Lithoquest Diamonds Commences Airborne Magnetic Survey on the North Kimberley Diamond Project

VANCOUVER, B.C., November 14, 2018 – Lithoquest Diamonds Inc. (TSX-V: LDI) (“Lithoquest”, or the “Company”) today announced that it will conduct a high-definition airborne magnetic survey over a key target area on its 100% owned North Kimberley Diamond Project located in Western Australia.

“Detailed magnetic data was an important component in the discovery of the 1804 kimberlite earlier this year,” said Bruce Counts, CEO of Lithoquest. “The current high-resolution survey is designed to identify targets similar to 1804 in an area of the property where high-interest kimberlite indicator minerals have been recovered”.

Approximately 7,000 line-kilometres of magnetic data will be collected using a helicopter-based system. The survey area measures approximately 300 square kilometres and will include the 1804 kimberlite. Data will be collected along 50 metre spaced survey lines oriented in a N-S direction, with a maximum sensor height of 30 metres and control lines spaced at 500 metres. The survey is designed to acquire low level, high-resolution data over a large area and could eliminate the need for costly follow-up ground surveys.

The geophysical crew has mobilized to the site and will commence surveying immediately upon arrival.   The survey is anticipated to be complete by mid-December. Data from the survey will be used to identify and define drill targets for the 2019 field season.

Qualified Person

The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President, CEO and a Director of Lithoquest Diamonds Inc. and Qualified Person under National Instrument 43-101.

 

About Lithoquest Diamonds Inc.

Lithoquest is a Canadian diamond exploration company focused on the discovery and development of economic diamond deposits on its 100%-owned North Kimberley Diamond Project located in Western Australia, approximately 65km east of the community of Kalumburu.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING INFORMATION

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:

Lithoquest Diamonds Inc.

+1 (778) 373-1485

info@lithoquest.com