Resource Update Boosts Mountain Province

RAPAPORT... Diamond resources at Mountain Province's explorationproject in Canada's Northwest Territories are 74% higher than the company originallyestimated, according to a revised evaluation. The Faraday 2 deposit, one of three pipes in the miner'sKennady North project, has 5.5 million carats of diamonds, a recent study byexternal consulting companies Aurora Geosciences and SRK Consulting found. Thatfigure was reevaluated from a 2017 estimate, which listed the mine's totalcontents 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 Kennadysite lies approximately 10 kilometers northeast of the company's Gahcho Ku?(C)project. Aurora also updated Kennady's average price for rough from thesite to $140 per carat, a 25% improvement versus the previous estimate of $112per carat. "The inclusion of the northwest extension at Faraday 2 hasgreatly increased the value of this resource and, at an average diamond value of$140 per carat, offers significant potential," said Mountain Province CEOStuart Brown. "We are very pleased with the results of this exploration programand view this as a positive step towards potentially extending our operations beyondthe existing mine plan at Gahcho Ku?(C)." Image: The Kennady exploration project. (Mountain Province)