Junior diamond miner Mountain Province Diamonds published a forward looking report on the prospective Faraday 2 diamond mining project. The report said the future mine holds 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 resource was determined by Aurora Geosciences Ltd. ('Aurora') and SRK Consulting Inc. ('SRK'), who were engaged by the Company to conduct the exercise.
Stuart Brown, President and CEO of Mountain Province commented: "We are very pleased with the diligent efforts of our technical team in bringing to fruition the updated technical report for the Faraday 2 kimberlite. I thank the authors of the report, Mr. Gary Vivian of Aurora Geosciences, and Mr. Cliff Revering and Mr. Casey Hetman of SRK Consulting for delivering a professional product that enhances our value portfolio for the Kennady North Project."
The Faraday 2, Faraday 1-3, and Kelvin kimberlites are located approximately 10 kilometers northeast of the Gahcho KuÃ© Mine....