3,000 meters of diamond
drilling
Ground geophysics on new "GGL"
leases
Shares Issued and Outstanding:
50,867,933
TSX-V: KDI
TORONTO, July 4, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to
announce that the summer exploration program on its Kennady North
Project has commenced. The program will consist of at least 3,000
meters of diamond drilling in the Kelvin-Faraday area and ground
geophysics over key target areas on leases acquired from GGL
Resources Corp. (see News Release of August 18, 2016).
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: "Following on our
exceptional diamond results for the Faraday kimberlites, we are
excited to continue with further exploration and delineation
drilling of these bodies as they track northwards from beneath
Faraday Lake to dry land." He further added; "The geophysics will
expand coverage of target areas where geophysical work was
initiated during our recent winter campaign. The results will be
used to define drill targets for testing in our upcoming winter
program."
Faraday Diamond Valuation
Diamonds recovered from the
Faraday kimberlites as part of the recently completed winter bulk
sampling program are enroute to Antwerp,
Belgium for independent valuation by WWW International
Diamond Consultants ('WWW'). The valuation will take place in
July with results expected in early August.
About Kennady Diamonds
Kennady Diamonds Inc. controls
100 percent of the Kennady North diamond project located in
Canada's Northwest Territories. Kennady North is
adjacent to the Gahcho Kué Diamond Mine, a joint venture between De
Beers Canada (51%) and Mountain
Province (49%), which started production in late 2016.
Kennady is focused on expanding its high-grade diamond resources
along the Kelvin – Faraday kimberlite corridor, as well identifying
new kimberlites outside of the corridor. To date an indicated
resource of 13.62 million carats of diamonds contained in 8.50
million tonnes of kimberlite, with a grade of 1.60 carats per tonne
and an average value of US$63 per
carat has been defined for the Kelvin kimberlite using a 1mm
diamond bottom cutoff size. The Kelvin – Faraday corridor is also a
target for further exploration.
Qualified Persons
This news release has been prepared
by Dr. Rory Moore, P.Geo., President
and CEO of Kennady Diamonds. The technical contents of this news
release have been reviewed and approved by Dr. Tom McCandless, P. Geo., an independent director
of Kennady Diamonds and Qualified Person under National Instrument
43-101.
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.
SOURCE Kennady Diamonds Inc.