3,000 meters of diamond drilling
Ground geophysics on new "GGL" leases
Shares Issued and Outstanding: 50,867,933
TORONTO, July 4, 2017 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce that the summer exploration program on its Kennady North Project has commenced. The program will consist of at least 3,000 meters of diamond drilling in the Kelvin-Faraday area and ground geophysics over key target areas on leases acquired from GGL Resources Corp. (see News Release of August 18, 2016).
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: "Following on our exceptional diamond results for the Faraday kimberlites, we are excited to continue with further exploration and delineation drilling of these bodies as they track northwards from beneath Faraday Lake to dry land." He further added; "The geophysics will expand coverage of target areas where geophysical work was initiated during our recent winter campaign. The results will be used to define drill targets for testing in our upcoming winter program."
Faraday Diamond Valuation
Diamonds recovered from the Faraday kimberlites as part of the recently completed winter bulk sampling program are enroute to Antwerp, Belgium for independent valuation by WWW International Diamond Consultants ('WWW'). The valuation will take place in July with results expected in early August.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located in Canada's Northwest Territories. Kennady North is adjacent to the Gahcho Kué Diamond Mine, a joint venture between De Beers Canada (51%) and Mountain Province (49%), which started production in late 2016. Kennady is focused on expanding its high-grade diamond resources along the Kelvin – Faraday kimberlite corridor, as well identifying new kimberlites outside of the corridor. To date an indicated resource of 13.62 million carats of diamonds contained in 8.50 million tonnes of kimberlite, with a grade of 1.60 carats per tonne and an average value of US$63 per carat has been defined for the Kelvin kimberlite using a 1mm diamond bottom cutoff size. The Kelvin – Faraday corridor is also a target for further exploration.
This news release has been prepared by Dr. Rory Moore, P.Geo., President and CEO of Kennady Diamonds. The technical contents of this news release have been reviewed and approved by Dr. Tom McCandless, P. Geo., an independent director of Kennady Diamonds and Qualified Person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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., Dr. Rory O. Moore, President and CEO, (416) 640-1111, [email protected]