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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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