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Mountain Province Diamonds Completes Phase One Drilling For the Hearne Northwest Extension Discovery at Gahcho Kué Mine

Press Release

TORONTO and NEW YORK, Nov. 30, 2022 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) is pleased to provide phase one drilling results for the discovery as reported in July 2022 of the Hearne Northwest Extension at Gahcho Kué Mine. The Hearne kimberlite is one of four kimberlites being mined at Gahcho Kué Mine, which is presently ranked as 4th in the world by annual diamond production. Mountain Province is a 49% shareholder at Gahcho Kué with joint venture partner De Beers Canada as operators.

The Hearne Northwest Extension was first visually identified in late 2021, when kimberlite measuring 25 meters across in a bench face was exposed during routine mining operations. A discovery drilling program was subsequently launched with initial results reported earlier this year (see news release, July 18, 2022). Ground-based geophysics initially suggested a west-northwest direction for the extension, but a northwest direction has been confirmed from the phase one drilling.

Phase one drilling of the Hearne Northwest Extension includes 16 drillholes totaling 5,040 meters. Ten of the sixteen drillholes have significant kimberlite intersections that have been used to model this large extension. Completion of the phase one drilling and subsequent modeling of the data suggests that a significant volume of kimberlite may be present.

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

“The latest results generated with our operating partner De Beers suggest that the Hearne Northwest Extension is a significant discovery, potentially equal in volume to the Hearne orebody as it was originally defined. As the extension is only in the exposed lower benches of the open pit and plunges to the northwest, an underground operation to recover this ore is a logical pursuit, and the Gahcho Kué joint venture is actively reviewing underground options for economic recovery of this material.”

A summary of all drilling results for the Hearne Northwest Extension is provided below.

Kimerlite Intersect1,2(m)

Initial

End of 

Drill Hole

Azimuth2

Inclination2

From

To

Length1

 Rock ID2

Hole2(m)

MPV-22-568C

355

-58

85.42

171.24

85.82

TK

201

MPV-22-569C

35

-46

82.51

154.00

71.49

TK

184

MPV-22-570C

255

-46

36.84

89.80

52.96

TK

130

MPV-22-571C

195

-55

294

MPV-22-574C3

94

-55

250

MPV-22-577C

67

-45

183.10

224.40

41.30

TK/HK

260

MPV-22-582C

205

-46

241.90

266.25

24.35

HK

333

MPV-22-583C3

150

-49

203

MPV-22-584C

205

-55

261.75

330.00

68.25

TK

375

MPV-22-587C

230

-60

402

MPV-22-593C

221

-65

450

MPV-22-594C

40

-61

260.29

374.80

114.51

TK

405

MPV-22-595C

80

-64

407.00

476.28

69.28

TK/HK

512

487.60

502.26

14.66

HK

MPV-22-596C

70

-66

308.75

325.00

16.25

TK/HK

389

325.00

329.00

4.00

HK

329.00

331.77

2.77

TK

MPV-22-597C4

100

-51

1684

MPV-22-598C

100

-51

393.30

413.13

19.83

HK

484

413.13

456.00

42.87

TK

A plan view image showing drillhole locations and traces for the phase one drilling is provided in the first images. For clarity, the drillhole names summarized in the table are reduced to their three-digit identifiers in the plan image. The yellow dashed line on the right image is the approximate contact of the exposure in the Hearne open pit. The blue arrow indicates the 3D sectional view in the next image.

A 3D sectional model looking northeast is provided in the second image, with brown shading indicating the Hearne pit as of September 2022. On the image MPV-22-598C marked for reference to the plan image. The internal geology of Hearne before discovery of the Northwest Extension is shown in solid colors, with blue indicating hypabyssal kimberlite (HK) and yellow and green indicating fragmental kimberlite (TK). The Northwest Extension is conceptually modeled with the same colors in faded format and based on the limited drilling completed to date.

Note that the outer contacts and internal geology for the Northwest Extension are speculative at this time, and will be adjusted as more data are collected.

Further logging, petrography, mineral chemistry and microdiamond analysis is also underway to properly define the internal HK and TK lithologies in the extension and their relationship to the main Hearne kimberlite. A second phase of drilling will be required to define the volume and depth extent of the Northwest Extension and its economic viability for extraction by underground mining methods.

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 consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls over 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

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

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further information: Mark Wall, President and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]; Matthew MacPhail, Chief Technical Officer, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]

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