Shares Issued and Outstanding: 22,857,675TSX-V: KDI
Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to provide an update on resource drilling at the Company's 100-percent controlled Kennady North diamond project located in Canada's Northwest Territories.
Kennady Diamonds CEO, Patrick Evans, noted: "Our 2014 winter drill program continues to make good progress. The delineation drilling is providing confirmation of the dimensions of the high grade Kelvin kimberlite and increasing our confidence in the geological model. In addition, our larger diameter drilling is recovering wide intercepts in vertical and near vertical holes, which is very encouraging."
Sixteen Kelvin delineation drill holes have been completed to date with one drill rig continuing delineation drilling. Two drill rigs are now drilling to recover the mini-bulk sample. Table 1 details the latest delineation drill results.
Table 1
Drill Hole Target Azimuth Inclination Kimberlite Intercepts (m) End of from Approximate Hole (m) Horizontal --- ---------- From To Intercept* ---- --- --------- KDI-14-011 Kelvin 215 -65 106.96 136.15** 26.42 181 ---------- ------ --- --- ------ ------- ----- --- KDI-14-012 Kelvin 035 -65 88.62 133.18** 43.21 178 ---------- ------ --- --- ----- ------- ----- --- KDI-14-013 Kelvin 085 -65 17.44 93.64** 37.34 106 ---------- ------ --- --- ----- ------ ----- --- KDI-14-014 Kelvin 150 -65 19.40 61.37** 38.05 97 ---------- ------ --- --- ----- ------ ----- --- KDI-14-015 Kelvin 035 -45 76.82 105.08 28.26 139 ---------- ------ --- --- ----- ------ ----- --- KDI-14-016 Kelvin 035 -65 93.40 158.91** 61.25 166 ---------- ------ --- --- ----- ------- ----- ---
*Not true widths**Includes minor country rock intercepts
Table 2 details results from the first five drills recovering the mini-bulk sample.
Table 2
Drill Hole Target Azimuth Inclination Kimberlite Intercepts (m) End of from Approximate Hole (m) Horizontal --- ---------- From To Intercept ---- --- --------- KDI-14-001a Kelvin 295 -90 22.20 107.00* 83.33 115 ----------- ------ --- --- ----- ------ ----- --- KDI-14-001b Kelvin 295 -80 18.29 113.63* 88.25 121 ----------- ------ --- --- ----- ------ ----- --- KDI-14-002a Kelvin 295 -80 20.32 69.00* 46.19 76 ----------- ------ --- --- ----- ----- ----- --- KDI-14-003a Kelvin 295 -90 25.96 115.99* 81.44 121 ----------- ------ --- --- ----- ------ ----- --- KDI-14-003b Kelvin 295 -80 35.19 123.35 88.16 133 ----------- ------ --- --- ----- ------ ----- --- KDI-14-004a Kelvin 295 -80 38.00 121.23 83.23 127 ----------- ------ --- --- ----- ------ ----- ---
*Includes minor country rock intercepts
Approximately 2,340 meters of delineation drilling has been completed at the Kelvin kimberlite resulting in the recovery of approximately 680 meters of kimberlite. Larger diameter drilling has recovered a further 475 meter of kimberlite, for combined kimberlite recovery of approximately 6.5 tonnes out of a planned 25 to 30 tonnes.
Delineation drilling at the Kelvin kimberlite is expected to be completed shortly, following which one of the drill rigs will be moved to the Faraday kimberlite to commence delineation drilling focused on targets identified by the recently completed ground geophysics program.
About Kennady Diamonds Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located immediately to the north, west and south of the Gahcho Kué diamond mine currently under development by De Beers and Mountain Province Diamonds.
Kennady Diamonds aims to identify a resource along the Kelvin - Faraday kimberlite corridor of between a 5 and 8 million tonnes and also to identify new kimberlites outside of the corridor. This 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.
An 8,500 meter drill program conducted in 2013 returned exceptional sample grades. A 4.3 tonne sample from the Kelvin kimberlite retuned a grade of 5.38 carats per tonne. A smaller 116 kg sample from the Faraday kimberlite returned a sample grade of 11.23 carats per tonne. The three largest diamonds recovered from the Kelvin kimberlite were a 2.48 carat off-white transparent octahedral, 1.06 carat off-white broken aggregate and a 0.90 carat off-white transparent irregular. The recovery of diamonds of this size and quality from a 4.3 tonne sample is very encouraging.
Qualified PersonThis news release has been prepared under the supervision of Carl G. Verley, P.Geo., who serves as the 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.
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SOURCE: Kennady Diamonds Inc.
Kennady Diamonds Inc., Patrick Evans, President and CEO,
(416) 640-1111, investor@kennadydiamonds.com