Vancouver — Mountain Province Diamonds (MPV-T) and joint venture partner, De Beers Canada Exploration, a wholly owned subsidiary of De Beers Consolidated Mines, have cut more kimblerlite south of the Faraday kimberlite body in the Northwest Territories.
The Faraday kimberlite body is located in the joint-venture’s AK leased claims about 12 km northeast of the Kennady Lake property which hosts the Hearne, Tuzo and 5034 diamondiferous kimberlite pipes.
Ealier this winter a ground gravity survey and a detailed ground magnetic survey were conducted in order to identify suspected thicker intervals of dyke structure south of the Faraday body. Several such areas were identified and two of the better target areas were drilled.
The first target, a magnetic anomaly, is situated 100 metres southwest of the Faraday body. Drilling intersected 5.6 metres (horizontally projected) of kimberlite.
The second target, a gravity anomaly, is situated about 520 metres southwest of the Faraday body. Kimberlite was encountered just below the lake bottom and 21.5 metres of kimberlite (horizontally projected) were intersected.
The recovered kimberlite will be sent for petrographic analysis and micro diamond recovery. Once those results are available, additional work as appropriate will be planned.
The Faraday kimberlite body was discovered in the spring of 1999. Three drill holes into the Faraday body in 1999 intersected kimberlite with intersections of 9.0 metres, 15.5 metres and 23.1 metres, horizontally projected, respectively.
Micro diamond results of kimberlite samples collected from these holes indicated that the micro diamond counts for the Faraday body are very similar to those for the 5034 and Hearne pipes.
Meanwhile, Mountain Province still expects the modeled revenue per tonne values for the 5034 and Hearne pipes from De Beers before the end of the month.
The AK claims are held 44.1% by Mountain Province Diamonds, 4.9% by Camphor Ventures (CFV-V), and 51% by De Beers Canada Exploration. De Beers Canada Exploration has the right to earn up to a 60% interest in the AK property by taking the project to commercial production.
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