Kennady Diamonds acquires six mining leases from GGL

Kennady Diamonds Inc. announced acquiring six mining leases from GGL Resources Corp. The new leases comprise roughly 4,233 hectares, bringing the total land position for the Kennady North Project to over 71,000 hectares.

President & CEO of Kennady Diamonds, Dr. Rory Moore said, “It is a natural extension to our portfolio and strengthens our land position within the Kelvin-Faraday Corridor. Although our primary focus will remain the Kennady North area, we look forward to testing kimberlite targets within the new leases, beginning with an in-depth review of the historical data.”

The six mining leases in the Kennady Lake area are located approximately 270 kilometers east-northeast of Yellowknife, Northwest Territories. They are adjacent to 11 mining leases acquired from GGL in 2013 that included the diamondiferous Doyle Lake kimberlite. Of particular interest on the new leases is the ‘Blob Lake’ target, located in an unnamed lake five kilometers southwest of the Gahcho Kué Mine. In consideration for the purchase, Kennady paid to GGL a cash sum of $200,000 and GGL retains a 0.75 percent royalty interest on all mineral products produced from the property. Kennady Diamonds has the right at any time prior to commencement of production from the property to purchase one-third (1/3) of the Royalty, being 0.25 percent, for the sum of $1,000,000.