Bulk Sample Drilling Underway on Faraday
2
Shares Issued and Outstanding: 47,156,970
TSX-V: KDI
TORONTO, Jan. 23, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) is pleased to announce
diamond recovery results from the Faraday 1 and 2 kimberlites at
the Company's 100 percent-controlled Kennady North project. The
samples were recovered by core drilling during 2016 and processed
by caustic fusion at the Geoanalytical Laboratories Diamond
Services of the Saskatchewan Research Council ("SRC").
Kennady Diamonds President and CEO Dr. Rory Moore noted: "We are very pleased with the
consistently high diamond recoveries emerging from the Faraday
kimberlites. The sample grades of 3.14 carats per tonne for Faraday
1 and 3.22 carats per tonne for Faraday 2 build on our previous
results reported in 2016, and provide further confidence for a
positive outcome to the 2017 winter bulk sampling of these
kimberlites."
Table 1 below summarizes the caustic fusion diamond recovery
results for the Faraday 1 kimberlite from 2016 drilling.
Table 1 – 2016 Faraday 1 Diamond Recovery Results
Sample
Weight (dry
tonnes)
|
Number and Weight of
Diamonds According to Sieve Size Fraction
(mm)
|
Total
diamonds
|
Total Carats
(+0.85mm)
|
+0.106
-0.150
|
+0.150
-0.212
|
+0.212
-0.300
|
+0.300
-0.425
|
+0.425
-0.600
|
+0.600
-0.850
|
+0.850
-1.180
|
+1.180
-1.700
|
+1.700
-2.360
|
+2.360
-3.350
|
0.8615
|
1,139
|
708
|
374
|
255
|
130
|
86
|
39
|
23
|
7
|
5
|
2,766
|
2.7043
|
*Sample grade of diamonds greater than 0.85mm: 3.14 carats
per tonne.
The three largest diamonds recovered from the Faraday 1 sample
are described as follows:
- 0.44 carat off white transparent aggregate with
inclusions;
- 0.42 carat brown transparent resorbed octahedron with no
inclusions;
- 0.28 carat brown transparent fragment with inclusions;
Table 2 below summarizes the caustic fusion diamond recovery
results for the Faraday 2 kimberlite from 2016 drilling.
Table 2 – 2016 Faraday 2 Diamond Recovery Results
Sample
Weight (dry
tonnes)
|
Number and Weight of
Diamonds According to Sieve Size Fraction
(mm)
|
Total
diamonds
|
Total Carats
(+0.85mm)
|
+0.106
-0.150
|
+0.150
-0.212
|
+0.212
-0.300
|
+0.300
-0.425
|
+0.425
-0.600
|
+0.600
-0.850
|
+0.850
-1.180
|
+1.180
-1.700
|
+1.700
-2.360
|
0.4249
|
683
|
482
|
302
|
158
|
83
|
46
|
26
|
17
|
6
|
1,803
|
1.369
|
*Sample grade of diamonds greater than 0.85mm: 3.22 carats
per tonne.
The three largest diamonds recovered from the Faraday 2 sample
are described as follows:
- 0.11 carat brown translucent fragment with inclusions;
- 0.11 carat off white transparent aggregate with minor
inclusions;
- 0.10 carat brown, transparent dodecahedron with
inclusions.
Dr. Moore concluded, "Considering the relatively small size of
the sample from Faraday 1, it is encouraging that two diamonds
weighing just under half a carat each were recovered. It is
also worth noting that the largest stones recovered from the
Faraday 2 sample are consistent with expectations based on sample
size."
Winter Bulk Sampling Program
Kennady Diamonds is also
pleased to announce that large diameter reverse circulation
drilling commenced on Friday last week, and the first drill hole on
Faraday 2 has been successfully completed. The aim of the program
is to recover approximately 250 tonnes from each of Faraday 2 and
3, and to obtain a small (~20 tonne) representative sample from
Faraday 1. This will advance the Faraday 2 and 3 kimberlites
towards an inferred mineral resource, and provide diamond grade and
quality potential data from Faraday 1 for correlation with Faraday
3 results. The program is expected to be completed in early Q2 of
2017.
****
About Kennady Diamonds
Kennady Diamonds Inc. controls
100 percent of the Kennady North diamond project located in
Canada's Northwest Territories. Kennady North is
located immediately to the north and west of the Gahcho Kué Diamond
Mine, which started production in late 2016.
Kennady Diamonds aims to identify a resource along the Kelvin –
Faraday kimberlite corridor of between 13 million and 16 million
tonnes at a grade of between 2 and 2.5 carats per tonne and also to
identify new kimberlites outside of the corridor. The Kelvin –
Faraday corridor is a target for further exploration. Tonnage
estimates are 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 Persons
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.