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Mountain Province Diamonds Announces Successful Exploration Update for Kennady North

Press Release

TORONTO and NEW YORK, May 17, 2022- Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces interim exploration results for its 100%-held Kennady North Project. The Kennady North Project consists of over 107,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program is focussed on finding new kimberlites based on a detailed analysis of historical technical information including ground and airborne geophysics, kimberlite indicator minerals, and geological mapping. Approximately 3,000 of the ongoing 6,000 meter winter drill program have been completed.

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    Exploration Highlights for the Winter Program

    • Kimberlite intersected in 16 of 20 drill holes
    • 3 of 4 target areas have returned Kimberlite Intersections
      • North Anomaly. A target area to the north of the known Faraday 1-3 kimberlite deposit and all 7 drill holes have intersected kimberlite. The drill intercepts include hypabyssal kimberlite and also volcaniclastic kimberlite, which is often an indicator of kimberlite size potential.
      • South Anomaly. A target area to the south of the known Faraday 2 deposit and all 5 drill holes hit hypabyssal kimberlite at an average width of 4.5 meters.
      • Kelvin South. South of the known Kelvin deposit where 4 of the 6 drill holes intercepted hypabyssal kimberlite.
    • Winter geophysics completed
      • Completed 189 line-km of high-resolution ground resistivity (ARRT) data
      • Completed 3,139 ground gravity and 161 bathymetry stations
      • Completed 30 line-km of ground magnetics
      • Completed 1,291 line-km of airborne magnetics and electromagnetics

    Mark Wall, the Company’s President and Chief Executive Officer, commented:

    “We began 2022 with a plan to launch an aggressive winter exploration campaign over Kennady North, and we have achieved that plan. We have discovered kimberlite in three of four targets tested to date, and completed all of our scheduled airborne and ground geophysics. In the final weeks of our winter program, we will continue to drill-test as many priority anomalies as feasible with the intent to discover more kimberlite and add value to the Kennady North Project. As a pure Canadian diamond producer and explorer, we see this as an important time to aggressively explore for new Canadian diamond production”

    Of the sixteen targets identified four have been tested by drilling so far. Drilling will continue through the rest of the winter 2022 program which is expected to culminate at the end of May. Summer exploration will start in Q3 with emphasis on follow-up sampling of indicator mineral results generated from the 2021 till sampling program, which are expected to be complete by the end of Q3. A review of all winter 2022 ground geophysical data continues through Q2 with the intent to drill areas of interest (“AOI”) with land-based anomalies in the summer program.

    To date, 2,935 meters from 20 drillholes have been collected from the North Anomaly, South Anomaly, KS Anomaly and G6 Anomaly. These anomalies were defined using ARRT (a high-resolution ground resistivity system developed by Aurora Geoscience Ltd., Yellowknife), and by ground gravity. Both systems recognize the physical contrast between competent country rock and country rock adjacent to kimberlite that is broken and altered from emplacement of the kimberlite. Locations for these anomalies relative to the Kelvin and Faraday kimberlites are shown in the first set of images.

    Seven drillholes completed at the North Anomaly have identified depth-extensive zones of highly altered country rock intermixed with intersects of hypabyssal kimberlite (‘HK’) ranging from 0.03 to 6.93 meters in thickness (average thickness 1.54m). Suspected volcaniclastic kimberlite (‘VK’) has been intersected in three drillholes and ranges from 0.16 to 2.13 meters in thickness (average 0.95m), with 3D modeling of the drilling indicating lateral continuity for the VK. For Kelvin and Faraday kimberlites at Kennady North, VK comprises the greatest volume and its presence in the exploration drilling is considered a good indication for volume potential at the North Anomaly.

    At the South Anomaly all five drillholes have HK present with thicknesses ranging from 0.68 to 6.96 meters (average 3.23m). Country rock breccia consisting of highly comminuted gneiss mixed with kimberlite has also been observed, and is indicative of volume potential for the South Anomaly.

    Four of six drillholes at the KS anomaly intersected HK kimberlite ranging from 0.22 to 1.49 meters in thickness. The present interpretation for the KS anomaly is that the system is lacking the kimberlitic fluids necessary to break up country rock and provide volume for VK to develop. A table of drill results for the North, South and KS Anomaly is provided below.

    Drill Hole

    Azimuth2

    Inclination2

    Kimberlite Intersect1,2 (m)

    End of
    Hole2(m)

    From

    To

    Length1

    North Anomaly

    KDI-22-008

    128.5

    -71.2

    75.86

    81.48

    5.62

    121.0

    KDI-22-010

    135.8

    -49.4

    83.27

    86.59

    3.32

    127.4

    KDI-22-012

    47.9

    -46.1

    107.05

    113.98

    6.93

    150.0

    KDI-22-013

    49.4

    -60.7

    81.56

    81.75

    0.19

    121.0

    plus

    82.61

    82.98

    0.37

    plus

    83.68

    83.88

    0.20

    plus

    85.07

    85.45

    0.38

    plus

    86.10

    86.13

    0.03

    plus

    86.30

    86.52

    0.22

    plus

    87.72

    88.75

    1.03

    KDI-22-015

    45.0

    -52.5

    76.76

    76.90

    0.14

    plus

    77.66

    78.60

    0.94

    plus

    80.73

    81.10

    0.37

    plus

    83.90

    87.00

    3.10

    KDI-22-016

    45.0

    -62.0

    69.50

    72.40

    2.90

    plus

    73.15

    73.70

    0.55

    KDI-22-019

    223.7

    -52.4

    76.60

    76.76

    0.16

    plus

    77.13

    78.83

    1.70

    South Anomaly

    KDI-22-001

    307.4

    -46.1

    109.00

    113.13

    4.13

    163.0

    KDI-22-002

    294.3

    -65.0

    84.19

    90.06

    5.87

    114.7

    KDI-22-003

    48.6

    -45.5

    115.02

    121.98

    6.96

    142.0

    KDI-22-004

    46.2

    -69.4

    98.57

    99.25

    0.68

    139.0

    KDI-22-007

    182.0

    -89.0

    66.03

    68.42

    2.39

    121.0

    plus

    79.97

    81.45

    1.48

    plus

    85.48

    86.57

    1.09

    KS Anomaly

    KDI-22-005

    35.1

    -46.1

    217.08

    218.57

    1.49

    163.0

    KDI-22-006

    31.3

    -54.7

    114.7

    KDI-22-009

    26.0

    -67.7

    63.51

    63.76

    0.25

    93.2

    KDI-22-011

    24.9

    -52.5

    152.0

    KDI-22-018

    27.0

    -50.0

    35.50

    35.65

    0.15

    160.0

    plus

    37.00

    37.25

    0.25

    plus

    40.20

    40.50

    0.30

    plus

    46.46

    47.71

    1.25

    plus

    65.14

    66.00

    0.86

    1Intersects are not true thicknesses. 2Initial measurements from field logs may change with further drillhole surveying and logging.

    The target AOI were selected from recently-compiled studies of glacial geology and kimberlite indicator mineral (KIM) dispersions over the project area. Additional target AOI were selected after a review of historical geophysical data for Kennady North. These datasets were reviewed during several in-house workshops held in late 2021 and early 2022, with final ranking of sixteen AOI completed in a joint workshop held with De Beers in February 2022. The sixteen AOI were scheduled for ARRT and ground gravity surveys during the winter program, with a total of 188.8 line-km of ARRT and 3,139 gravity stations completed over the targets. A map image of the AOI that received ground geophysics for drill-targeting is shown in the third image.

    Drilling has started at the G6 anomaly, situated on the winter spur road to Gahcho Kué Mine. The G6 anomaly is the result of a 1997 DIGHEM airborne survey that delineated the Kelvin, Faraday and Gahcho Kué kimberlites. Recent drilling over follow-up coincident ARRT and ground gravity anomalies encountered no kimberlite. Assessment of the drill data is underway.

    In addition to the ground geophysical surveys, a small airborne magnetic/electromagnetic survey was conducted over an unsurveyed area located one kilometer southeast of Gahcho Kué. A total of 1,291 line-km of data were collected over the area.

    In 2021 over 600 till samples were collected over the project area, including the recently staked Kennady East claims. Preliminary results for 47 samples confirm the presence of pyrope, chromite and picroilmenite in esker samples from the southern portion of the Kennady East claims. The distribution of 2021 till samples and outline of the 2022 airborne geophysics program are shown in the fourth and final image.

    About the Company

    Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

    For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

    IBF4

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