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Kennady Diamonds Advances Kelvin – Faraday Kimberlite Drilling

Shares Issued and Outstanding: 22,857,675
TSX-V: KDI

  • Over 16 tonnes of kimberlite recovered from Kelvin
  • High quality diamond found at site in Kelvin core

TORONTO, April 29, 2014 /CNW/ – Kennady Diamonds Inc. (“Kennady Diamonds”, the “Company”) (TSX-V: KDI) is pleased to provide an update on resource drilling at the Company’s 100-percent controlled Kennady North diamond project located in Canada’s Northwest Territories.

“We continue to make encouraging progress with the larger diameter drilling underway at the Kelvin kimberlite and have to date recovered over 16 tonnes of the planned 25 tonne mini-bulk sample”, said Kennady Diamonds CEO, Patrick Evans.

Mr. Evans added: “We are particularly excited about the unusual recovery at site of a high quality white/colorless and transparent diamond measuring approximately 1mm in diameter. The diamond was found in core from the Kelvin hole KDI-14-012a at a down-hole depth of approximately 114 meters. While unusual, a 4.3 tonne sample recovered from the Kelvin kimberlite in 2013 did return a sample grade of 5.38 carats per tonne, which is exceptionally high”. The diamond is being sent to the Geoanalytical Laboratories Diamond Services at the Saskatchewan Research Council where it will be weighed, measured and photographed. Further details of the diamond, including photographs, will be posted on the Company’s website.

Table 1 below details the results from ten further Kelvin larger diameter drill holes where drilling is focused on the recovering of an approximate 25 tonne mini-bulk sample.

Table 1

Drill Hole Target Azimuth Inclination
from
Horizontal
Kimberlite Intercepts (m)
Approximate
End of
Hole (m)
From To Intercept
KDI-14-007b Kelvin 295 -90 39.00 122.50* 72.33 130
KDI-14-008a Kelvin 295 -80 15.78 101.37* 79.46 109
KDI-14-008b Kelvin 295 -90 14.00 72.20* 53.57 89
KDI-14-009a Kelvin 295 -80 52.68 139.97* 79.40 151
KDI-14-009b Kelvin 295 -90 48.80 133.68 84.88 142
KDI-14-010a Kelvin 295 -80 24.42 115.79 91.37 124
KDI-14-010b Kelvin 295 -90 25.20 113.44* 84.84 121
KDI-14-011a Kelvin 295 -80 39.96 143.71 103.75 154
KDI-14-011b Kelvin 295 -90 40.07 136.55* 88.61 145
KDI-14-012a Kelvin 295 -80 34.56 125.51* 86.89 133

*Includes minor country rock intercepts

Approximately 5,500 meters of drilling has been completed at the Kelvin kimberlite to date, resulting in the recovery of over 16 tonnes of kimberlite. Mr. Evans noted: “The Kelvin larger diameter drilling is continuing to recover wide intercepts in vertical and near vertical holes, which is very encouraging. We are hopeful that the vertical drilling will help identify the feeder pipe system of the Kelvin kimberlite, which has yet to be discovered”.

Table 2 below details the results from delineation drilling underway at the Faraday kimberlite, which is taking place in the area known as Faraday 2. Delineation drilling has now commenced in the area known as Faraday 3, following which drilling will be conducted at Faraday 1. Encouraging geophysical anomalies have recently been identified in all of the above areas of the Faraday kimberlite. Mr. Evans noted: “We are pleased by the wide intercepts identified at Faraday 2 and are aiming to establish continuity across the approximate 1 kilometer strike of the Faraday kimberlite”.

Table 2

Drill Hole Target Azimuth Inclination
from
Horizontal
Kimberlite Intercepts (m)
Approximate
End of
Hole (m)
From To Intercept*
KDI-14-020 Faraday 135 -65 41.45 78.93** 34.02 200
KDI-14-021 Faraday 135 -90 67.63 91.23** 20.61 110
KDI-14-022 Faraday 135 -45 57.40 76.00** 13.80 151
KDI-14-023 Faraday 135 -65 62.94 66.44 3.50 118
KDI-14-024 Faraday 135 -45 56.90 93.05** 22.72 151

*Not true widths
**Includes minor country rock intercepts

In early May, Kennady diamonds plans to move one of the drill rigs currently at Kelvin to newly identified drill targets outside and to the west of the Kelvin – Faraday kimberlite corridor. Ground geophysics has recently been completed at these targets which are now considered drill-ready.

****

About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located immediately to the north, west and south of the Gahcho Kué diamond mine currently under development by De Beers and Mountain Province Diamonds.

Kennady Diamonds aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between a 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.

An 8,500 meter drill program conducted in 2013 returned exceptional sample grades. A 4.3 tonne sample from the Kelvin kimberlite retuned a grade of 5.38 carats per tonne. A smaller 116 kg sample from the Faraday kimberlite returned a sample grade of 11.23 carats per tonne. The three largest diamonds recovered from the Kelvin kimberlite were a 2.48 carat off-white transparent octahedral, 1.06 carat off-white broken aggregate and a 0.90 carat off-white transparent irregular. The recovery of diamonds of this size and quality from a 4.3 tonne sample is very encouraging.

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.

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.
Patrick Evans, President and CEO
(416) 640-1111

[email protected]

NT2

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