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Mountain Province Diamonds Inc.
Summary
| Project: | Kennady North | |
|---|---|---|
| Deposit: | Faraday 2 | |
| Location: | Canada | |
| Commodities: | Diamonds | |
| Date: | 4/11/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-4-2019: Mountain Province Diamonds Inc. announces a Resource Estimation report for its Faraday 2 deposit at the Kennady North project. Updated mineral resource estimate at Faraday 2. Toronto and New York, April 11, 2019 – Mountain Province Diamonds Inc | |
| Resources: | (Resource, Inf.): 2.07Mt @ 2.63cpt for 5.45M carats contained at Faraday 2 | |
| CP/QP: | [Resources]: Cliff Revering (SRK Consulting) | |
| ABSTRACT: | Toronto and New York, April 11, 2019 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX and NASDAQ: MPVD) 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. The updated resource was determined by Aurora Geosciences Ltd. and SRK Consulting Inc., who were engaged by the Company to conduct the exercise. | |
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