265 tonne bulk sample recovered from
Faraday 2
Bulk sampling underway on Faraday
3
Shares Issued and Outstanding: 47,281,970
TSX-V: KDI
TORONTO, March 3, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) is pleased to announce that
the bulk sampling program on the Faraday 2 kimberlite has been
successfully completed with approximately 265 tonnes of kimberlite
collected from 29 large diameter drill holes. The two reverse
circulation drill rigs are now focused on the nearby Faraday 3
kimberlite and have commenced drilling with the target of
collecting a 300 tonne kimberlite sample from this pipe.
Kennady Diamonds President and CEO, Dr. Rory Moore stated: "We are delighted to have
achieved our target tonnage on the Faraday 2 kimberlite on-schedule
despite weather related challenges that the field crews have
faced. The transition to drilling the Faraday 3 kimberlite
has proceeded smoothly, with the first two drill holes completed
within 24 hours of moving onto the kimberlite."
The Faraday 2 bulk sample will now be transported to
Saskatoon to be processed by dense
media separation ('DMS') at the Geoanalytical Laboratories Diamond
Services of the Saskatchewan Research Council ('SRC'), which is
accredited to the ISO/IEC 17025 standard by the Standards Council
of Canada as a testing laboratory
for diamond analysis. It is anticipated that processing will
commence on March 27.
The Company plans to recover a total of approximately 575 tonnes
of kimberlite from the Faraday kimberlites during the 2017 winter
program, including the 265 tonnes recovered from Faraday 2, 300
tonnes from the Faraday 3 and approximately 10 tonnes from Faraday
1. The objective of this program is to advance the Faraday 2
and 3 kimberlites to an inferred resource status and advance the
Faraday 1 kimberlite to a Target for Further Exploration
(TFFE). It is anticipated that diamonds weighing more than
1,000 carats will be recovered from the bulk samples and the
diamond parcel will be used for revenue modeling of the Faraday 2
and 3 kimberlites. Diamonds recovered from the Faraday 1 mini-bulk
sample will be used to correlate diamond grade and quality
potential with the nearby Faraday 3 kimberlite. The bulk sampling
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 immediately to the north and
west of the Gahcho Kué Diamond Mine, a joint venture between De
Beers Canada (51%) and Mountain
Province (49%), 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.