Feb 13, 2017

Kennady's Faraday Bulk Sampling Programme Moving Apace

Kennady Diamonds Inc. in a recent update of its bulk sampling of the Faraday 2 kimberlite said that it had completed 12 drill holes and had recovered 100 tonnes of kimberlite since the programme started on January 20, 2017. Kennady Diamonds President and CEO, Dr. Rory Moore commented: "We are delighted with the very productive early start to the 2017 winter programme, which was facilitated by having stored an RC drill rig on site after completion of the 2016 programme. Moreover, we have decided to mobilise a second RC rig up the winter road this week in order to take further advantage of optimal drilling conditions." The Company said that it aims to recover a total of approximately 570 tonnes of kimberlite from the Faraday kimberlites during the 2017 winter programme. This would include 260 tonnes from Faraday 2; 300 tonnes from the Faraday 3 and approximately 10 tonnes from Faraday 1. "The objective of the programme is to advance the Faraday 2 and 3 kimberlites to an inferred resource status and advance the Faraday 1 kimberlite to a Target for Further Exploration (TFFE)," Kennady said in its announcement. The Company expects to recover diamonds weighing more than 1,000 carats from the bulk samples. It also indicated that the diamond parcel will be used for revenue modelling of the Faraday 2 and 3 kimberlites. "Diamonds recovered from the Faraday 1 mini-bulk sample will be used to correlate diamond grade and quality potential with the nearby Faraday 3 kimberlite," the Company said. The bulk sampling programme is expected to be completed in early Q2 of 2017. On a side note Kennady also announced that on February 6, 2017, "a total of 225,000 restricted stock units were granted to officers, directors, and employees with 50% of the total units vesting immediately and the remainder vesting six months from the date of issue".