KENNADY DIAMONDS INC V.KDI

News

[MrBigger]

Drilled a goose egg at the exploration target. Too Bad Kennady Diamonds Announces Successful Completion of Kennady North Drill Program Shares Issued and Outstanding: 22,857,675 TSX-V: KDI •10,200 meters drilled •Over 25 tonnes of kimberlite recovered from Kelvin •Over 1 tonne of kimberlite recovered from Faraday TORONTO, May 27, 2014 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce the successful completion of the 2014 winter/spring drill program at the Company's 100-percent controlled Kennady North diamond project located in Canada's Northwest Territories. A total of approximately 10,200 meters of drilling was completed, resulting in the recovery of over 25 tonnes of kimberlite from Kelvin and over 1 tonne of kimberlite from Faraday. Kennady Diamonds CEO, Patrick Evans, commented: "Besides achieving our targets for both meters drilled and tonnes of kimberlite recovered, we are particular pleased with the results from delineation drilling at both the Kelvin and Faraday kimberlites. Kelvin delineation drill hole KDI-14-018 intersected kimberlite over 80 meters, with substantially all of the kimberlite to the north and beyond the current geological model. Also, delineation drilling at Faraday 3 resulted in the discovery of a kimberlite "blow" with intercepts ranging up to 42 meters". Mr. Evans added: "These discoveries confirm the potential for substantial additional tonnage at the Kelvin and Faraday kimberlites, both of which have already returned exceptionally high sample grades". Table 1 below provides details from the final seven Kelvin larger diameter drill holes, where drilling was focused on the recovery of a mini-bulk sample. Table 1 *Includes minor country rock intercepts Drill Hole Target Azimuth Inclination from Horizontal Kimberlite Intercepts (m) Approximate End of Hole (m) From To Intercept KDI-14-017b Kelvin 295 -90 45.38 112.52* 62.38 121 KDI-14-018a Kelvin 295 -80 35.43 124.78* 71.17 133 KDI-14-018b Kelvin 295 -90 28.64 117.18* 85.66 136 KDI-14-019a Kelvin 295 -80 48.37 116.07* 65.74 121 KDI-14-019b Kelvin 295 -90 33.04 88.00* 46.16 100 KDI-14-020a Kelvin 295 -80 24.21 121.31* 92.42 130 KDI-14-020b Kelvin 295 -90 46.00 109.11* 61.06 118 Table 2 below provides details of the results from the final five delineation drill holes at the Faraday kimberlite. Drill hole KDI-14-030 was the final delineation hole drilled at the Faraday 3 "blow". Drill holes KDI-14-031/032/035 and 036 were drilled to define the dyke structure at Faraday 1, which is at the north of the Faraday kimberlite. Table 2 Drill Hole Target Azimuth Inclination from Horizontal Kimberlite Intercepts (m) Approximate End of Hole (m) From To Intercept* KDI-14-030 Faraday 235 -90 25.30 69.15** 42.89 125 KDI-14-031 Faraday 145 -45 43.54 52.46** 2.76 151 KDI-14-032 Faraday 145 -65 41.41 50.70** 5.49 64 KDI-14-035 Faraday 145 -45 55.20 58.53 3.33 154 KDI-14-036 Faraday 145 -65 53.35 58.27 4.92 67 *Not true widths **Includes minor country rock intercepts Four drill holes tested the G6 geophysical anomaly approx. 10 kilometers to the west of the Kelvin – Faraday kimberlite corridor without intersecting kimberlite. The Faraday one tonne kimberlite sample is being preparation for the shipment to the Geoanalytical Laboratories Diamond Services at the Saskatchewan Research Council ("SRC"). Diamonds will be recovered by caustic fusion and results are expected in the third quarter of 2014. The Kelvin 25 tonne mini-bulk sample has been shipped to Yellowknife where detailed logging and analysis will take place prior to dispatch to the SRC for processing. Results from the Kelvin mini-bulk sample are expected in the fourth quarter of 2014. Following the successful completion of the Kennady North winter/spring exploration program, preparations are underway for the 2014 summer exploration program. The summer program will include: 1.at least 5,000 meters of core drilling; 2.wide-spaced overburden till sampling by reverse circulation (RC) drilling at approx. 270 sites across the entire Kennady North project area; 3.ground geophysics, including Ohmmapper, ground-penetrating radar and ground gravity surveys; 4.LiDAR airborne mapping of the entire Kennady North project area; and 5.Infrastructure upgrades to support an expanded 2015 winter exploration program. Patrick Evans concluded: "We are well on our way to declaring our maiden resource statement by the end of 2014. Our vision remains to define a Kelvin – Faraday resource of between 5 and 8 million tonnes with a grade of greater than 2 carats per tonne". 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 Person This 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.

[youngkid]

Any guesses on how this one will trade over the next few months? We get to look forward to the results of the bulk sample, but the summer exploration might not be as exciting to the Venture crowd, and the resource won't be expected until year end.

[keno700]

I am anticipating the summer drilling to follow up on KDI-14-018. To me the result has been under the radar and follow-up could be exciting. Good results would increase the tonnage. "Kelvin delineation drill hole KDI-14-018 intersected kimberlite over 80 meters, with substantially all of the kimberlite to the north and beyond the current geological model." ( from the May 27th news) My

[RottenEggS]

MrBigger Small wonder your ignored by so many 

[MrBigger]

??? Because I posted the news??

[Wisdomwithage]

I'm a little confused by your comments McBigger.  You sound like you have some geological experience or knowledge, but even with my very limited geo experience my conclusions from the News Release are that they had pretty solid results from the drill program. Also, on May 8 you commented about Faraday 3 news ... "Is that significant?? Geo opinions please.".  Sounds like

[dabard51]

An interestingly phrased press release this on May 27.  PE summarizes the expected success in the Kelvin-Faraday corridor, announces the summer drill plans, and announced that the wildcat G6 probe showed no kimberlite. Hmmmm.  This "null result" presumably at the "border" of the KDI-DIA claims (if the G6 anomaly is the 10km directly west of the midpoint of K-F

[jediknight]

PE is also a major shareholder in both companies. Read the materials sent with the AGM  and you will see he holds substantial shares in both. Nice to see this as he is not working just for a salary and options. 

[MrBigger]

My comment re them drilling a goose egg or a big fat ZERO kimberlite was referring to this. "Four drill holes tested the G6 geophysical anomaly approx. 10 kilometers to the west of the Kelvin – Faraday kimberlite corridor without intersecting kimberlite.

[DenvCol1]

I wanted to make a few comments about the News Release. The 2014 winter/spring KDI drilling program was very successful, with both Kelvin and Faraday making a lot of progress. Next will be the 2014 summer exploration program. Patrick didn't say where the 5000 meters of core drilling would take place. He will probably make a decision after all of the laboratory analysis of the existing samples

[jediknight]

They unsuccessful drill holes are probably near the Margaret claims. DIA sp went south today to 35 cents . It will be a good spec at 15 cents. Until then put your allowance money into KDI.

[DenvCol1]

I'm hoping Patrick will identify a bunch of geophysical targets over the vast area of the Kennady Diamonds lease! There is a huge area to explore!