Margaret Lake Diamonds Announces That Arctic Star Has Discovered Kimberlite from First Hole of Its Drill Program, Diagras Project, Lac De Gras, NT

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2021) - Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85) (OTC: DDIAF) ("MLD" or the "Company") is pleased to announce Arctic Star Exploration Corp. ("Arctic Star" or the "Company") has discovered a fourth kimberlite during its Spring 2021 exploration program on the Diagras project, Lac de Gras district, NWT. The discovery has been named Cedar.

The Cedar kimberlite was found by drilling a distinct EM anomaly 150m south of the known Penelope kimberlite. Drilling at a dip of 70° it encountered kimberlite below the overburden at 31m in depth. As of writing this news release, the drill continues to intersect kimberlite at 67m.

Last week the drill finished testing the Adler kimberlite and completed the hole in kimberlite at 193m, EOH 202m. The first samples from the Birch Kimberlite have arrived at CFM laboratories for micro diamond analysis. Samples from the Sequoia kimberlite are being sent to SRC laboratories. The use of two laboratories will increase the sample turnaround speed.

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
[email protected]

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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.

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