- Partner News
- Media Releases
- Mainstream News
December 08, 2014
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to provide an update on its 100 percent-owned Chidliak diamond project (“Chidliak” or the “Project”). Chidliak is located 120 kilometres northeast of Iqaluit, the capital of Nunavut, Canada. The Company’s objective is to advance the Project to diamond production in phases, with the first phase of development centered on CH-6, CH-7 and CH-44 (“the Phase One Kimberlites”), three of at least eight kimberlite pipes at Chidliak known to have economic potential. Commencing in 2016, Peregrine plans to confirm additional diamond resources in other kimberlites with economic potential. To date 71 kimberlites have been discovered at Chidliak, 42 of which are diamondiferous. Diamond testing has been deferred on 24 kimberlites. Peregrine is optimistic that more kimberlite pipes will be discovered at Chidliak in the future.
The work programs completed in 2014 and planned for 2015 are designed to confirm diamond resources in the Phase One Kimberlites. Once confirmed, these resources would form the foundation of an independent, NI 43-101-compliant, Preliminary Economic Assessment (“PEA”) to be completed in 2016.
Resource development work completed in 2014 includes the acquisition and delivery to Iqaluit of drilling and support equipment required for the 2015 bulk sampling program and resource definition drilling of the Phase One Kimberlites. Exploration work completed in 2014 includes initial core drilling on the CH-46 kimberlite as a follow-up to encouraging microdiamond results and the discovery of two new kimberlites.
2015 RESOURCE DEVELOPMENT PROGRAM
Bulk samples from the Phase One Kimberlites will be obtained by large diameter RC drilling (up to 26 inch/66 cm diameter) in 2015. The work is designed to confirm continuity of diamond grade throughout the kimberlite bodies and obtain additional parcels of diamonds for valuation. If results warrant, Peregrine would prepare maiden resource statements for CH-7 and CH-44 and update the existing CH-6 resource.
In preparation for the 2015 program a total of 421 tonnes of material, including the large diameter RC drill and all required support equipment and supplies, was successfully mobilised to Iqaluit on the 2014 sealift. Mobilisation of the equipment into the Chidliak site from Iqaluit is scheduled to commence in January, 2015 via an overland winter trail and Hercules transport aircraft. Camp build-outs and related fuel staging in support of the bulk sample program were completed this summer. All of the permits required to conduct the 2015 bulk sample program have been received.
Preparation of the winter trail and staging area in Iqaluit will begin this month. A crew has mobilised to Chidliak and has begun site preparations, including construction of the ice strip for the Hercules.
SUMMER 2014 CHIDLIAK PROGRAM UPDATE
Details of the 2014 program were reported on September 2, 2014. Additional 2014 activities include:
Results from the 2014 exploration program together with the extensive Chidliak exploration database are being evaluated to prioritize kimberlite targets for evaluation in 2015.
Dr. Herman Grütter, Professional Geologist and Peregrine’s Program Manager, Chidliak Exploration, is a Qualified Person and is responsible for the design and conduct of the exploration programs at Chidliak. Mr. Alan O’Connor, Peregrine’s Program Manager, Chidliak Resource Evaluation, is a Qualified Person and is responsible for the design and conduct of bulk sampling programs at Chidliak. Messrs. Grütter and O’Connor have reviewed this release and approve of its contents.
ABOUT PEREGRINE DIAMONDS
Peregrine is a diamond exploration and development company focused on Canada’s North. The Company has discovered two new diamond districts in Nunavut, Nanuq in 2007, and Chidliak in 2008. At its 100 percent-owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, 71 kimberlites have been discovered to date with eight being potentially economic. An Inferred Mineral Resource of 7.47 million carats in 2.89 million tonnes of kimberlite at a grade of 2.58 carats per tonne has been defined for a portion of the CH-6 kimberlite. In April 2013, Peregrine collected a bulk sample weighing 404.2 dry tonnes from CH-6. This sample returned a grade of 2.58 carats per tonne for diamonds larger than the 1.18 mm sieve size. An independent diamond valuation of the resulting 1,013 carat parcel of diamonds returned an average market price of US$213 per carat and modelled prices that ranged from a minimum of US$162 per carat to a high of US$236 per carat with a base model price of US$188 per carat. A program of resource delineation drilling at the CH-6, CH-7 and CH-44 kimberlites was completed this year. Preparations are now underway for a 2015 bulk sampling program focused on the CH-6, CH-7 and CH-44 kimberlites. The objective of the 2015 program is to delineate a resource base that would be the subject of a PEA in 2016.
At its 8,493 hectare Lac de Gras project in the Northwest Territories, located approximately 23 kilometres from the Diavik Diamond Mine, the nine hectare 72.1%-owned DO-27 kimberlite hosts a NI 43-101 compliant Indicated Mineral Resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne and it is open at depth. Peregrine also continues to evaluate earlier stage diamond exploration projects it controls in Nunavut and the Northwest Territories and through comprehensive evaluation of its extensive and proprietary diamond exploration databases, is working towards discovering additional new diamond districts in North America. A key asset being utilized in Peregrine’s search for a new Canadian diamond district is a proprietary database acquired from BHP Billiton that contains data from approximately 38,000 kimberlite indicator mineral samples covering approximately three million square kilometres of Canada.
For information on data verification, exploration information and resource estimation procedures see the technical reports entitled, “2014 Technical Report for the Chidliak Project, 66° 21′ 43″ W, 64° 28′ 26″ N Baffin Region, Nunavut” dated July 7, 2014, and “Peregrine Diamonds Ltd. Lac de Gras Project Northwest Territories, Canada NI 43-101 Technical Report” dated July 15, 2014, both of which are available on SEDAR and the Company’s website.
For further information on Peregrine Diamonds, please visit www.pdiam.com or contact Mr. Eric Friedland, CEO, Mr. Brooke Clements, President, Mr. Tom Peregoodoff, Executive VP, Business Development, or Peregrine Diamonds Investor Relations, at 604-408-8880 or at [email protected].
396 total views, 2 views today