Dunnedin completes 2016 field program at Kahuna diamond project in Canada
Dunnedin Ventures announced the conclusion of its summer 2016 field investigation program at its Kahuna project, located near Rankin Inlet, Nunavut, Canada.
“Our 2016 field program collected 1,111 till samples across the Kahuna property, approximately ten times the number of samples collected during Dunnedin’s 2015 program,” said Chris Taylor, Dunnedin’s CEO. “Last year’s program effectively identified several new potentially diamond-bearing kimberlite pipe and dike targets. The much larger 2016 program was implemented to expand upon existing diamond indicator mineral trains, and to identify additional prospective diamond sources through testing the down-ice mineral signatures of geophysically interpreted kimberlite pipes and dikes across the property.”
Dunnedin’s 2016 program will employ till sampling and mineral ranking techniques pioneered by its advisor Dr. Charles Fipke and originally applied at Ekati, which can predict the potential of kimberlites to host diamonds with a high degree of confidence. The ranking employs proprietary mineral chemistry filters developed at CF Mineral Research Ltd. (“CFM”) under the direction of Dr. Fipke. Information on the sampling and ranking protocols are provided on Dunnedin’s web site at www.dunnedinventures.com.
The Company is currently completing diamond recoveries from the PST and Kahuna kimberlites sampled in 2015, along with processing of the 2015 till samples for potential gold content. Results will be issued as received. It is anticipated that processing of the 2016 till samples will be completed in time to guide the upcoming winter program in 2016 – 2017.
The Company also announces that due to the strength of its 2015 results it has staked an additional 21 claims totaling approximately 25,000 hectares to control additional prospective geology at the Kahuna project. The Kahuna project now comprises approximately 60,000 hectares. Dunnedin’s claims now come to within approximately 10 kilometres of the Meliadine mine development site, which is currently under construction by Agnico Eagle Mines Ltd.
The Company also wishes to announce it has entered into a consulting agreement with Knox Communications Inc. (“KCI”) dated October 1, 2016. Pursuant to the terms of the Agreement, KCI has agreed to provide investor relations services to the Company for consideration of $3,000 per month and the grant of stock options to purchase up to 150,000 common shares of the Company at an exercise price of $0.19 per share, subject to vesting according to the Company’s stock option plan.
Headed by Knox Henderson, KCI will assist the Company in strategic marketing and communications. Mr. Henderson brings more than 15 years’ experience in investor relations and corporate communications for publicly listed companies. He has provided marketing services for financings exceeding $100 million in aggregate value for Toronto Venture Exchange listed resource companies, from early exploration through to prefeasibility stage. The agreement and the grant of stock options are subject to Exchange approval.
About the Kahuna Project
Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 2.32 tonne sample of the Notch kimberlite which returned 85 macrodiamonds totalling 1.95 carats (+0.85 mm). The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd.
Source: Company Press Release