Faraday 2 size increases with multiple 50m
kimberlite intercepts
Additional kimberlite intersected
in Kelvin geotechnical drill hole
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TSX-V: KDI
TORONTO, Aug. 4, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to
provide an update on the summer drilling program on the Kennady
North Project. The program is approaching the halfway mark with
nearly 50% of the planned 3,000m of drilling completed. Included in
these latest results are three exploration holes on the Faraday 2
kimberlite that have returned robust kimberlite intercepts
approaching 50m or greater.
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: "We are pleased to
continue our success from last fall with the exploration of the
Faraday 2 kimberlite, with all three holes returning significant
and consistent kimberlite intercepts. The results suggest that
Faraday 2 is maintaining a constant depth and a significant volume
as it tracks in a WNW direction away from Faraday Lake. In a mining
scenario this is an optimum orientation for the Faraday 2
body."
During this first half of the summer program, a geotechnical
hole was also drilled adjacent to the Kelvin kimberlite for the
purpose of collecting the remaining geotechnical data required to
complete a pre-feasibility study of the Kelvin kimberlite. In this
exercise, 23 meters of volcaniclastic kimberlite was intersected at
59 meters in a drill hole angled at 45 degrees.
With respect to the Kelvin drilling, Dr. Moore added "While
intersecting kimberlite at Kelvin was not the primary goal, it is
worth noting that the kimberlite intersection is better than
predicted from the current geological model. In addition, over
seven meters of coherent kimberlite was intersected past the main
intercept, representing three kimberlite sheets each over two
meters in width. Although this sheet complex is not currently
considered in the Kelvin resource, a significant part of it will be
processed in an open pit mining scenario, which is accretive to the
overall project
economics".
Drilling will continue on the Faraday 2 kimberlite, after which
the rig will be moved to the Faraday 1–3 complex where at least one
hole will be drilled to test the connection at depth between the
Faraday 1 and 3 kimberlites. This drill hole will also be
designated to collect geotechnical as well as environmental data
relevant to open pit and underground mining.
Table 1 below summarizes the drill results to date for the
summer 2017 program.
Table 1
Faraday 2017 Summer Drill Program
Drill
Hole
|
Target
|
Azimuth
|
Inclination
|
Kimberlite Intercepts (m)
|
End of
Hole
(m)
|
From
|
To
|
Intercept*
|
KDI-17-002a
|
Faraday 2
|
102
|
-90
|
204.50
|
253.20
|
48.70
|
280
|
KDI-17-002b
|
Faraday 2
|
315
|
-80
|
217.00
|
273.00
|
56.00
|
304
|
KDI-17-003
|
Faraday 2
|
235
|
-65
|
246.20
|
299.30
|
53.10
|
310
|
KDI-17-001
|
Kelvin
|
045
|
-45
|
58.94
|
82.38
|
23.44
|
295
|
*Intercepts not true
widths.
|
Dr. Moore concludes, "Our systematic approach to exploring the
Faraday kimberlites is adding significant value with each
kimberlite intercept, as we build additional tonnage to add to the
high-grade Kelvin diamond resource already defined on the Kennady
North Project."
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.