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. - April 16, 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") (TSXV: ADD) (FSE: 82A2) (WKN: A2DFY5) (OTC Pink: ASDZF) has made a new discovery on the Diagras project in the Lac de Gras kimberlite field, Northwest Territory 380km north of Yellowknife. The discovery has been named the Birch Kimberlite.

It was discovered by drilling a vertical hole into a EM and gravity anomaly. The anomaly also occupies a distinct gap in an otherwise continuous Mackenzie diabase dyke in the magnetic data.

Kimberlite was discovered after drilling 28m through 11m of water and 17m of overburden (glacial till). The drill exited the kimberlite at 71m. A second hole from the same drill setup is underway to obtain more kimberlite for caustic fusion.

The drill collar is 220m SE of the known Black Spruce kimberlite discovered in the 1990s. The Black Spruce kimberlite was discovered by drilling a discrete magnetic low. In contrast, the Birch kimberlite has no magnetic signature.

Buddy Doyle, VP Exploration of Arctic, said, "We are all elated to strike kimberlite so early in our 2021 exploration program. It proves our exploration concept, we expect more discoveries as we proceed." Mr. Doyle continued, "After completing the current drill hole we will move from the Birch discovery to test other similar targets. The priority is to make as many discoveries as we can before the ice melts. Material from each discovery will be sent for caustic fusion. We will return to those kimberlites with the highest micro-diamond counts and give them further attention."

The Diagras project is a Joint Venture with Margaret Lake Diamonds Inc. Arctic is the manager and operator of this joint venture.

Qualified Person

The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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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