Peregrine Reports Bulk Sample Grade of 0.88 Carats per Tonne

January 12, 2016

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Peregrine Diamonds Ltd. (TSX:PGD) announced that a 814-dry-tonne bulk sample from the CH-7 kimberlite pipe, located at its Nunavut-based Chidliak diamond project, returned an average diamond grade of 0.88 carats per tonne.

WWW International Diamond Consultants Ltd. will complete an independent diamond valuation of the 717.65-carat package recovered from the bulk sample.

As quoted in the press release:

A total of 717.65 carats of commercial-size (+1.18 mm) diamonds was recovered, including 53 diamonds one carat or larger and 183 diamonds over 0.50 carat in size. The largest gem quality diamond recovered was a 5.33 carat white/colourless octahedron with no inclusions. Significant diamond breakage was observed, as more fully described below, including a gem quality diamond that may have originally been larger than six carats. A substantial portion of the parcel is gem quality diamonds and a population of colored stones is present.

Diamonds of particular note include:

  • A 5.33 carat white-colourless transparent octahedron with no inclusions
  • A 5.02 carat off-white transparent octahedron with minor inclusions
  • A 4.40 carat off-white transparent macle with minor inclusions
  • A 2.01 ct white-colourless, transparent octahedron with no inclusions
  • Two yellow transparent octahedra, one at 0.52 carat, the other at 0.5 carat

Tom Peregoodoff, president and CEO of Peregrine, commented:

Once again the Peregrine team has delivered an excellent outcome. We are very excited with the results of the 2015 bulk sample from CH-7. These results continue to confirm the outstanding diamond resource potential of the Chidliak project. Transportation of the parcel to Antwerp is underway, and we look forward to the receipt of the diamond valuations, expected later this quarter. Preparation of the maiden CH-7 resource statement and revised CH-6 resource statement has commenced and we expect to complete this work in late March.

Click here to read the full Peregrine Diamonds Ltd. (TSX:PGD) press release.


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