Program total of 555 tonnes of kimberlite
recovered
267 tonnes from Faraday #2; 262 tonnes from
Faraday #3 and 25 tonnes from Faraday #1
Shares Issued and Outstanding: 47,381,970
TSX-V: KDI
TORONTO, April 11, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) is pleased to announce the
successful completion of the 2017 winter bulk sampling program.
Approximately 555 tonnes of kimberlite have been recovered
from the three Faraday kimberlites using two large diameter reverse
circulation drill rigs. The bulk samples will be processed at the
Geoanalytical Laboratories Diamond Services of the Saskatchewan
Research Council ("SRC"). The SRC lab is accredited to the
ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory for diamond
analysis.
Kennady Diamonds CEO Dr. Rory
Moore commented: "We are delighted to have successfully
achieved all of the objectives set for the 2017 winter program. We
expect that over one thousand carats of diamonds will be recovered
from the three samples, which will facilitate advancing the Faraday
2 and 3 kimberlites to an inferred resource and the Faraday 1
kimberlite as a target for further exploration ("TFFE")".
Drilling on the 2017 winter program got underway on January 19 and was completed on April 10. A
total of 75 holes were drilled for a total of 8,030 meters of
drilling. Summary statistics for the program are summarized
in Table 1 below.
Table 1: Summary Statistics for the 2017 Winter
Program
Kimberlite
|
Holes
|
Metres
|
Tonnes
|
Faraday #2
|
29
|
3,471
|
267
|
Faraday #3
|
42
|
4,256
|
262
|
Faraday #1
|
4
|
303
|
25
|
Totals
|
75
|
8,030
|
555
|
|
Note: Tonnages
reported represent field
estimates. Final tonnages will be based
on caliper survey logs of drillholes
together with detailed density models.
|
|
DMS Processing of the Faraday #2 bulk sample commenced at the
SRC Lab on March 27 and is expected
to be completed within the next week. Final diamond recovery from
the resulting concentrates should be completed by mid-May.
The first truckloads of the Faraday #3 bulk sample have arrived in
Saskatoon and processing is
scheduled to commence on April 24.
The geophysical program aimed at evaluating exploration targets
on new mineral leases recently acquired from GGL Diamonds (see
news release, August 18, 2016),
is ongoing and is expected to be completed within the next two
weeks.
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.