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RAPAPORT... Peregrine Diamonds Ltd.'s independent review by Mineral Services Canada Inc., highlighted an approximately 1 million tonne resource expansion opportunity for Chdliak's CH-6 kimberlite. Any resource expansion at CH-6, coupled with the scale of the maiden resource declaration at CH-7 are contingent upon additional exploration and evaluation work, which is underway as part of the summer drill program, according to the company. Chidliak is located 120 kilometers northeast of Iqaluit, the capital of Nunavut, Canada.
Existing drillcore from CH-6 and CH-7 is being sampled to improve geological and microdiamond characterization of certain kimberlite units and similar sampling will occur throughout approximately 1,200 meters of new core to be drilled at CH-6 and CH-7 shortly. Successful integration of the core sampling results with the summer and winter bulk sample results will enable Peregrine to maximize the inferred resource estimates for both CH-6 and CH-7.
Peregrine budgeted approximately $3.75 million for the summer 2015 program, of which there are four key targets. Microdiamond and ancillary data sets will be expanded for the southern, northern and at-depth portions of CH-6 by collecting 700 kilograms of representative samples from six previously drilled core holes. Known geological and grade continuity in the southern portion of CH-6 will be extended by drilling two near-vertical core holes and samples will be collected along the length of both. At CH-7, microdiamond and ancillary data sets for the KIM-2, KIM-3 and KIM-4 domains will be expanded by collecting 1,200 kilograms of representative samples from 11 previously drilled core holes. In addition, known geological and grade continuity in the southern portion of CH-7, underlain primarily by unit KIM-2, will be extended by drilling three near-vertical core holes where samples will be collected.
Peregrine anticipates that diamond resource development data from the summer and winter programs of 2014 and 2015 could add approximately 2.5 million carats above 250 meters to the inferred resource at CH-6. Assuming successful integration of the results from CH-7, Peregrine's objective is to declare a maiden inferred resource by the first quarter of 2016 and bulk sample results will be used to determine the diamond grade for units KIM-2, KIM-3, KIM-4 and KIM-5. In other news, Gordon Keep resigned from Peregrine's board leaving six members: Eric Friedland, Peregrine's executive chairman, and non-executive directors Robert Boyd, Alan Carter, Richard Cohen, Myron Goldstein and Peter Meredith.
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