Kennady Diamonds (TSX-V:KDI, StockForum), a Toronto-based firm engaged in the discovery and development of diamond properties in Canada's Northwest Territories, announced today that the company had opened two more exploration camps, Bob Camp and Kelvin Camp, on February 7, 2014 with geophysics crews dispatched to site shortly thereafter.
The crews are expected to carry out a variety of geophysics programs, including ground-penetrating radar and Ohmmapper, at both Kelvin and Faraday kimberlites in order to determine the extent of the kimberlite emplacement prior to the commencement of the 2014 drill program.
Once geophysics programs have been completed at Kelvin and Faraday, crews will move to new kimberlite targets with all planned geophysics expected to wrap up by mid-March.
According to the news release, “Mobilization of drill rigs, fuel and equipment on the seasonal ice road is underway and expected to be completed before the end of February. The planned plus 10,000 meter drill program is expected to commence next week and will focus initially on delineating the outer limits of the main Kelvin kimberlite, following which larger diameter drilling to recover the planned 25 to 30 tonne Kelvin mini-bulk sample will commence.”
It then added, “Delineation and infill drilling is also planned for the Faraday kimberlite. New kimberlite targets within and outside the Kelvin - Faraday kimberlite corridor will also be drill-tested. Regular updates on the drilling will be provided as soon as the results become available.”
Kennady also added to its holdings with its acquisition of 100% control over an another 59 leases and claims to the west and south of the Kennady North Project to include two more diamond-bearing kimberlites, the Doyle kimberlite and the MZ kimberlite, thus bringing up the company's land position to approximately 61,000 hectares.
Patrick Evans, Kennady Diamonds CEO, commented, “"Our priority remains to define a diamond resource at the Kelvin - Faraday kimberlite corridor of between 5 and 8 million tonnes grading at least 2 carats per tonne. Advancements in diamond exploration techniques over the past decade open the potential for further kimberlite discoveries.”
Then concluded, “To secure the Company's position we have acquired control over 59 additional leases and claims in the prolific Kennady diamond district, which will be the focus of an expanded exploration program this year.”
Kennady Diamonds was in the news recently when the company closed a $2.3 million private placement offering at the end of December.
Currently there are 21.6m outstanding shares with a market cap of $89.6 million.