RAPAPORT... Peregrine Diamonds Ltd. has discovered eight kimberlites since April at its Chidliak project, which is located on southern Baffin Island. To date, 35 of the 58 kimberlites that have been discovered at Chidliak have been tested for diamonds and seven of these have economic diamond mining potential in Arctic settings, according to the junior explorer.
Drill core obtained this year from the CH-55, CH-56 and CH-58 kimberlites and reverse circulation drill cuttings from the CH-57 kimberlite will be analyzed for diamonds by caustic fusion at the Saskatchewan Research Council Geoanalytical Laboratories. Results are expected in the third quarter of 2011.
Peregrine Diamonds holds a 49 percent stake in Chidliak and BHP Billiton carries a 51 percent share.