Post by
aebestacey on Aug 11, 2016 4:22pm
Aug.11/16, Kennady Diamonds News Release ..
NEWS RELEASE
August 11, 2016 Shares Issued and Outstanding: 47,156,970 TSX-V: KDI
Update on the Kennady North Summer Drilling Program
Kimberlite intersections exceeding 30 meters at Faraday 2 and 3 Both Faraday 2 and Faraday 3 confirmed as extending onto land
Toronto, Ontario, August 11, 2016 – Kennady Diamonds Inc. (“Kennady Diamonds”, the “Company”) (TSX-V: KDI) is pleased to provide an update on the summer drilling program on the Kennady North Project. All six of the drill holes completed to date have intersected kimberlite, with two drill holes at Faraday 2 and one drill hole at Faraday 3 intersecting over 30 meters of kimberlite. Both Faraday 2 and Faraday 3 have also been confirmed as extending from beneath Kennady Lake onto land. Table 1 below summarizes the drill results to date.
Table 1 Faraday 2016 Summer Drill Program
Drill Hole Target Azimuth Inclination
Kimberlite Intercepts (m)
End of Hole (m) From To Intercept*
KDI-16-037a Faraday 2 93 -88 195.35 225.97 30.62 259 KDI-16-037b Faraday 2 280 -80 192.23 229.58 37.35 262 KDI-16-036a Faraday 3 50 -90 155.47 162.90 7.43 223 176.20 191.27** 13.87 223 KDI-16-036b Faraday 3 49 -79 140.86 177.23** 33.85 230 198.58 198.78 0.20 230 KDI-16-036c Faraday 3 50 -70 175.90 180.0 4.10 218 KDI-16-036d Faraday 3 230 -80 195.50 199.60 4.10 275 205.00 241.10** 29.20 275
*Intercepts not true widths. ** Includes minor country rock intercepts.
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: “We are *delighted* that kimberlite was intersected in all six drill holes completed to date, as the results confirm our exploration model that predicted both Faraday 2 and 3 would continue onto land.
The drill holes on Faraday 2 have returned *robust* kimberlite intersections, and current drilling continues to track the body in a westerly direction. At Faraday 3 the northeastern margin has been established with our latest drill holes, and the next drill holes will define its southwestern margin.”
Dr. Moore concludes, “Our systematic approach to expanding the Faraday bodies is exactly the same as that which expanded Kelvin to its present size. We have no doubt that as we continue, additional kimberlite will be discovered with this exploration model.” At the Kennady North project, exploration and delineation drilling is presently being conducted from two land-based setups.
One drill rig is focused on the Faraday 1-Faraday 3 kimberlite complex, and the second rig is active at Faraday 2. It is anticipated that over 8,000 meters of core drilling will be completed on the Faraday kimberlites by the end of the summer program, with the results incorporated into defining a diamond resource along the Kelvin – Faraday corridor. ****
About Kennady Diamonds Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located in Canada’s Northwest Territories immediately adjacent to the Gahcho Ku diamond mine currently being operated by De Beers and Mountain Province Diamonds (T:MPV, NASDAQ:MDM).
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.
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Qualified Person This news release has been prepared under the supervision of Dr. Tom McCandless, P. Geo., an independent director of Kennady Diamonds and Qualified Person under National Instrument 43-101.