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Peregrine CH-6 Sample Returns High Grade

Dec 3, 2013 1:11 PM   By Jeff Miller
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RAPAPORT...Peregrine Diamonds Ltd. reported that bulk sampling from its CH-6 kimberlite pipe on the Chidliak diamond property returned a diamond grade of 2.70 carats per tonne. The resulting diamond parcel consisted of 600.50 carats of commercial-size (0.85 mm plus) stones, including 48 diamonds that were greater than 1 carat in size and 137 diamonds greater than 0.50 carats. The largest stone was 3.54 carats and a significant portion of the parcel was of gem-quality diamonds, according to the junior explorer. News of the results sent shares up 50 percent to 63 cents on the Toronto Stock Exchange as of midday.

Howard Coopersmith, a consultant for Peregrine Diamonds, explained that these results confirmed a high-quality diamond population at Chidliak. ''The parcel is overwhelmingly white/off-white in color, with a potentially important yellow gem population present. The majority of stones show high transparency and high clarity with only minor inclusions or flaws present. Most stones are whole and of good shape, with octahedra and lesser modified octahedra predominating. No indications of significant diamond breakage were noted. Overall, this is a very white and clean diamond population with excellent shapes. A significant number of stones, notable in the larger sizes, are sharp octahedra of the highest color and clarity and should command top prices in the market."

Peregrine added that the grade of 2.70 carats per tonne at CH-6 is higher than that of any of the kimberlite pipes currently under advanced exploration or development in Canada and is surpassed only by the grades of five kimberlite pipes in the Lac de Gras district of the Northwest Territories, including Misery at Ekati and the four high-grade kimberlite pipes at Diavik.

Eric Friedland, Peregrine's CEO, said, "This first batch of diamond results from our 2013 bulk sample establishes CH-6 as one of the highest-grade kimberlites in the world. The quality of the diamonds is excellent and we are looking forward to obtaining the first independent diamond value for CH-6 in early 2014 and to establish a resource later that year. The CH-6 grade and diamond quality, together with Chidliak's exploration potential, make it one of the most compelling advanced diamond exploration projects anywhere. Planning is now underway for important 2014 and 2015 field programs that will be designed to advance the project to the feasibility stage. In 2014, we are developing a program that will focus on the preparation for 2015 bulk sampling and the testing of multiple high priority kimberlite targets. The focus of the 2015 program will be the collection of bulk samples from key kimberlites by large diameter drilling."
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Tags: chidliak, diamonds, Jeff Miller, mining, peregrine
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