Shares Issued and Outstanding: 52,912,599
TSX-V:
KDI
Drilling at Faraday 1-3 nearing
completion
New 50m kimberlite intercept on Faraday 2
TORONTO, March 20, 2018 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) is pleased to provide an
update on the winter drilling program at the Kennady North Project.
Drilling is proceeding well with a total of 1,868 meters of
drilling completed to date. Included in today's release are three
exploration/delineation holes and one geotechnical hole completed
on the Faraday 1-3 kimberlite, and two delineation holes completed
on Faraday 2. All eleven drill holes completed on the program
to date have intersected kimberlite.
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: "The program is running
smoothly as both daylight and good weather have increased". He went
on to say, "The SRK geotech crew is back on site after a short
break and the geotech drilling on both Faraday bodies will be
completed over the next couple of weeks, after which one of the two
drill rigs will be devoted to exploration drilling in the Kelvin –
Faraday Corridor for the remainder of the season".
In addition to the geotech drilling completed to date on Faraday
1-3, a number of delineation/exploration holes have been drilled in
the area between the two limbs of the kimberlite complex. Results
to date indicate an increase in size for the Faraday 1-3 complex,
with continuity in the high-grade hypabyssal sheet rocks linking
the two pipes together. These factors will be accretive to
kimberlite tonnage potential when the geological model for Faraday
1-3 is updated.
Table 1 below summarizes the drill results on Faraday 1-3 since
the last update.
Table 1: Faraday 1-3 2018 Winter Drill Program –
Latest Results
Drill
Hole
|
DH
Purpose
|
Azimuth
|
Inclination
|
Kimberlite
Intercepts (m)
|
End of
Hole
(m)
|
From
|
To
|
Intercept*
|
KDI-18-005b
|
Delineation
|
140
|
-61
|
91.77
|
97.98
|
6.21
|
130
|
KDI-18-006a
|
Delineation
|
000
|
-90
|
77.09
|
78.60
|
1.51
|
128
|
|
|
|
|
80.04
|
96.73
|
16.69
|
128
|
KDI-18-006b
|
Delineation
|
142
|
-44
|
68.49
|
92.87
|
24.38
|
123
|
KDI-18-008
|
Geotech
|
170
|
-65
|
84.19
|
89.40
|
5.21
|
147
|
*Intercepts are not true widths.
One of the drill rigs has been conducting delineation drilling
on the northwest extension to the Faraday 2 kimberlite. The
northwest extension, that was discovered during the summer 2017
program, extends the Faraday 2 kimberlite by over 150 meters
(see news release, September 11,
2017). Detailed logging of core has confirmed that the
geologic units within the inferred resource continue into the
northwest extension (see news release, March 7, 2018). The first delineation hole
deviated slightly from its planned path and clipped the lower
portion of the body producing a 21.75
m kimberlite intercept. However, the second hole hit
exactly as planned around the middle of the body and delivered a
50 m kimberlite intercept.
Information from this drilling will be used to advance this portion
of the pipe shell model to an inferred level of confidence.
Table 2 summarizes the 2018 winter drill results on the Faraday
2 kimberlite to date.
Table 2: Faraday 2 2018 Winter Drill Program
Drill
Hole
|
DH
Purpose
|
Azimuth
|
Inclination
|
Kimberlite
Intercepts (m)
|
End of
Hole
(m)
|
From
|
To
|
Intercept*
|
KDI-18-004
|
Delineation
|
220
|
-68
|
270.65
|
292.40
|
21.75
|
322
|
KDI-18-007
|
Delineation
|
040
|
-65
|
247.80
|
297.80
|
50.00
|
328
|
*Intercepts are not true widths.
Approximately 10,500 meters of diamond drilling is planned for
the 2018 winter program, with 40% assigned to delineation and
geotechnical drilling of the Faraday bodies, and 60% dedicated to
testing high-priority grassroots exploration targets within the
Kelvin-Faraday Corridor. Exploration drilling on the
high-priority targets will commence when drilling on the Faraday
1-3 kimberlite is completed.
****
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%).
Kennady is focused on expanding its high-grade diamond resources
along the Kelvin–Faraday kimberlite corridor, as well as
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 and an
inferred resource of 5.02 million carats contained in 3.27 million
tonnes of kimberlite, with a grade of 1.54 carats per tonne and an
average value of US$98 per carat has
been defined for the Faraday kimberlites 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.