamonds TSXV:DIA turns its attention to Nunavut gold. The company announced its Kiyuk Lake option just last week, allowing up to an 80% interest in the 59,000-hectare property north of the Manitoba border. Now, assuming receipt of land and water use permits, Margaret Lake intends to start building an exploration camp next month in preparation for up to 5,000 metres of spring drilling. The agenda also includes ground magnetics.

Margaret Lake moves fast on Nunavut gold acquisition

Past drilling brought impressive near-surface intercepts
and identified a 13-kilometre strike open in all directions.
(Photo: Cache Exploration)

Drilling will target the Rusty zone, where some historic, non-43-101 results from a previous operator in 2017 brought the following near-surface results:

  • 26.48 g/t gold over 8 metres, starting at 108 metres in downhole depth
  • (including 92.76 g/t over 2 metres)

  • 1.16 g/t over 38 metres, starting at 58 metres
  • (including 3.98 g/t over 8 metres)

  • 1.82 g/t over 122 metres, starting at 188 metres
  • (including 3.34 g/t over 15 metres)

Additionally, a 2013 intercept showed:

  • 1.6 g/t over 249 metres, starting at 8.2 metres

Further 2017 work at the property’s Gold Point/East Gold Point zone yielded the following results:

  • 1.46 g/t gold over 64 metres, starting at 35 metres
  • (including 3.12 g/t over 14 metres)

  • 6.51 g/t over 10 metres, starting at 248 metres

True widths weren’t available.

Over 13,000 metres of historic work identified four mineralized zones as well as five more areas that have yet to be drilled. The property features a 13-kilometre strike that remains open in all directions, the company stated.

Subject to exchange approval, an initial 50% Margaret Lake stake in Kiyuk Lake would require the company to issue five million shares, buy three million of the vendor’s shares for $150,000, pay $100,000 within a year and spend $3 million within three years. An additional 30% would cost $5 million.

In the Northwest Territories, the company also holds the eponymous Margaret Lake diamond project and the majority interest in a 60/40 JV with Arctic Star Exploration TSXV:ADD on the Diagras diamond property.

Paul Brockington of Margaret Lake Diamonds sees new potential in an NWT property

June 5th, 2018

…Read more

Margaret Lake Diamonds tackles two NWT projects with geophysics and drilling

May 30th, 2018

by Greg Klein | May 30, 2018

As work resumes at Diagras, Margaret Lake Diamonds TSXV:DIA now returns to a second front in its search for Northwest Territories gems. On May 30 the company announced a new geophysics program had begun at Diagras, coinciding with a drill campaign that started earlier this month at the company’s Margaret Lake project.

Margaret Lake Diamonds tackles two NWT projects with geophysics and drilling

The Diagras agenda calls for ground gravity, magnetic and EM surveys around known kimberlites, as well as around potential kimberlites suggested by earlier geophysics.

The strategy will employ techniques that weren’t used when De Beers explored the area but have since proven successful elsewhere. Some examples include two other Lac de Gras-region projects, Mountain Province Diamonds’ (TSX:MPVD) Kennady North and Peregrine Diamonds’ (TSX:PGD) Tli-Kwi-Cho DO-27/DO-18 kimberlite complex, Margaret Lake stated.

The company holds a majority interest and acts as operator on the 18,699-hectare Diagras property in a 60/40 joint venture with Arctic Star Exploration TSXV:ADD. The project sits 35 kilometres from Canada’s largest diamond producer, the Diavik mine of Rio Tinto NYSE:RIO and Dominion Diamond Mines.

Margaret Lake’s 100%-held, 23,199-hectare Margaret Lake property lies nine kilometres north of the De Beers/Mountain Province Gahcho Kué diamond mine and two kilometres from Mountain Province’s Kelvin and Faraday deposits.

Last year’s Diagras work found “gravity and EM anomalies proximal to known magnetic kimberlites that constitute compelling drill targets,” Margaret Lake stated. Among areas of special interest is Jack Pine, one of the largest kimberlite complexes in Lac de Gras. Previous drilling has revealed diamonds, while an area of further kimberlite potential has yet to be drilled.

Additionally, gravity anomalies near the property’s Black Spruce kimberlite show similarities to other kimberlites in the region.

Meanwhile Margaret Lake has a rig testing six kimberlite targets on the company’s namesake property. Each target shows a gravity low, bedrock conductor or both. The company interprets those characteristics as potentially representing kimberlite.

Last month Margaret Lake closed a $495,500 first tranche of a private placement offered up to $2.2 million.

Read more about Margaret Lake Diamonds.

Emulating success

May 2nd, 2018

Margaret Lake follows Kennady’s playbook in the quest for NWT diamonds

by Greg Klein

With fresh financing and a rig en route, Margaret Lake Diamonds TSXV:DIA has drilling about to begin on its namesake project in the Northwest Territories. As with any outfit in similar circumstances, the company’s optimism has been buoyed by the performance of an illustrious neighbour, in this case Kennady Diamonds. But more objective encouragement comes from the extensive geophysics that determined the targets for Margaret Lake’s maiden drill program. Additionally, the project operator will be the same group that helped deliver success to Kennady.

“Aurora Geosciences acts as project operator for us and also for Kennady,” points out Margaret Lake president/CEO Paul Brockington. “So we’re using the same people who have done all the Kennady work for the last six years.”

Margaret Lake follows Kennady’s playbook in the quest for NWT diamonds

Public tribute came to Yellowknife-based Aurora at Mines & Money London 2016, when Kennady co-won (with NexGen Energy TSX:NXE) the Exploration Company of the Year award. Noting that Aurora had designed and carried out all of the property’s exploration since 2012, Kennady president/CEO Rory Moore said, “Gary Vivian, [then president, now chairperson of Aurora], and Chris Hrkac, [Aurora’s] senior project manager for the Kennady North project, together with their team deserve the lion’s share of credit for the successes that Kennady has enjoyed to date. Their innovative, systematic and dedicated approach to a technically challenging project has resulted in new and unique discoveries, and earned Aurora the respect of its peers in the industry.”

A further testament to their work came just last month as Mountain Province Diamonds TSX:MPVD closed its acquisition of Kennady in an all-share deal valued at $176 million. An MOU between Mountain Province and De Beers considers incorporating Kennady North into the joint venture that comprises their Gahcho Kué mine.

The 23,199-hectare Margaret Lake property sits about nine kilometres north of Gahcho Kué and two kilometres northwest of Kennady North’s Kelvin and Faraday deposits. The Gahcho Kué winter road passes through Margaret Lake.

Aurora’s participation in the project will be nothing new. The company ran the geophysics that brought Margaret Lake to the drill-ready stage and Aurora will return very shortly, this time with a rig. Financing will begin with a $495,000 first tranche that Margaret Lake closed last month, out of a private placement offered up to $2.2 million.

Results from airborne and ground EM, along with airborne gravity/gradiometry pioneered by BHP Billiton NYSE:BHP, show six initial targets. Each features either a gravity low, a bedrock conductor or both, possibly indicating kimberlite. “Our first objective is to see if these targets represent kimberlite and, if they do, the objective then would be to get sufficient kimberlite to analyze it for microdiamonds and indicator minerals,” Brockington explains. “We’ll try to drill as much as we can before spring break-up.”

But while encouraged by his successful neighbour, he’s not basking in reflected glory. Margaret Lake is “a science project,” Brockington emphasizes. “We’re very much relying on these gravity/EM anomalies to help us deliver the goods.”

It’s very clear that when De Beers was there they did not recognize all the kimberlite. They were drilling mag targets but we went in and did ground gravity and EM, and we can see other targets that very strongly suggest more kimberlite.—Paul Brockington, president/CEO
of Margaret Lake Diamonds

Farther north, in the Lac de Gras field hosting the NWT’s Ekati and Diavik diamond mines, Margaret Lake also has work planned for Diagras, where the company holds a 60% stake in a JV with 40% partner Arctic Star Exploration TSXV:ADD. This property hosts 13 kimberlites found by De Beers in the 1990s. Brockington thinks there’s more to be found.

“It’s very clear that when De Beers was there they did not recognize all the kimberlite,” he says. “They were drilling mag targets but we went in and did ground gravity and EM, and we can see other targets that very strongly suggest more kimberlite. We’re definitely going to do more geophysics there in the next few weeks. We hope to get a ground program going to look at other areas that weren’t covered in last year’s program and I think we’ll have a number of drill targets.”

The winter road to Diavik passes through the northwest corner of the 18,699-hectare property.

Looking forward to a busy and prospective period, Brockington says, “We’ve got a lot coming up and, when you look at the activity in the diamond patch, I think we’ve got about as much as anyone.”

Exploration begins at Arctic Star’s Finnish diamond project

November 23rd, 2017

Update: On November 24 Arctic Star announced the closing of a final tranche of an oversubscribed private placement totalling $1.7 million.

by Greg Klein | November 23, 2017

Having closed the acquisition a week earlier, Arctic Star Exploration TSXV:ADD now has a crew busy at its Timantti diamond project in Finland. Located among favourable regional infrastructure in the Fennoscandian Shield, which hosts the major Russian diamond mines Lomonosov and Grib, the property has geophysics, sampling and drilling planned.

Exploration begins at Arctic Star’s Finnish diamond project

Arctic Star VP of exploration Buddy Doyle
gathers kimberlite float samples at Timantti.

Timantti’s White Wolf kimberlite has already revealed 169 microdiamonds, 111 from 52.7 metres of historically extracted core and another 58 from an 18.9-kilogram sample. The current program will include ground magnetic, gravity and electromagnetic surveys over the Black and White kimberlites to define their sizes and identify other drill-worthy anomalies.

Additionally, 20 backhoe till samples will be taken to search for diamond indicator minerals. Drilling will consist of about eight holes totalling 1,500 metres, with a 500-kilogram core sample from each of the two kimberlites. Results of the program will determine whether to proceed with bulk sampling.

Work will focus on a 243-hectare area covered by an exploration permit. The project also includes a 95,700-hectare exploration reservation.

Among other projects, Arctic Star holds the Cap property in east-central British Columbia, host to an extremely rare carbonatite-syenite complex that’s potentially associated with several commodities. In September the company reported “highly anomalous” assays for niobium, rare earths and phosphate from sampling and a drill hole.

In the Northwest Territories’ diamondiferous Lac de Gras region, Arctic Star also holds a 40% stake in the Diagras JV, where majority partner Margaret Lake Diamonds TSXV:DIA carried out geophysics last summer.

This week Arctic Star appointed Scott Eldridge as president/CEO. From 2008 to 2016 Eldridge led Euroscandic International Group, providing investment banking and advisory services to resource companies. He has been responsible for raising over $500 million in equity and debt financing for mining projects internationally.

Earlier this month the company closed a private placement first tranche of $965,000.

Read Isabel Belger’s interview with Arctic Star’s Patrick Power.

Arctic Star Exploration finds “highly anomalous” niobium, rare earths and phosphate at B.C. project

September 25th, 2017

by Greg Klein | September 25, 2017

Highly anomalous means highly encouraging, especially at such an early stage of exploration. That’s how Arctic Star Exploration TSXV:ADD characterized its first batch of assays from the Cap property in east-central British Columbia. The news follows last month’s announcement of an extremely rare carbonatite-syenite discovery, suggesting potential for a range of commodities. Now assays for grab samples and the first drill hole show highly anomalous niobium, rare earths and phosphate, the company stated.

Arctic Star Exploration finds “highly anomalous” niobium, rare earths and phosphate at B.C. project

Some intervals of
carbonatite from CAP17-004.

Five selected grab samples assayed 0.2% niobium pentoxide, hitting a peak of 0.96% Nb2O5, while three grab samples brought more than 0.2% total rare earth oxides, peaking at 0.39% TREO. Three samples contained over 5% phosphorus pentoxide with a peak value of 12.62% P2O5.

CAP17-004, the first of four drill holes, showed:

  • 0.35% Nb2O5 over 10.42 metres, starting at 85.24 metres in downhole depth
  • (including 0.63% Nb2O5 over 2.26 metres)

  • 9.94% P2O5 over 19.63 metres, starting at 98.87 metres
  • (including 20.97% P2O5 over 2.55 metres)

  • 0.81% TREO over 2.4 metres, starting at 136.1 metres

True widths weren’t provided. The last interval also showed a peak value of 69 ppb gold and over 1% TREO.

Along with sampling and drilling, the summer program included mapping and prospecting over an area of about three kilometres by one kilometre.

“The discovery of highly anomalous concentrations of niobium, phosphate and REOs at such an early stage in the exploration of the Cap project should be considered highly encouraging,” said consulting geologist Jody Dahrouge. “Future exploration at Cap will follow up on surface samples that contained highly anomalous concentrations of niobium and may be related to drill hole CAP17-004.”

Reporting from their Diagras diamond project in the Northwest Territories late last month, Arctic Star and 60% JV partner Margaret Lake Diamonds TSXV:DIA announced geophysical results that could potentially indicate “the largest kimberlite complex in the Lac de Gras field.” Further geophysics are on the 18,699-hectare property’s spring agenda, with drilling to follow.

As for Arctic Star’s recently acquired Timantti diamond project in Finland, assays released in July from historic core on the White Wolf kimberlite showed 111 microdiamonds. The company had earlier found 58 microdiamonds in an 18.9-kilogram sample taken from the same kimberlite.

Timantti covers part of the Fennoscandian Shield, host to major Russian diamond mines Lomonosov and Grib.

In July the company offered a $1.25-million private placement.

Read Isabel Belger’s interview with Arctic Star president/CEO Patrick Power.

Geophysics show potential kimberlite expansion on Margaret Lake Diamonds/Arctic Star Exploration’s Lac de Gras JV

August 29th, 2017

by Greg Klein | August 29, 2017

Borrowing techniques that proved successful at Kennady North, Margaret Lake Diamonds TSXV:DIA and Arctic Star Exploration TSXV:ADD announced geophysical results that potentially expand their Diagras property’s known kimberlites. The partners hold 60% and 40% respectively of the joint venture in the Northwest Territories’ diamond-rich Lac de Gras region, where Margaret Lake acts as operator.

Geophysics show potential kimberlite expansion on Margaret Lake Diamonds/Arctic Star Exploration’s Lac de Gras JV

Last spring’s ground program of magnetics, gravity and electromagnetics targeted known kimberlites as well as “unresolved targets generated from public domain data,” the companies stated. Similar techniques have helped Kennady Diamonds TSXV:KDI further its understanding of the Kennady North property’s Kelvin and Faraday kimberlites.

Results dating to 2005 on Diagras’ Jack Pine kimberlite identified a north-south axis extending more than 500 metres, with about four to five hectares at surface. But recent work north of Jack Pine shows a possible new discovery that’s been named Sequoia. Although verification would call for more drilling, the new findings indicate an anomaly that doubles the geophysical footprint, potentially making this “the largest kimberlite complex in the Lac de Gras field,” according to the partners.

Geophysics around Diagras’ Black Spruce kimberlite show anomalous gravity lows up to about 200 metres south and east of a magnetic low and its corresponding diamondiferous drill results by a previous operator. Again, drilling will be necessary to confirm the presence of additional kimberlite.

The partners also reported other geophysical signatures that might indicate additional kimberlite in and around other known kimberlites on the 18,699-hectare property. Further geophysical evaluations are planned for next spring, along with a drill program.

In addition to its Diagras interest, Margaret Lake holds its namesake Margaret Lake project adjacent to Kennady North. In July, Arctic Star announced plans to acquire the Timantti project in Finland, where due diligence has confirmed the presence of micro-diamonds. Arctic Star also holds the CAP rare earths and rare metals prospect in east-central British Columbia. Early this month the company announced discovery of a carbonatite-syenite complex, an extremely rare occurrence potentially associated with “a plethora of commodities” and “the dominant source for niobium and rare earth elements,” the company stated.

Late last month Arctic Star offered a private placement up to $1.25 million.

Read Isabel Belger’s interview with Arctic Star president/CEO Patrick Power.

New assays on old core reveal more diamonds on Arctic Star Exploration’s new Finnish acquisition

July 26th, 2017

by Greg Klein | July 26, 2017

Just weeks after announcing plans to take on a diamond project in Finland, Arctic Star Exploration TSXV:ADD has found further encouragement by reanalyzing previous work. Recent assays on 48.65 kilograms of historically extracted split core showed 111 microdiamonds. The results represent approximately 52.7 metres of core from the Timantti property’s White Wolf kimberlite.

New assays on old core reveal more diamonds on Arctic Star Exploration’s new Finnish acquisition

A due diligence program reported earlier this month confirmed 58 microdiamonds from an 18.9-kilogram White Wolf sample.

With most of the world’s diamond-bearing kimberlites showing an exponential relationship between small and large stones, the company plans to gather enough caustic fusion samples to evaluate the property’s diamond size distribution. Following ground geophysics, Arctic Star hopes to drill Timantti for additional samples, delineating the kimberlites’ size and shape.

Looking at an entirely different range of commodities, the company last week sent a drill crew to the Cap project in east-central British Columbia’s Rocky Mountain Rare Metal Belt. Tantalum, niobium and rare earths are among the targets on the 2,825-hectare property. In 2010 sampling results included 0.14% Nb2O5, 3,191 ppm zirconium and 547 ppm total rare earth elements. More sampling the following year brought grades including 0.27% Nb2O5 and 773 ppm TREE, while two historic, non-43-101 samples showed 0.13% and 0.1% TREE.

Arctic Star also holds a 40% interest in the Northwest Territories’ Diagras diamond project, where JV partner Margaret Lake Diamonds TSXV:DIA conducted a short geophysical program last May.