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Mountain Province Diamonds Provides Drilling Highlights For the Hearne Northwest Extension at Gahcho Kué

Press Release

 

TORONTO and NEW YORK, July 18, 2022 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) is pleased to provide interim drilling results for the Hearne Northwest Extension at Gahcho Kué Mine. The Hearne kimberlite is one of four kimberlites being mined at Gahcho Kué, presently ranked at 5th in the world with an annual diamond production of approximately six million carats. Mountain Province is a 49% shareholder at Gahcho Kué with joint venture partner De Beers Canada as operators. With the success of the recently completed drilling program, further drilling of the Northwest Extension will be implemented with the goal to define the volume and depth extent of the kimberlite.

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Drilling Highlights for the Hearne Northwest Extension Program

  • Kimberlite intersected in over 60% of 14 drill holes completed to date
  • Mineralized intersects range from 24.3 to 114.5 meters
  • Longest intersect of 114.5 meters contains hypabyssal and tuffisitic kimberlite
  • Lithologies are visually similar to the main Hearne kimberlite

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

“Hearne has been a consistent surprise since mining started at Gahcho Kué. Hearne was originally defined with separate north and south lobes, which we redefined in 2018 after drilling out additional kimberlite ore that connected the two lobes. In-pit mining has now discovered more kimberlite extending to the northwest and to depth and so far, the results fully support the opportunity to consider the underground extraction of diamonds at Gahcho Kué in the future. We look forward to further delineating the Hearne northwest extension with the goal of increasing the Gahcho Kué mine life.”

The Hearne Northwest Extension was exposed in a bench face in late 2021 during routine mining operations. Geophysical surveys were conducted over the exposed kimberlite, on the ramp over the bench face exposure, and outside of the pit to the west-northwest. Based on in-pit geophysics, drilling focused to the west northwest where similar electromagnetic and gravity signatures were similar to those in the pit. The original exposure of kimberlite in the Hearne pit is provided in the first image. The kimberlite is outlined in yellow, with broken country rock above the kimberlite outlined in green. The horizontal distance across the kimberlite exposure is roughly 25 meters.

Since January 2022, 14 drillholes (4,284 meters) have defined the Hearne Northwest Extension. The results indicate that the extension trends more northerly than was suggested by the geophysics. The geophysics identified a northwest-trending structure, but two drillholes completed across the structure did not intersect kimberlite. Plan views of the Hearne Northwest Extension relative to the open pit, ground geophysics and recent drilling are seen in the second set of images.

The blue box on the left image is expanded on the right image. Three-digit numbers on the right image mark drillholes completed to date on the Northwest Extension. The dashed line indicates the approximate start of the Northwest Extension. The shape of the extension is approximate and based on modeling of the limited drilling to date.

Nine of the 14 drillholes have intersected hypabyssal kimberlite (‘HK’) and tuffisitic kimberlite (‘TK’) with intersects ranging from 23.02 to 114.53 meters. Drillhole MPV-22-595C is still underway in kimberlite with an intersect of 48 meters as at the time of this release. Both the HK and TK rock types are visually consistent with the known internal units at Hearne. The true thickness and depth extent of the Northwest Extension are unknown based on the limited drilling results. A summary of drilling that presently defines the Hearne Northwest Extension is provided below.

Drill Hole

Azimuth2

Inclination2

Kimberlite Intersect1,2 (m)

End of
Hole2(m)

From

To

Length1

MPV-22-568C

355

-58

85.42

170.24

84.82

201

MPV-22-569C

35

-45

82.51

154.00

71.49

184

MPV-22-570C

255

-45

36.84

89.80

52.96

130

MPV-22-571C

195

-55

294

MPV-22-574C3

95

-55

250

MPV-22-577C

65

-45

183.10

224.40

41.30

260

MPV-22-582C

205

-45

241.90

266.25

24.35

333

MPV-22-583C3

150

-45

203

MPV-22-584C

205

-55

261.75

330.00

68.25

375

MPV-22-587C

230

-60

402

MPV-22-593C

220

-65

450

MPV-22-594C

40

-61

260.29

374.82

114.53

405

MPV-22-595C

80

-63

407.00

455.00

48.004

4225

MPV-22-596C

68

-65

308.75

331.37

23.02

375

1Intersects are not true thicknesses. 2Initial measurements from field logs may change with further drillhole surveying and logging. 3Targeted on
geophysics west-northwest of the geological trend of the extension. 4A separate intersect of 0.31m of HK kimberlite is not included in this
intersect length. 5Drilling is ongoing and still in kimberlite as at the time of this release.

Logging, petrographic and mineral chemistry studies are underway to properly define the HK and TK contacts in the extension and their relationship to the main Hearne kimberlite. Following on results of these detailed studies, further drilling will be implemented with the goal to define the volume and depth extent of the Northwest Extension.

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.

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: Investor Contact: Rich Matthews, Partner, Integrous Communications, Phone: (604) 757-7179, E-mail: [email protected], www.integcom.us; 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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