Kennady Diamonds (TSX: V.KDI, Stock Forum) upped the prospective nature of its wholly-controlled Kennady North diamond project located in the Canada's Northwest Territories when the company announced the latest results today from its 2014 summer drill program at the project.
According to the news release, as a result of the drill results, the company was able to increase the Kelvin-Faraday kimberlite tonnage estimate to 7 – 10 million tonnes.
Highlights from the Kelvin 2014 summer delineation drill program results included 77.00 metres of kimberlite intercepts at KDI-14-040, 62.70 metres of kimberlite intercepts at KDI-14-042 and 76.20 metres of kimberlite intercepts at KDI-14-045.
Company CEO, Patrick Evans, commented on the results, “Delineation drilling at the north lobe of the Kelvin kimberlite pipe is exceeding expectations and initial exploration drilling at the Kelvin dyke is returning promising kimberlite intersects. Based on the results to date, we have revised our tonnage estimate for the Kelvin – Faraday kimberlite corridor from the previous 5 to 8 million tonnes to 7 to 10 million tonnes.”
Kennady Diamonds was in the news recently when the company announced a Faraday sample grade of 5.10 carats per tonne almost two weeks ago.
Shares gained 2.72% on the news to $7.18 per share.
Currently there are 22.9m outstanding shares with a market cap of $164.1 million.