Kennady Diamonds Inc. (“Kennady”, the “Company”) (TSX-V: KDI) is pleased to announce the completion of a maiden Mineral Resource estimate for the Faraday kimberlites located at the Company’s 100 percent owned Kennady North Project, NWT, Canada. An Inferred Mineral Resource of 5.02 million carats of diamonds is contained in 3.27 million tonnes of kimberlite, with an overall grade of 1.54 carats per tonne and an average value of US$98 per carat. The resource has been calculated with a 1mm diamond bottom cutoff size, which is considered a reasonable cutoff for a commercial mining scenario. The resource was determined through the collective efforts of Aurora Geosciences Ltd., Mineral Services Canada Inc., and SRK Consulting Inc., who were engaged by the Company to participate in the exercise.
As quoted in the press release:
President and CEO of Kennady Diamonds Dr. Rory Moore stated: “The 5-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. Continued upside potential exists for the Faraday Resource from the additional strike added to Faraday 2 during our successful summer 2017 program, which is not included in the current resource estimate. This additional tonnage, together with that from Faraday 1 and the high-grade sheets associated with the Faraday 1-3 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 US$108, US$164 and $267 per carat for the ‘low’, ‘base case’ and ‘high’ values respectively.”