NUNAVUT – Vancouver-based Peregrine Diamonds has released the maiden inferred resource estimate for the CH-7 kimberlite pipe at the Chidliak diamond project on Baffin Island.
The CH-7 pipe contains 4.23 million carats of diamonds in 4.99 million tonnes of kimberlite to a depth of 240 metres. The overall grade is 0.85 ct/tonne. The estimate was made using a diamond price of US$114 per carat with modeled price range between US$94 and US$155.
Tom Peregoodoff, Peregrine’s president and CEO said, “The resource we are announcing today is the culmination of the 2015 diamond resource development program at Chidliak. This program has successfully defined a significant Inferred mineral resource of over 15 million carats at Chidliak contained within the CH-6 and CH-7 kimberlites in the top 260 metres and 240 metres respectively and both which, importantly, remain open vertically at depth. This resource provides a firm foundation upon which the preliminary economic assessment of a Phase 1 Diamond Mine will be developed.”
The PEA is being prepared by JDS with input from SRK Consulting Canada. Completion is expected later this month.
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