Kennady Diamonds Inc. has completed a maiden Mineral Resource estimate for the Kelvin kimberlite, located at the Kennady North Project, NWT, Canada.
An Indicated Mineral Resource of 13.62 million carats of diamonds is contained in 8.50 million tonnes of kimberlite, with an overall grade of 1.60 carats per tonne and an average value of US$63 per carat.
The resource has been calculated with a 1mm diamond bottom cutoff size, which is considered a reasonable cutoff for a commercial mining scenario, the explorer said in a statement.
President and CEO of Kennady Diamonds Dr. Rory Moore stated: "Our resource announcement represents the culmination of a focused evaluation program that was intensified over the past two years. The internal geology and diamond distribution within Kelvin are now so well-constrained that our model meets the stringent requirements to qualify as an indicated resource.
"I congratulate our team in taking Kelvin from discovery to a 13-million carat Indicated Resource in the first four years of our company; quite possibly a record timeframe in the history of Canadian diamond exploration."
The Kelvin kimberlite is located approximately 280 kilometers east-northeast of Yellowknife , and is immediately adjacent to the Gahcho Kué diamond mine operated by De Beers and Mountain Province Diamonds Inc.