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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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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.
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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