Mountain Province Diamonds Announces Results of 2014 Tuzo Deep Drill Program

TORONTO and NEW YORK, June 30, 2014 /PRNewswire/ --

Kimberlite intercepted to below 740 meters from surface  

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Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to announce the results of the 2014 Tuzo Deep drill program, which confirms the continuation of kimberlite to a depth of more than 740 meters below surface.

In July 2013, Mountain Province released an updated independent National Instrument 43-101 resource statement for the Gahcho Kué project, which incorporated the results of the 2012 Tuzo Deep drill program. The Tuzo resource from a depth of 300 meters to 360 meters was upgraded from an inferred resource to an indicated resource, extending the indicated resource from surface to 360 meters below surface. In addition, the 2012 Tuzo Deep drilling resulted in the declaration of an inferred resource from a depth of 360 meters to 564 meters below surface.

At the conclusion of the 2012 Tuzo Deep drill program, it was apparent that the Tuzo kimberlite remained open to depth below 564 meters, and the recently completed 2014 Tuzo Deep drill program was designed to test the kimberlite to approx. 750 meters.

Mountain Province President and CEO, Patrick Evans, commented: "We are pleased that the 2014 Tuzo Deep drill program has confirmed the continuation of the kimberlite to a depth of more than 740 meters below surface. Based on the current geological model, it appears that the Tuzo kimberlite plunges further to depth to the northeast below 740 meters."

Mr. Evans added: "Challenging ground conditions resulted in one hole (MPV14-408C) having to be wedged twice (MPV14-409C and 410C) and eventually abandoned in kimberlite due to unstable ice conditions after reaching a depth of approx. 570 meters below surface".

Table 1 below provides details the results of the 2014 Tuzo Deep drill program.

Table 1  

Tuzo Deep 2014 Drill Program 

                                                                                    End
                       Inclination          Kimberlite Intercepts (m)               of
 Drill Hole Azimuth  from Horizontal              (approximate)                     Hole (m)
                                      From     To      Comment
  MPV14-406C   243     -87.3          84.80   655.20   Hole drilled on west side    727
                                                       of kimberlite. Exited
                                                       kimberlite where the pipe
                                                       plunges to the north-east


  MPV14-407C    -        -             -          -    Not drilled                   -
  MPV14-408C   77        -89          231.90   395.00  Hole stopped in kimberlite,  395
                                                       wedged and continued as
                                                       MPV14-409C

  MPV14-409C   267       -87.6        311.00   569.90  Hole stopped in              596.90
                                                       kimberlite, wedged and
                                                       continued as MPV14-410C    
  MPV14-410C  80.1        -87.5       440.00   457.00  Hole abandoned in kimberlite 457
                                                       due to unstable ice

  MPV14-411C   147        -72.2        601     743.00  Angled hole drilled from     827
                                                       land to the north of Tuzo.
                                                       Exited kimberlite to the
                                                       south of the pipe where it
                                                       plunges to the north-east.  

Core recovered from the 2014 Tuzo Deep drill program will be processed at the Geoanalytical Laboratories Diamond Services of the Saskatchewan Research Council ("SRC").