Winter Exploration and Bulk Sampling Begins
at Faraday
Shares Issued and Outstanding: 47,156,970
TSX-V: KDI
TORONTO, Jan. 17, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) is pleased to announce
diamond recovery results from the Faraday 3 kimberlite at the
Company's 100 percent-controlled Kennady North project. A total of
3.03 tonnes of kimberlite recovered by core drilling at Faraday 3
in 2016 was processed by caustic fusion at the Geoanalytical
Laboratories Diamond Services of the Saskatchewan Research Council
("SRC") to return a sample grade of 2.18 carats per tonne.
Kennady Diamonds President and CEO Dr. Rory Moore noted: "Our first diamond results for
Faraday 3 since its discovery in March
2016 confirm its high-grade, similar to our other
kimberlites within the Kelvin-Faraday Corridor. Significant
progress was made delineating and sampling the Faraday 3 kimberlite
during 2016, defining its strike over 375 meters with the pipe
still open to the northwest. We expect further positive results
from Faraday 3 as our winter sampling program begins."
Table 1 below summarizes the caustic fusion diamond recovery
results for the Faraday 3 kimberlite from 2016 drilling.
Table 1 – 2016
Faraday 3 Diamond Recovery Results
|
Sample Weight(dry
tonnes)
|
Number and Weight of
Diamonds According to Sieve Size Fraction (mm)
|
Total
diamonds
|
Total
Carats
(+0.85mm)
|
+0.106
-0.150
|
+0.150
-0.212
|
+0.212
-0.300
|
+0.300
-0.425
|
+0.425
-0.600
|
+0.600
-0.850
|
+0.850
-1.180
|
+1.180
-1.700
|
+1.700
-2.360
|
+2.360
-3.350
|
+3.350
-4.750
|
+4.750
|
3.0289
|
2,406
|
1,631
|
925
|
559
|
294
|
154
|
80
|
43
|
20
|
8
|
2
|
0
|
6,122
|
6.61
|
*Sample grade of
diamonds greater than 0.85mm: 2.18 carats per tonne.
|
The three largest diamonds recovered from the Faraday 3 sample
are described as follows:
- 0.95 carat white/colourless, transparent tetrahexahedron with
no inclusions;
- 0.51 carat off-white, transparent macle with minor
inclusions;
- 0.28 carat off-white, transparent broken resorbed octahedron
with no inclusions.
Winter Bulk Sampling Program
Kennady Diamonds is also pleased to announce that the
Kelvin Camp opened on January 3,
2017, for the start of the 2017 exploration and evaluation
programs. Construction of the ice infrastructure is almost complete
and includes the Faraday ice road, an ice runway and ice pads for
the large diameter reverse circulation drilling. Drill crews
mobilized into Kelvin Camp yesterday and drilling is expected to
commence by the end of the week. The aim of the program is to
recover approximately 250 tonnes from each of Faraday 2 and 3. This
will advance both kimberlites towards an inferred mineral resource,
and to obtain a small (~20 tonne) representative sample from
Faraday 1 to correlate the diamond grade and quality potential with
Faraday 3. The bulk sampling program is expected to be completed in
early Q2 of 2017.
A geophysical program has also been designed to evaluate
exploration targets on new mineral leases recently acquired from
GGL Diamonds (see news release, August
18, 2016). Additional exploration drilling will be
considered upon the successful completion of the bulk sampling
program.
****
About Kennady Diamonds
Kennady Diamonds Inc. controls
100 percent of the Kennady North diamond project located in
Canada's Northwest Territories. Kennady North is
immediately to the north and west of the Gahcho Kué Diamond Mine, a
joint venture between De Beers Canada (51%) and
Mountain Province (49%), which
started production in late 2016.
Kennady Diamonds aims to identify a resource along the Kelvin –
Faraday kimberlite corridor of between 13 million and 16 million
tonnes at a grade of between 2 and 2.5 carats per tonne and also to
identify new kimberlites outside of the corridor. The Kelvin –
Faraday corridor is a target for further exploration. Tonnage
estimates are based on the drilling completed to date. The
potential quantity is conceptual in nature as there has been
insufficient drilling to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.
****
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.