Margaret Lake Diamonds Inc. said Sept. 26 that it has completed the acquisition of the remaining 40% interest in the Margaret Lake diamond property in Canada's Northwest Territories.
The company acquired the initial 60% interest in the property in December 2014, and struck a deal with Margaret Lake Diamonds Ltd., or MLDL, for the acquisition of the remaining 40% interest in July 2015.
As consideration, the company agreed to issue an aggregate of 7 million common shares in tranches to MLDL.
The company now plans to focus on the next stage of exploration, consisting of a winter drilling campaign on several previously identified targets and till sampling, MLDL President and CEO Paul Brockington noted.
The property comprises 19 mineral claims totaling about 19,716.37 hectares, contiguous to the north and west of Kennady Diamonds Inc.'s Kennady North project.