CEO.CA Chairman's Briefing

VANCOUVER, BC / ACCESSWIRE / September 15, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA)(FKT:M85)(OTC PINK:DDIAF) is pleased to announce that Arctic Star has received the second round of caustic fusion diamond results from the Sequoia Kimberlite complex. The results are from the remaining half of the drill core recovered from drill holes DG 2021 04 and DG 2021 05 drilled 202m apart in the central and northern parts of the Sequoia Kimberlite complex. The results are given in Table 1. The entire core has now been fused, totalling 505 kg. Usually, half the core is kept for reference, but due to the encouraging results from the diamond assays in the first half of the core and the encouraging indicator mineral results reported in the news release dated 7^th September, the decision was made to fuse the entire core.

The samples were taken at the same intervals as the first and they confirm that the different rock types have different diamond counts. The indicator minerals also demonstrate that the two main rock types, the volcanoclastic kimberlite and coherent kimberlite are different. While both have indicators equivalent to those found in the population of large diamonds found around the world, and diamond inclusion chromite, only the coherent kimberlite has significant "G10" and eclogitic garnets with diamond inclusion chemistry.

Table 1. Caustic Fusion Results, Sequoia Kimberlite, Arctic Star JV. The Sequoia caustic fusion results were processed through SRC laboratories of Saskatoon, NQ core was hand split and bagged in approximately 8kg samples to fit geological intervals where possible, the first half of core was sent and processed, then the second half of the core was sent using the same sample intervals. Both samples were sent by chain of custody, SRC is an independent lab and an ISO. Samples are placed in a kiln, heated to 508⁰C with caustic soda for 24 hours. The residue is hot poured through a 0.075mm sieve. The residue is then further chemically treated if required until just the refractory minerals remain including diamonds. The residue is sized by sieving and then a mineralogist selects the diamonds. Larger diamonds (>0.5mm) are described and weighed.

Figure 1Size Frequency plot: Diamond size distribution. Sequoia original sample in Orange, Sequoia total sample this news release in red, Jack Pine in Green. Figure 1 also depicts possible trajectories for the Sequoia diamond distribution.

Qualified Person

The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist that is employed by and works for Arctic Star with over 35 years' experience in diamond exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.

Contact Information

Neil Foran
Chief Executive Officer
(604) 681-7735
neil@margaretlakediamonds.com

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.

SOURCE: Margaret Lake Diamonds Inc.