https://www.miningweekly.com

Kennady reports maiden 5.02m ct resource for Faraday kimberlites

4th October 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Explorer Kennady Diamonds has reported a maiden inferred resource for the Faraday kimberlites near the Gahcho Kué mine, in Canada’s Northwest Territories of more than 5.02-million carats.

The Toronto-headquartered company, the exploration spinout of Mountain Province Diamonds, on Tuesday reported a compliant inferred resource estimated at 3.27-million tonnes grading 1.54 ct/t. The value per carat was set at $98.

“The five-million-carat Faraday inferred resource builds upon our Kelvin indicated resource of 13.62-million carats, and represents another significant step in the advancement of our Kennady North project,” president and CEO Dr Rory Moore advised in a market update.

The resource estimate was based on data acquired up to the end of the winter 2017 bulk sampling programme, but does not include results from the 2017 summer drilling programme, Kennady said. The database used for the estimate includes 34 511 m of diamond drilling from 188 holes, 9.95 t of microdiamond samples, and 594.8 t acquired by reverse circulation drilling.

Kennady said more drill work is needed at the Faraday 1 kimberlite and two minor domains of Faraday 2 to define a compliant mineral resource.

“Continued upside potential exists for the Faraday resource from the additional strike added to Faraday 2 during our successful summer 2017 programme. This additional tonnage, together with that from Faraday 1 and the high-grade sheets associated with the Faraday 1-to-3 Complex have potential to materially increase the overall Faraday resource, particularly in view of the robust modelled diamond values obtained for the small sample of Faraday 1 of $108, $164 and $267/ct for the ‘low’, ‘base case’ and ‘high’ values respectively,” Moore said.

The company’s TSX-listed stock gained more than 4% on Tuesday, to change hands at C$3.05 apiece.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION