Kennady Diamonds Intersects Kimberlite at South End of Faraday Lake
Kennady North Summer Drill Program Concludes:
3,848 meter drill program recovers 3,454 kilograms of kimberlite
Shares Issued and Outstanding: 19,693,609
TORONTO, Sept. 9, 2013 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce that four drill holes have intersected kimberlite in geophysical anomalies at the south end of Faraday Lake. The intersections range from approximately 1.60 meters to 3.50 meters and appear to indicate the presence of a kimberlite dyke structure. Further drilling will be required to determine the continuity of the kimberlite emplacement. Table 1 below details the kimberlite intersects.
Kimberlite Intercepts (m)
|End of Hole (m)|
*Not true widths
Patrick Evans, Kennady Diamonds CEO, added: "We are also pleased to announce the conclusion of the Company's very successful summer drill program. A total of 3,848 meters were drilled resulting in the recovery of approximately 3,454 kilograms of kimberlite. This far exceeds the original objectives of the drill program. We are particularly encouraged that the step-out drilling to the north-west of the Kelvin kimberlite indicates continuity over more than 300 meters from the main Kelvin kimberlite. We are also encouraged by the discovery of kimberlite at the south end of Faraday Lake, which opens the potential for the strike of the Faraday kimberlite to exceed one kilometer".
Kimberlite recovered during the summer drill program is being prepared for dispatch to the Geoanalytical Laboratories Diamond Services at the Saskatchewan Research Council for recovery of diamonds by caustic fusion. The results are expected to be announced early in the fourth quarter.
Preparations for a significantly larger 2014 Kennady North winter drill program are commencing. This program is expected to include:
- A 30 to 40 tonne bulk sample of the Kelvin kimberlite by large-diameter drilling in order to recover at least 2,000 carats of macro diamonds to support revenue modeling of the Kelvin diamonds;
- Approximately 10,000 meters of delineation drilling at both the Kelvin and Faraday kimberlites to define the size and shape of the kimberlites; and
- The testing of further geophysical targets outside the Kelvin - Faraday kimberlite corridor.
Further details of the 2014 winter drill program will be announced shortly.
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.
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.For further information:
Kennady Diamonds Inc.
Patrick Evans, President and CEO