MARGARET LAKE PROPERTY
The Margaret Lake Property (100% owned) comprises 23 mineral claims totaling 23,199 hectares. It is located just nine kilometers north of Canada’s newest diamond mine, the Mountain Province Diamonds / De Beers Gahcho Kué mine, and two kilometers from the Kelvin and Faraday kimberlite deposits (Kennady North Project).
The Company holds a 100% interest in the Margaret Lake property and it is not subject to any underlying royalties. The Property has received a 5-year Type A land use permit, which authorizes exploration drilling and camp setup.
The Margaret Lake Property covers a portion of the southeastern Slave Geological Province, an Archean terrane ranging in age from 4.03 Ga to 2.55 Ga (Bleeker et al., 1999). The area consists of predominantly granitic to granodioritic intrusions, high-grade gneisses and migmatites, along with primarily sedimentary supracrustal rocks to the east.
The emplacement of kimberlite bodies in the area is believed to have occurred approximately 542 Ma during the Cambrian Period. 87Rb-87Sr geochronology indicates that the age of the 5034 pipe is 542.2 ± 2.6 Ma (Heaman et al., 2003). Erosional processes since emplacement have had the significant effect of stripping the kimberlites down to their root zones, preserving only the hypabyssal and diatreme facies.
2018 Drill Program
The Company drill tested 5 separate targets at Margaret Lake in a program that lasted from mid-May to early June. No kimberlite was intersected. Each of the targets tested displayed either a ground gravity low, bedrock conductor, or combination of both.
The Company’s exploration model is based on similar methods previously utilized by Kennady Diamonds to delineate kimberlite targets. Kennady noted correlations between targeting non-magnetic pyroclastic kimberlite targets located next to a magnetic kimberlite dyke, with electromagnetic (EM) and gravity responses. This exploration model ultimately led to the delineation of the Kelvin-Faraday resource located contiguous to the south and east of the Margaret Lake property.