Shares Issued and Outstanding: 19,693,609
TSX-V: KDI
Step-out Drilling Continues to Intersect Kimberlite Approx. 300 meters
from Main Kelvin
More than 3 tonnes of Kimberlite Recovered
TORONTO, Aug. 26, 2013 /CNW/ - Kennady Diamonds Inc. ("Kennady
Diamonds", the "Company") (TSX-V: KDI) is pleased to announce that over
70 meters of kimberlite has been intersected in step-out drilling on
strike to the north-west of the main Kelvin kimberlite. Delineation
drilling, which is taking place approximately 100 meters from Kelvin
Lake and more than 300 meters from the main Kelvin kimberlite, is
increasing confidence in the tonnage potential of the Kelvin
kimberlite.
Table 1 below details recent drill results.
Table 1
Drill Hole
|
Target
|
Azimuth
|
Inclination
from
Horizontal
|
Kimberlite Intercepts (m)
Approximate
|
End of
Hole (m)
|
From
|
To
|
Intercept*
|
KDI-13-042
|
Kelvin
|
300
|
-75
|
55.17
|
58.69
|
70.98
|
160
|
62.39
|
129.85
|
KDI-13-043
|
Kelvin
|
032
|
-60
|
110.42
|
162.85
|
52.43
|
187
|
*Not true widths
Drill hole KDI-13-041, drilled from the same platform as KDI-13-042, but
at an inclination of - 60 degrees (AZ 300 degrees) did not intersect
kimberlite, thereby defining the north-easterly limit in this
particular area of the Kelvin kimberlite. Drill hole KDI-13-042,
drilled more steeply, intersected over 70 meters of kimberlite.
Patrick Evans, Kennady Diamonds CEO, commented: "We are particularly
encouraged that the step-out drilling continues to intersect kimberlite
more than 300 meter to the north-west of the main Kelvin kimberlite.
This is the farthest to the north-west that kimberlite has been
intersected and the kimberlite body continues to demonstrate
substantial widths. Delineation drilling to determine the limits of the
kimberlite emplacement is continuing."
Kennady Diamonds is also pleased to report that more than 3 tonnes of
kimberlite has been recovered to date from approximately 3,000 meters
of drilling, which is well in excess of the targets set for the
program. This reflects the very high success rate of the current drill
program. At the conclusion of the drill program within the next two
weeks, the recovered kimberlite will be dispatched to the Geoanalytical
Laboratories Diamond Services at the Saskatchewan Research Council for
recovery of diamonds by caustic fusion.
Mr. Evans concluded: "We expect to release diamond recovery results
early in the fourth quarter. The additional data will facilitate
progress towards the first resource statement for the Kennady North
project and also add significantly to our diamond data base".
****
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North project
which comprises thirteen leases and claims located immediately to the
north and west of the four leases controlled by the Gahcho Kué Joint
Venture between De Beers Canada (51%) and Mountain Province (49%)
located in Canada's Northwest Territories.
A 5,000 meter drill program conducted during the winter of 2013 returned
an exceptional sample grade of 8.44 carats per tonne. The largest three
diamonds recovered were a 2.48 carat off-white transparent octahedral,
a 0.90 carat off-white transparent irregular, and a 0.75 carat
off-white transparent octahedral. The recovery of diamonds of this size
and quality from a 1.1 tonne sample is very encouraging.
Kennady Diamonds aims to identify a resource along the Kelvin - Faraday
kimberlite corridor of between 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.
****
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.
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.
Kennady Diamonds Inc.
Patrick Evans, President and CEO
(416) 640-1111