11 April 2019
Mountain Province Diamonds Inc. is pleased to announce an update to the Mineral Resource Estimate for the Faraday 2 kimberlite, one of three kimberlites located within the Kennady North Project, NWT, Canada.
The updated Inferred Mineral Resource includes 5.45 million carats of diamonds contained in 2.07 million tonnes of kimberlite, with an overall grade of 2.63 carats per tonne and an average value of US$140 per carat. This represents a 49% increase in total tonnes and a 74% increase in total carats for the Faraday 2 kimberlite. The Inferred Mineral Resource at Faraday 2 has been updated to include the northwest extension, which was discovered in 2017 and extended the kimberlite by 150 meters.
Most notably, the attributed average value per carat has increased to US$140 per carat; a 25% increase from the 2017 average values of US$112 per carat. This figure is derived from applying a base case value distribution model to models of recoverable (+1 mm) diamond size frequency distribution for each geological domain. The increase from the reported 2017 average diamond value reflects revised size frequency distribution models and a revised value distribution model for the Faraday 2 kimberlite. Some rounding error may occur in the values reported.