Margaret Lake Diamonds Announces That Arctic Star Doubles Ground Position, Diagras Project, New Total Equals 48,346 Ha

Vancouver, British Columbia--(Newsfile Corp. - June 22, 2021) -  Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85) (OTC: DDIAF) ("MLD" or the "Company") is pleased to Arctic Star has staked and filed 27 new claims on the Diagras project where it is the operator.

The Diagras project is a Joint Venture between Arctic Star and Margaret Lake Diamonds Inc. ("DIA"). Arctic Star took over management of the Diagras project this year and proposed a $2.1 million "spring 2021" budget to drill geophysical targets on the property. At the end of this budget period, July 31^st, 2021 the ownership will be approximately 80% Arctic Star, 20% DIA.

Based on the success of the spring program, Arctic Star proceeded to stake 27 new claims covering 25,750.95 hectares. When added to the existing claims, the new total consists of 58 mineral claims covering 48,345.95 hectares.

Figure 1
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The new ground includes the previously discovered PL01 kimberlite, making the total of known kimberlites held in the project area to 24, which has now been increased to 29 with this season's new discoveries.

The company plans to fly EM time domain and magnetic surveys, a method that did not exist back in the 1990's. New filters and ways of integrating the data can highlight the kimberlites especially in areas with noisy backgrounds. The time domain EM data can be modeled in three dimensions, which helps discriminate conductive lake sediments and country rocks from the kimberlites.

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

Neither the 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 news release.

Cautionary Statement Regarding Forward Looking Information

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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantee's of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR at www.sedar.com

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