Resource Update Boosts Mountain Province

RAPAPORT… Diamond resources at Mountain Province’s exploration
project in Canada’s Northwest Territories are 74% higher than the company originally
estimated, according to a revised evaluation.



The Faraday 2 deposit, one of three pipes in the miner’s
Kennady North project, has 5.5 million carats of diamonds, a recent study by
external consulting companies Aurora Geosciences and SRK Consulting found. That
figure was reevaluated from a 2017 estimate, which listed the mine’s total
contents at 3.13 million carats, Mountain Province said last week. Mountain Province’s stock rose nearly 10% Thursday following the announcement. 



The new estimate includes the northwest extension, a pipe discovered in 2017, which extended the deposit by 150 meters. The Kennady
site lies approximately 10 kilometers northeast of the company’s Gahcho Kué
project.


Aurora also updated Kennady’s average price for rough from the
site to $140 per carat, a 25% improvement versus the previous estimate of $112
per carat.


“The inclusion of the northwest extension at Faraday 2 has
greatly increased the value of this resource and, at an average diamond value of
$140 per carat, offers significant potential,” said Mountain Province CEO
Stuart Brown. “We are very pleased with the results of this exploration program
and view this as a positive step towards potentially extending our operations beyond
the existing mine plan at Gahcho Kué.”

Image: The Kennady exploration project. (Mountain Province)