Mountain Province Diamonds (TSX: MPV) has found a new kimberlite on the claims and leases surrounding its Gahcho Kué joint venture operation in the Northwest Territories, about 280 km northeast of Yellowknife.
The company owns a 49% stake in the mine, with De Beers owning 51%.
The new KE kimberlite is a distinct occurrence that is located about 450 metres east of the Kelvin kimberlite, the Toronto-based miner said on Tuesday.
The find was the result of the company’s 2022 program, which focused on new discoveries through a detailed analysis of both new and historic geophysical, geological, and kimberlite indicator mineral data.
The KE kimberlite, identified by the end of the summer, adds to the Hearn Northwest extension at Gahcho Kué, found earlier this year.
Further drilling of the KE kimberlite is planned for the 2023 exploration program, Mountain province said.
The KE discovery comes about six months after the Toronto-headquartered miner reported positive kimberlite intersections from drilling at its Kennady North project last winter. Hypabyssal kimberlite and volcaniclastic kimberlite was intersected in 16 of 20 drill holes at three sites at Kennady North, located about 300 km northeast of Yellowknife.
The Gahcho Kué mine is slated to operate until 2028. The territory’s two other diamond mines – Ekati, operated by Arctic Canadian Diamond – and Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO)’s Diavik are expected to close in 2024 and 2025, respectively. Diavik is about 30 km southeast of Ekati, and Gahcho Kué is 125 km southeast of Diavik.
Gahcho Kué’s open pit operation has a mine area of 12 sq. km and produces around 4.5 million carats annually.
Any additional kimberlites found will lengthen mining operations and extend the closure date of the Gahcho Kue mine. All workers at the mine will need to keep gainfully employed throughout the next recession that has been forecasted.
For their sake, I hope they find 10 more kimberlites to give them 5 more years of mine operations.