The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
KDI: TSX.V
Chairman: Jonathan Comerford
President and CEO: Patrick Evans
VP, Finance and CFO: Bruce Ramsden
Kennady Diamonds Inc.'s ultimate goal is to develop next-generation Northwest Territories diamond mine at its Kennady North diamond project located 280 kilometers (174 miles) northeast of Yellowknife.
Early in 2015, the company raised C$18.64 million to fund the continued exploration of its diamond property that lies immediately adjacent to the De Beers-Mountain Province Diamonds' Gahcho Kué diamond mine project.
Since its formation in 2012, Kennady's exploration on its namesake project has focused on building a resource along the Kelvin-Faraday kimberlite corridor, a region of the property that hosts two unique kimberlite bodies.
The company hopes to establish a resource along this corridor of 12 million to 15 million metric tons of kimberlite averaging upwards of 2.5 carats per ton.
As of the end of 2014, drilling at Kelvin had collected 53.15 metric tons of kimberlite averaging 2.35 carats per metric tons of commercial grade diamonds, the largest of which weighed 2.48 carats.
In August, the company reported that a 433-metric-ton bulk sample collected from the southeast lobe of the Kelvin kimberlite early in 2015 returned 893 carats of commercial size diamonds, or about 2.02 carats per metric ton.
Of these, 35 were larger than one carat, include a 4.22 carat white/colorless, diamond with no inclusions.
Additionally, a 1.83-metric-ton sample from the Kelvin South Lobe averaged 3.64 carats per metric ton of commercial size diamonds; a 2.7-metric-ton sample collected from the north lobe of the Kelvin kimberlite averaged 2.74 carats of commercial-size diamonds per metric ton; and 1.92 metric tons of material sampled from the nearby Faraday kimberlite in 2013 and 2014 returned 6.57 carats of commercial size diamonds, or about 3.32 carats per metric ton.
Results from additional samples from Faraday and Kelvin are expected through October.
The company plans to have a maiden resource for Kennady North by the end of the year and a prefeasibility study published early in 2016.
The company also completed roughly 5,000-meters of drilling at MZ and Doyle, two exploration targets at Kennady North.
Exploration drilling at MZ, which is located about 25 kilometers (16 miles) west of Kelvin camp - has helped define what appears to be a three-meter sheet structure over a strike of about 1,800 meters.
Doyle is located south of Kelvin on the same structure that hosts the Faraday, Kelvin and Gahcho Kué kimberlites.
Cash and short-term deposits: C$3.37 million (June 30, 2015)
Working capital: C$1.8 million (June 30, 2015; closed C$4 million private placement on Aug. 12; closed C$48 million private placement on Oct. 8)
Market capitalization: C$83.5 million (Sept. 22, 2015)
161 Bay Street, Suite 2315 Toronto, ON, M5J 2S1
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