Chidliak Resource Estimate Rises to 15.62 Million Carats
May 10, 16
(IDEX Online News) – Peregrine Diamonds Ltd announced that its maiden inferred mineral resource estimate for the CH-6 and CH-7 kimberlite at its 100-percent owned Chidliak Diamond Project has risen to 15.62 million carats.
Peregrine announced that the inferred mineral resource had risen to 4.23 million carats of diamonds in 4.99 million tons of CH-7 kimberlite, to a depth of 240 meters. The company estimates that the average overall grade will be 0.85-carats per ton. The comprehensive review of geological, microdiamond and bulk sampling results were undertaken by Mineral Services Canada Inc.
Peregrine has estimated a base model average diamond price of $114 per carat with a modelled price range between $94 and $155 per carat.
“This resource provides a firm foundation upon which the Preliminary Economic Assessment of a Phase 1 Diamond Mine will be developed,” said Peregrine president and CEO Tom Peregoodoff.
“The Peregrine team have once again demonstrated tremendous value of the Chidliak project ad we all look forward to publishing the outcomes from this economic assessment when they become available next month.”
The Chidliak Diamond Project is located 120 kilometres from Iqaluit, the capital of Nunavut. Peregrine also controls 11 prospective diamond prospecting licenses in Botswana, covering 661,300 hectares.