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Mountain Province Diamonds Completes 2022 Kennady North Exploration Program and Discovers New Kimberlite East of the Kelvin Kimberlite

Press Release

TORONTO and NEW YORK, Nov. 22, 2022 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces positive exploration results for its 100%-held Kennady North Project. The Kennady North Project includes over 113,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program focused on new discoveries through a detailed analysis of both new and historic geophysical, geological, and kimberlite indicator mineral (‘KIM’) data. Interim results for the winter program that focused on geophysical surveys and drilling of lake-based anomalies were reported previously (see news release May 17, 2022). The summer program focused on drilling land-accessible geophysical targets and on follow-up till sampling over KIM anomalies generated from the 2021 till sampling program. The combined exploration results for 2022 are summarized in this news release including the new discovery of the Hearn Northwest Extension at the Gahcho Kué joint venture as previously announced.

Highlights of the 2022 Kennady North Exploration Program

  • The new KE kimberlite area discovered
    • New and distinct occurrence that is located roughly 450 meters east of the Kelvin kimberlite
    • Defined by three drillholes that have confirmed a series of hypabyssal kimberlite sheets (‘HK’) with a maximum HK intersect of 2.13 meters, that appear to be new and distinct from the nearby Kelvin deposit
    • Further drilling of the KE kimberlite is currently planned for the 2023 exploration program
  • Over 5,000m of Exploration Drilling
    • 25 of 35 exploration drillholes intersected kimberlite
    • Eight volcaniclastic kimberlite intersections on the North Anomaly
  • Geophysical Surveys
    • 1,291 line-km of airborne magnetics and electromagnetics
    • 189 line-km of high-resolution resistivity (ARRT) data
    • 30 line-km of ground magnetics
    • 3,139 ground gravity and 161 bathymetry measurements
    • Historic HLEM and magnetics identified the KE kimberlite
  • Kimberlite indicator Minerals
    • Over 600 strategic till samples processed and assessed from 2021
    • Over 300 follow-up till samples in 2022 confirming the 2021 sampling strategies
    • Positive KIM dispersals identified new areas for geophysics and drilling
  • Metals Exploration
    • Intersection of a hydrothermal breccia with quartz veining and sulfides, which remains under review
    • Glacial sediment geochemistry identified areas of interest
    • A new claim block was added after a detailed review of historical drill logs was conducted and determined that a drill hole was logged in the early 1990’s as an intersection from 108 to 176 meters of granite/quartz syenite with magnetite veinlets throughout the interval and 2% molybdenite based on visual estimations

Exploration Drilling

A total of 5,355.9 meters of exploration drilling was completed over the 2022 programs with 25 of 35 drillholes intersecting kimberlite.

The KE kimberlite is a new and distinct occurrence that is located roughly 450 meters east of the Kelvin kimberlite. The KE discovery resulted from a review of historical horizontal loop electromagnetic (‘HLEM’) and magnetic geophysical data and was drilled at the end of the summer program. The KE kimberlite is defined by three drillholes that have confirmed a series of hypabyssal kimberlite sheets (‘HK’) with a maximum HK intersect of 2.13 meters. Further drilling of the KE kimberlite is planned for the 2023 exploration program.

Drilling on the North, South, KS, G6, A003 and P1 anomalies was guided by results from the winter ARRT and ground gravity surveys. Kimberlite was intersected at all but the G6, A003 and P1 areas, see the map on the following page.

Thirteen of fifteen drillholes completed at the North Anomaly have identified depth-extensive zones of HK mixed with highly altered country rock up to 6.93m in thickness. VK intersects mixed with HK up to 7.05m in thickness have been intersected in eight drillholes, with 3D modeling of the drilling indicating lateral continuity for the VK. At the Kelvin and Faraday kimberlites, VK comprises the greatest volume and its presence at the North Anomaly is considered a good indication for volume potential to be discovered with further drilling.

At the South Anomaly all five drillholes have HK present with thicknesses up to 6.96 meters. Country rock breccia consisting of highly comminuted gneiss mixed with kimberlite has also been observed, and is considered indicative of volume potential for the South Anomaly. Five of seven drillholes at the KS anomaly intersected HK kimberlite up to 3.52m in thickness.

Locations for the drill-tested anomalies relative to the Kelvin and Faraday kimberlites are shown in the first image, with the anomalies abbreviated in bold. Also shown are known kimberlites as green diamonds.

Two drillholes each at the A003 and G6 anomalies were completed with only diabase and granitoid crustal rocks encountered. A summary of all 2022 exploration drilling is provided in the table shown. Numbers in bold italics include VK intersects.

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