Post by
MrBigger on May 19, 2015 9:23am
More tonnage
Kennady Diamonds Intersects 73 meters of Kimberlite at Faraday 2 Kelvin – Faraday Tonnage Target Increased: New Target 12M to 15M Tonnes Shares Issued and Outstanding: 28,633,122 TSX-V: KDI TORONTO, May 19, 2015 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce the latest drill results from the 100 percent-controlled Kennady North diamond project located in Canada's Northwest Territories. Kennady Diamonds CEO Patrick Evans commented: "We are very satisfied with the results of our two-month spring drill program at Faraday 1 and 2 which has successfully delineated two new pipe-like kimberlites at Kennady North. Based on these results we have increased our tonnage target for the Kelvin – Faraday kimberlite corridor, which we now estimate has the potential to host between 12 million and 15 million tonnes." Drilling since mid-March has successfully defined the Faraday 2 kimberlite over a strike of approximately 200 meters, trending from southeast, where it outcrops at surface, to the northwest where the country rock overburden is approx. 100 meters. The latest intersection of over 73 meters is the longest kimberlite intersect to date at Faraday. Mr. Evans added: "Based on exploration drilling over the past two weeks, we believe that the F2 kimberlite is trending from northwest to the west and increasing in volume. Given the close proximity to the shoreline, we are planning land-based drilling of the F2 kimberlite as part of the summer drill program in the expectation that we'll be able to continue tracking it on strike further to the west." The latest drill results from Faraday 2 are detailed in Table 1 below. Table 1 Faraday 2 2015 Spring Drill Program Drill Hole Target Azimuth Inclination Kimberlite Intercepts (m) Approximate End of Hole (m) From To Intercept* KDI-15-036a Faraday 2 238 -61 162.06 177.68** 9.38 199 KDI-15-036b Faraday 2 238 -58 123.10 211.00** 73.90 226 KDI-15-037a Faraday 2 235 -45 31.75 79.64** 46.89 109 KDI-15-037b Faraday 2 235 -55 35.58 95.33** 55.09 107 *Intercepts in sub-vertical holes not true widths **Includes country rock intercepts Exploration drill hole KDI-15-036a, drilled with NQ core, deviated to the northwest from the planned direction and appears to have "clipped" the northwest edge of the F2 kimberlite. Drill hole KDI-15-036b, drilled with HQ core from the same platform, maintained a straight drill line resulting in the long kimberlite intersection of 73.90 meters with only minor country rock intercepts present in the core. At Faraday 1 delineation drilling has now defined a pipe-like kimberlite over a strike of approx. 120 meters trending from the southeast, where it comes close to surface, to the northwest where there is approx. 60 meters of country rock overburden. The latest drill results from Faraday 1 are detailed in Table 2 below. Table 2 Faraday 1 2015 Spring Drill Program Drill Hole Target Azimuth Inclination Kimberlite Intercepts (m) Approximate End of Hole (m) From To Intercept* KDI-15-038 Faraday 1 230 -45 35.00 42.00 7.00 85 KDI-15-039a Faraday 1 230 -55 86.00 114 28.00 151 KDI-15-039b Faraday 1 230 -65 86.00 102.00 16.00 112 KDI-15-040 Faraday 1 230 -45 Abandoned due to unstable ice *Intercepts in sub-vertical holes not true widths Mr. Evans noted: "Hole KDI-15-038, drilled at the southeast shoreline of Faraday Lake, appears to have clipped the bottom of the F1 kimberlite. Drill holes 039a and 039b were drilled at the northwest end of F1 and returned encouraging intercepts of 16 and 28 meters. These holes are approx. 70 meters from the northwest shoreline. An attempt was made to drill one further exploration hole (KDI-15-040) between 039 and the northwest shoreline, however unstable ice conditions resulted in the hole being abandoned at a depth of 46 meters." As a result of unstable ice conditions, all three drill rigs have been taken off the ice at Faraday Lake. Two of the drill rigs have been moved back to the Kelvin kimberlite where further land-based infill and delineation drilling has now commenced. One drill rig is on standby at Faraday 2 to recommence land-based drilling as soon as conditions allow. Updated location maps of drilling at Faraday 1 and 2 are available on the homepage of the Company's website at www.kennadydiamonds.com. **** About Kennady Diamonds Kennady Diamonds Inc. controls 100 percent of the Kennady North project which comprises thirteen leases and claims located immediately to the north and west of the four leases controlled by the Gahcho Kué Joint Venture between De Beers Canada (51%) and Mountain Province (49%) located in Canada's Northwest Territories. Kennady Diamonds aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between a 12 and 15 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. The tonnage estimate is 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.