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Peregrine Diamonds Raises $12M

Apr 7, 2015 3:18 PM   By Jeff Miller
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RAPAPORT... Peregrine Diamonds Ltd. raised $11.9 million on April 6 at the close of the exercise period of 56,457,618 warrants that were issued October 6, 2014. The company is focused on diamond exploration and development in Canada, where it has discovered two new diamond districts in Nunavut: Chidliak on south Baffin Island and Nanuq in the eastern Arctic region.

At Chidliak, it is estimated that the CH-6 kimberlite holds an inferred mineral resource of 7.47 million carats, to 250 meters in depth, and a diamond valuation in February 2014 resulted in an average price of $213 per carat, with a modeled price range of $162 to $236 per carat. Tonnage estimates have been completed for CH-7 and CH-44.  Peregrine has also established an indicated mineral resource of 18.2 million carats for the DO-27 kimberlite on its Lac de Gras project in the Northwest Territories. All four targets are the subject of further exploration, according to the company.
 
Recently, Peregrine acquired a proprietary database from BHP Billiton that contains data from approximately 38,000 kimberlite indicator mineral samples covering approximately 3 million square kilometers in Canada.

Tags: Canada, chidliak, diamonds, financing, Jeff Miller, mining, peregrine
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