Dunnedin Ventures Inc. (TSXV:DVI) today announced that it has expanded the Kahuna project through staking of an additional 36 claims totaling 42,128 Ha. The total area of the Kahuna project is now 166,402 Ha, or 1,664 square kilometres. The new claims are prospective for both gold and diamonds.
The summer field program has been extended to survey the newly staked ground and geological mapping, bedrock and till sampling are underway. The new claims cover extensions to greenstone belts containing banded iron formations that have been mapped by field crews, and are known from historical work to contain gold mineralization. Some of the new claims also cover probable up-ice sources of recently disclosed diamond indicator minerals found in tills, and geophysical targets consistent with kimberlite pipes. The new boundaries of the Kahuna project are shown below in Figure 1.
Figure 1: Expanded boundaries of the Kahuna project, September 2017.
The Company further reports that is has begun mobilizing fuel and other materials for its planned winter drill program and is currently seeking drill bids. Furthermore, all outstanding diamond-focused till results from its 2016 sampling program have now been received, and results will be released as soon as analysis is completed.
Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.
For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.
On behalf of the Board of Directors
Dunnedin Ventures Inc.
Chief Executive Officer
About the Kahuna Project
Dunnedin’s primary asset is the Kahuna project, where it is completing final steps to earn a 100 percent interest. Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected from two seasons of field work. An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling, and remains open to extension. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. Recent results include a 2.03 tonne sample of the PST kimberlite dike which returned 223 macrodiamonds totalling 8.17 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).
The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd. and has generated gold results in tills, bedrock and drill core across a wide area. Gold is associated with several metasediment belts that cross the project. The adjacent Meliadine project is also hosted by metasediments and has approximately 14.5 million tonnes of Proven and Probable Reserves grading 7.32 g/t gold, containing 3.4 million ounces of gold as of December 31, 2015. There is an additional Indicated Resource of 20.7 million tonnes grading 4.95 g/t gold containing 3.3 million ounces of gold, and an additional Inferred Resource of 14.7 million tonnes grading 7.51 g/t gold containing 3.5 million ounces of gold (source: www.agnicoeagle.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.