Business
Margaret Lake Diamonds Announces Acquisition of Kiyuk Lake Gold Property, Nunavut
VANCOUVER, BC / ACCESSWIRE / February 14, 2019 / Margaret Lake Diamonds Inc. (TSX.V: DIA / FS...
About this update from Vault Strategic Mining Corp.
[{"type":"text","content":"Margaret Lake Diamonds Announces Acquisition of Kiyuk Lake Gold Property, NunavutVANCOUVER, BC / ACCESSWIRE / February 14, 2019 / Margaret Lake Diamonds Inc. (TSX.V: DIA / FSE:M85) (\"Margaret Lake\" or the \"Company\") is pleased to announce it has entered into an Option Agreement (the \"Agreement\") to acquire up to an 80% interest in the Kiyuk Lake Gold Property (\"Kiyuk Lake\" or the \"Property\") located in southern Nunavut.The Kiyuk Lake land package consists of 70 contiguous mineral claims encompassing over 59,000 hectares and offers year-round accessibility to a 35-person base camp. Significant past exploration, beginning with Newmont Mining in 2008 and most recently Cache Exploration in 2017, has resulted in over 13,000 meters of core drilling and delineation of four mineralized zones and five additional high priority target areas that have yet to be drill tested. Mineralization has been traced across a 13-kilometer strike length and remain open in all directions.\"Kiyuk offers a verycompelling district-scale exploration opportunity to delineate a new Canadiangold mining camp,\" stated President and CEO Jared Lazerson. \"Preparations arewell underway to conduct an aggressive exploration program in 2019 that will includeadditional ground magnetic studies to further define drill targets as well ascore drilling to expand known zones of mineralization. We look forward toadvancing this project to a development-ready stage.\"Rusty ZoneMineralization at the high-grade Rusty Zone is predominantly pyrrhotite +/-magnetite with arsenopyrite and pyrite in brecciated and altered sandstone. To date mineralization has been traced to a depth of 200 meters and remains open at depth. The zone has been main focus of historic drilling at Kiyuk. In 2017, drilling within the Rusty zone returned broad intercepts of high-grade gold including: 8m of 26.48 g/t gold from 108m, including 2m of 92.76 g/t gold from 110m, in DDH KI17-001 38m of 1.16 g/t gold from 58m, including 8m of 3.98 g/t gold from 68m, in DDH KI17-002 122m of 1.82 g/t gold from 188m, including 15m of 3.34 g/t gold from 294m, in DDH KI17-004 249m of 1.6 g/t gold from 8.2m in DDH KI13-004 (no cut-off) * Drill intercepts arenot true width. True widths are not known at this time. See Cache ExplorationInc. press releases dated October 12, 2017 and October 26, 2017 and ProsperityGoldf...