Kennady Diamonds intercepts Kimberlite at NWT Kelvin property and gets private placement
Kennady Diamonds Inc. (“Kennady Diamonds,” the “Company”) (TSX-V: KDI) is pleased to announce that the latest Kelvin delineation drill hole (KDI-15-001HQ) intersected kimberlite approx. 40 meters to the NNW of drill hole KDI-HQ14-033a, the last -90 degree (vertical) Kelvin delineation hole, where kimberlite was intersected over approx. 194 meters.
Kennady Diamonds CEO Patrick Evans commented: “We are pleased to have intersected the Kelvin kimberlite well beyond drill hole 033a. We had delineated the Kelvin pipe-like body over a strike of approx. 610 meters up to 033a. Drill hole KDI-15-001HQ, drilled across the pipe from southwest to northeast, indicates that Kelvin is trending to the NNW. Recently completed ground geophysics supports this.”
Mr. Evans added: “Preparations are now underway to drill a minus 70 degree delineation hole from the same platform as KDI-15-001HQ following which a vertical hole will be drilled to gain a better understanding of the dimensions of the Kelvin pipe to the NNW. Based on drilling up to the end of 2014.”
Related News: Kennady lands $20M private placement
Kennady Diamonds has arranged non-brokered private placement worth $20 million through the issuance of common and flow-through shares. The common shares are priced at $3.55 each and the flow-through shares at $5.00.
The company's major shareholder, Bottin (International) Investment, has agreed to take up the shares.
Kennady intends to use the proceeds for its winter exploration program in the Northwest Territories. The program includes a 500 to 700 tonne bulk sample from the Kelvin kimberlite, exploration drilling at the Kelvin, Faraday, MZ and Doyle kimberlites, as well as testing a number of new targets at Kennady North.
Kennady's focus is the Kelvin-Faraday kimberlite corridor where it hopes to identify a resource of between 9 and 12 million tonnes that grade between 2.0 and 2.5 ct per tonne.
Learn more about the project at KennadyDiamonds.com.