Mountain Province Diamonds Completes the Kennady North Winter Exploration Program

Toronto and New York, May 23, 2018 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX and NASDAQ: MPVD) today announces the completion of the winter drilling program at their Kennady North Project. The 100%-owned Kennady North Project was recently acquired through a business combination with Kennady Diamonds Inc. (see news release dated April 13, 2018).

Three drill rigs have been active on the program, with one drill dedicated to delineation drilling on Faraday 2, a second drill dedicated to geotechnical drilling on the Faraday kimberlites, and the third drill testing exploration targets within the Kelvin-Faraday Corridor. A total of 38 drill holes were completed for a program total of 6,826 metres.

Delineation drilling on the northwest extension of the Faraday 2 kimberlite has been completed. The northwest extension, discovered in 2017, extends the Faraday 2 kimberlite by over 150 metres, with geologic units in the inferred resource continuing into the northwest extension (see Kennady Diamonds news releases dated September 11, 2017 and March 7, 2018). The completed drilling is expected to advance the Faraday 2 pipe shell model to an inferred level of confidence. Results since the last update (see Kennady Diamonds news release dated April 5, 2018) are summarized in Table 1 below.

Table 1: Faraday 2 2018 Delineation Drill Program

				Kimberlite Intercepts (m)			End of
Drill Hole	DH Purpose	Azimuth	Inclination				Hole
				From	To	Intercept*	(m)
KDI-18-012a	Delineation/Exploration	000	-90	254.33	270.52	15.18**	334
				279.68	292.94	11.37**
				297.36	298.34	0.45**
				304.00	305.45	0.51**
KDI-18-012b	Delineation/Exploration	305	-80	–	–	–	317
KDI-18-013	Delineation/Geotech	038	-66	258.69	288.97	28.05**	319
KDI-18-019	Delineation/Exploration	039	-67	306.83	315.45	8.62	337
				322.75	323.80	1.05
				330.63	331.00	0.37
KDI-18-022	Delineation	040	-68	250.50	295.25	44.75	307

*Intercepts are not true widths. **Includes minor country rock intercepts.

See the appendix to the news release posted on the Company’s website for a plan-view drill hole map regarding the Faraday 2 delineation program.

Drill holes KDI -18-012 a&b were designed to test for continued extension of the Faraday 2 body along strike to the northwest. Vertical hole 18-012a is interpreted to have intersected the marginal zone of the kimberlite as evidenced by the regular intervals of country rock gneiss interbedded within the kimberlite. Hole 18-012b was drilled to the northwest along the projected strike of the body and did not intersect kimberlite, indicating that the pipe had changed orientation. Angled drill hole 18-019 was subsequently drilled in a northeasterly direction and it clipped the bottom edge of the body, indicating that the pipe was now likely trending to the north. Drill hole 18- 013 deviated slightly and intersected the kimberlite off centre and across 28 metres compared to the 50 metre intervals achieved in adjacent delineation holes. In comparison, drill hole 18-022 hit close to the target zone for a 44.75 metre kimberlite intercept. Irrespective of minor deviations in some of the drill holes, the entry and exit pierce points will provide valuable information to advance the three-dimensional modeling of the pipe.

The final hole of the geotechnical program was completed on Faraday 1-3. The hole was designed to test the geotechnical characteristics of the country rock for the purposes of open pit mine design and was not targeted to intersect kimberlite. Results are summarised in Table 2 below.

Table 2: Faraday 1-3 Geotechnical Drilling

Drill Hole	DH Purpose	Azimuth	Inclination	Kimberlite Intercepts (m)			End of
							Hole
				From	To	Intercept*	(m)
KDI-18-017	Geotechnical	320	-45	–	–	–	189

Dr. Tom McCandless, former director and qualified person for Kennady Diamonds and now technical advisor to Mountain Province, commented, “The goal of the Faraday geotechnical program was to complete drilling that will advance the Faraday kimberlites from a scoping-level to a pre-feasibility level of confidence in terms of geotechnical analysis. In this respect the program was very successful, with all of the planned drill holes and associated geotechnical surveys, ground water sampling and other required testwork completed.”

Since early April, a third drill rig has been dedicated to testing geophysically-defined exploration targets located in close proximity to the Faraday and Kelvin kimberlites. A total of eight targets were tested with a total of seventeen drill holes. Kimberlite has been intersected in all holes, consisting of kimberlite sheet complexes with the longest intercept being 6.85 metres of coherent kimberlite. In every case the kimberlite sheets are intimately associated with greater zones of altered and brecciated country rock.

Read More: http://www.mountainprovince.com/application/files/1415/2709/7208/MPV_NR_2018-05-23_Kennady_North_Exploration_Completed_FINAL_w_Appendix.pdf

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