Mining News: Faraday adds 5M carats diamonds to Kennady

Kennady Diamonds Inc. Oct. 3 announced a maiden inferred resource for the Faraday kimberlites at its Kennady North project in Nunavut of 5.02 million carats of diamonds in 3.27 million metric tons of kimberlite averaging 1.54 carats per metric ton. The diamonds at Faraday have an estimated average value of US$98 per carat. "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,” said Kennady Diamonds President and CEO Rory Moore. The Faraday kimberlites are located approximately 2,500 meters northeast of the Kelvin kimberlite. Originally considered three kimberlite pipes, drilling completed this summer has demonstrated that two of the pipes – Faraday 1 and 3 – are joined at depth and are now considered to be one body. Additional kimberlite sheets, some with significant thicknesses and high diamond grades, are also associated with the Faraday pipes. The current resource includes only kimberlite in the original Faraday 2 and 3 bodies. Faraday 1, which hosts higher diamond values, is expected to add both to the overall resource and value of the resource moving forward. “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,” said Moore.

-SHANE LASLEY