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Kennady Buys Mine Sites Next to Gahcho Kué
Aug 22, 2016 6:43 AM
By Rapaport News
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RAPAPORT... Kennady Diamonds acquired six mining leases from GGL
Resources Corp. adjacent to the high-value Gahcho Kué mine in Canada for $154,949
(CAD 200,000) in cash.
The leases adjoin Gahcho Kué’s southern border and comprise
roughly 4,233 hectares, bringing the land taken up by the miner’s Kennady North
Project to 71,000 hectares.
GGL retains a 0.75 percent royalty interest in all mineral
products produced, but Kennady retains the right to buy a third of the royalty,
or 0.25 percent of output, for $774,743 (CAD 1 million) at any time until
production commences.
The acquisition “is a natural extension to our portfolio and
strengthens our land position within the Kelvin-Faraday corridor,” said Rory
Moore, president and chief executive officer of Kennady Diamonds. “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 ‘Blob Lake’ target, located within the Kelvin-Faraday kimberlite corridor,
is of particular interest as previous studies identified it as an anomaly, the
miner said.
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Tags:
Canada, Gahcho Kué, GGL, GGL Resources, Kelvin-Faraday, kennady, Kennady Diamonds, kennady north, Kennedy North Project, Rapaport News, Rory Moore
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