Mountain Province files updated NI 43-101 Faraday 2 resource report on SEDAR
28 May 2019
Mountain Province Diamonds Inc. announces the filing on SEDAR of its National Instrument ("NI") 43-101 technical report titled "Project Exploration and Faraday Inferred Mineral Resource Estimate Update, Kennady North Project, Northwest Territories, Canada" dated effective April 24, 2019 (the "Technical Report"). The Technical Report describes the updated Inferred Mineral Resource of 5.45 million carats for the Faraday 2 kimberlite as previously announced on April 11, 2019. Also included is an update of exploration work conducted on the Kennady North Project to the end of 2018, and summaries for the Inferred Mineral resource of 1.90 million carats at the adjacent Faraday 1-3 kimberlite complex and the Indicated Mineral Resource of 13.62 million carats at the nearby Kelvin kimberlite.
The updated Inferred Mineral Resource for Faraday 2 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. The average value of US$140 per carat is a 25% increase from the 2017 average values of US$112 per carat, using a recoverable (+1 mm) diamond size frequency distribution for each geological domain.
The updated Mineral Resource Estimate for the Faraday 2 kimberlite contains:
- 5.45 million carats of diamonds
- 2.07 million tonnes of kimberlite
- Average value of US$140 per carat