VANCOUVER — Peregrine Diamonds (TSX: PGD; US-OTC: PGDIF) is hoping to have its Chidliak discovery in production within five years, and it outlined the path forward on July 7 via a preliminary economic assessment (PEA) focused on the CH-6 and CH-7 kimberlite pipes.
Chidliak sits roughly 120 km due northeast of Iqaluit, the capital of Nunavut, on Canada’s Baffin Island. Peregrine has uncovered 74 kimberlites on the property since mid-2008, but its start-up operation would focus on the Southern Priority Area due to tonnage potential and coarse diamond size distributions.
Peregrine’s phase one development would involve an open pit diamond mine with a 10-year life that carries development costs of roughly $435 million. The operation would initially focus on CH-6 before transitioning to CH-7.
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