KENNADY DIAMONDS INC Kimberlite intersection exceeding 30 meters at Faraday 2
Processing of Kelvin bulk sample over 75% complete
Shares Issued and Outstanding: 47,156,970
TSX-V: KDI
TORONTO, Aug. 30, 2016 /PRNewswire/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to provide an update on the summer drilling program on the Kennady North Project. All but one of the latest drill holes completed since the last update dated August 11, 2016 have intersected kimberlite. In this latest round of drilling, Faraday 2 returned a 30.3m intersect of continuous kimberlite, with Faraday 3 producing three separate intersects of 18.3m, 20.7m and 28.7m.
President and CEO of Kennady Diamonds, Dr. Rory Moore commented: "Our exploration model continues to be validated at Kennady North, with eight of the nine latest drill holes intersecting kimberlite. We are pleased with our results to date and expect additional kimberlite to be intersected as we continue our summer program."
Table 1 below summarizes the most recent drill results.
Table 1
Faraday 2016 Summer Drill Program - Latest Results
Drill Hole Target Azimuth Inclination End of
Hole
Kimberlite Intercepts (m) (m)
--- ------------------------ ---
From To Intercept*
---- --- ---------
KDI-16-039b Faraday 2 180 -55 256.72 287.05 30.3 316
----------- --------- --- --- ------ ------ ---- ---
KDI-16-037c Faraday 2 279 -65 237.80 246.48** 6.01 298
----------- --------- --- --- ------ ------- ---- ---
KDI-16-039a Faraday 2 180 -50 259.20 261.60 2.40 300
----------- --------- --- --- ------ ------ ---- ---
288.60 288.80 0.20 300
------ ------ ---- ---
KDI-16-036e Faraday 3 231 -74 211.32 232.00 20.7 286
----------- --------- --- --- ------ ------ ---- ---
240.67 248.66** 4.49 286
------ ------- ---- ---
255.66 256.00 0.34 286
------ ------ ---- ---
KDI-16-038a Faraday 3 249 -89 184.53 202.78 18.3 236
----------- --------- --- --- ------ ------ ---- ---
221.19 221.34 0.15 236
------ ------ ---- ---
KDI-16-038b Faraday 3 230 -82 199.25 206.45 7.20 280
----------- --------- --- --- ------ ------ ---- ---
209.78 239.13** 28.7 280
------ ------- ---- ---
248.20 248.33 0.13 280
------ ------ ---- ---
KDI-16-038c Faraday 3 231 -69 268.33 272.73** 3.63 313
----------- --------- --- --- ------ ------- ---- ---
281.03 282.25 1.22 313
------ ------ ---- ---
KDI-16-038d Faraday 3 050 -75 176.18 177.30 1.12 223
----------- --------- --- --- ------ ------ ---- ---
182.01 184.85 2.84 223
------ ------ ---- ---
*Intercepts not true widths. ** Includes minor country rock intercepts.
At the Kennady North project, exploration and delineation drilling is presently being conducted from two land-based setups. One drill rig is focused on the Faraday 1-Faraday 3 kimberlite complex, and the second rig is active at Faraday 2. It is anticipated that over 8,000 meters of core drilling will be completed on the Faraday kimberlites by the end of the summer program, with the results incorporated into defining a diamond resource along the Kelvin - Faraday corridor.
The Company is also pleased to provide an update on the processing of its 620-tonne bulk sample that was collected from the Kelvin kimberlite earlier this year (see news release May 31, 2016). Over 75% of the material has been processed through the DMS plant at the Saskatchewan Research Council facility in Saskatoon, with completion of the bulk sample anticipated in September.
****
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located in Canada's Northwest Territories immediately adjacent to the Gahcho Kué diamond mine currently being operated by De Beers and Mountain Province Diamonds (T:MPV, NASDAQ:MDM).
Kennady Diamonds aims to identify a resource along the Kelvin - Faraday kimberlite corridor of between 13 million and 16 million tonnes at a grade of between 2 and 2.5 carats per tonne and also to identify new kimberlites outside of the corridor. The Kelvin - Faraday corridor is a target for further exploration. Tonnage estimates are based on the drilling completed to date. The potential quantity is conceptual in nature as there has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
****
Qualified Person
This news release has been prepared under the supervision of Dr. Tom McCandless, P. Geo., an independent director of Kennady Diamonds and Qualified Person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Kennady Diamonds Inc.
