Chairman: Jonathan Christopher James Comerford
President and CEO: Patrick C. Evans
Kennady Diamonds in 2013 explored its Kennady North diamond project located to the west and north of the Gahcho Kué Joint Venture about 300 kilometers (186 miles) northeast of Yellowknife, Northwest Territories. Kennady North covers an area about 12,292 hectares (30,374 acres). The company, spun out in early 2012 from Mountain Province Diamonds Inc., followed up on 106 geophysical targets that have been identified at Kennady North. In February, the junior completed ground geophysics, including ground gravity and horizontal‐loop electromagnetic surveys over the Kelvin‐Faraday kimberlite corridor and in March commenced a 5,000‐meter winter drill program using the results of the ground geophysics work. The first phase of the planned drill program focused primarily on infill drilling along the Kelvin‐Faraday kimberlite corridor to further define the Kelvin and Faraday kimberlites to a level sufficient to prepare the first resource statements for Kennady North, as well as drill testing newly identified geophysical targets within the corridor. During the winter drill program, kimberlite was intersected in 24 out of 26 infill drill holes, with intersects of up to 100 meters. Interpretation of the drill results suggests that the Kelvin and Faraday kimberlites should be treated separately. Both kimberlites appear to have a strike of over 1 kilometer (0.62 mile) trending southwest to northeast. A 1.1-metric-ton sample collected during the winter program returned an exceptional sample grade of 8.44 carats per tonne. The largest three diamonds recovered were a 2.48 carat off-white transparent octahedral, a 0.90 carat off-white transparent irregular, and a 0.75 carat off-white transparent octahedral. Kennady Diamonds said recovery of diamonds of this size and quality from a 1.1-metric-ton sample is very encouraging. The company aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between 5 and 8 million metric tons, and also to identify new kimberlites outside of the corridor. This tonnage estimate is based on the drilling completed to date. Fourteen out of the 15 Kelvin infill and step-out drill holes intersected kimberlite during the current 2,500-meter summer drill program enabled the company to recover more than three metric tons of kimberlite from about 3,000 meters of drilling. In September, the company said drill testing of three geophysical targets at the south end of Faraday Lake had commenced and was to be completed within 10 days. Then the recovered kimberlite would be sent to a lab for diamonds recovery by caustic fusion. Kennady Diamonds reported exploration and evaluation expenses for the six months ended June 30 of about C$2.76 million.
Cash and short-term deposits: C$724,464 (June 30, 2013)
Working capital: C$620,092
(June 30, 2013; raised C$1.25 million in August 2013)
Market capitalization: C$101.23 million (Sept. 10, 2013)
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